LIC’s new business premium for August registers 35% increase YoY to Rs 19,309 crore 

The nation’s largest life insurance company, Life Insurance Corporation of India (LIC), saw a 35.10 percent surge in its new business premium for August to Rs 19,309.10 crore compared to Rs 14,292.53 crore in August 2023.

Data shared by Life Insurance Council shows that LIC’s new business premium collection for the first five months of FY25 rose by 27.73 percent to Rs 95,180.63 crore, up from Rs 74,516.31 crore in the same period last year.

A break up of the premium collections shows collections in the LIC’s Individual Premium segment a gain of 4.60 percent to Rs 5,047.36 crore in August 2024 from Rs 4,825.52 crore in August 2023.

The insurer’s Group Premium segment experienced a significant surge of 46 percent at Rs 13,559.22 crore in August 2024 compared to Rs 9,287.40 crore in August 2023.

The Group Yearly Premium collections skyrocketed by 291.14 percent to Rs 702.52 crore in August 2024 a substantial increase from Rs 179.61 crore during same period in the previous year.

For the first five months of FY25, LIC’s Individual Premium segment accrued Rs 22,396.28 crore marking an 11.75 percent growth from Rs 20,041.36 crore during the same period in FY24.

The Group Premium segment also saw considerable growth up by 32.82 percent to Rs 71,789.38 crore from Rs 54,049.22 crore last year. Group Yearly Premiums increased by 133.71 percent totaling Rs 994.97 crore in the first five months of FY25 compared to Rs 425.72 crore in the corresponding period of FY24.

The total number of policies and schemes issued by the public sector insurer in August 2024 experienced a slight decline of 4.45 percent at 16.36 lakh down from 17.12 lakh in August 2023.

In the Individual category, the number of policies and schemes also fell by 4.47 percent to 16.33 lakh in August 2024 from 17.09 lakh in the previous year.

However, the number of Group Yearly Renewable policies and schemes increased by 2.31 percent to 2,698 in August 2024 up from 2,637 in August 2023. Similarly, Group schemes and policies rose by 23.74 percent to 490 in August 2024 compared to 396 in August 2023.

For the first five months of FY25, LIC saw a 3.65 percent increase in the total number of policies and schemes issued reaching 68.35 lakh compared to 65.95 lakh in the same period the previous year. Within the Individual category, the number of policies and schemes rose by 3.65percent to 68.22 lakh up from 65.82 lakh in FY24.

Additionally, Group Yearly Renewable policies and schemes grew by 3.02 percent to 11,220 in the first five months of FY25 compared to 8,254 in the same period last year, while Group schemes and policies increased by 14.92 percent to 2,080, from 1,810 in the first five months of FY24.