LIC records strong premium growth in December, up by 93.80%

Life Insurance Corporation (LIC) saw a substantial surge in December, with group premiums soaring by 178% and total premiums by an impressive 93.80%.

Group premium for December stood at Rs 17,812.46 crore against Rs 6,407.37 crore for the same month last year, and total premium for the month stood at Rs 22,981.28 crore, against Rs 11,858.50 crore collected in the previous year for the same month, per Life Insurance Council December 2023 Data.

Over the nine-month period ended December 31, 2023, LIC's group yearly renewal premium collection amounted to Rs 1,348.27 crore, a 155.01% rise from the Rs 528.72 crore collected during the first nine months of the 2022 fiscal year.

In December 2023, Individual Premium saw a fall of 4.91% to Rs 5,111.52 crore, from Rs 5,375.19 crore collected during the same period in the previous year. For the nine months ending December 2023, Individual Premiums totalled Rs 38,608.34 crore, compared to Rs 38,760.92 crore collected during the corresponding period in the previous year, per Life Insurance Council December 2023 Data. 

December 2023 vs December 2022  

In December 2023, LIC's policies and schemes for the individual category reached a total of 16,97,075, showing afall compared to the 18,66,500 policies and schemes recorded in the same month of the previous year.

For the group yearly renewable segment, the number of policies and schemes in December 2023 stood at 3,169, marking a 4.83% decrease from the 3,330 policies and schemes reported in December 2022.

The total number of policies in December 2023, across all categories, experienced a 9.07% fall, reaching a total of 17,00,607 policies, as compared to the 18,70,310 policies reported in the same month of the previous year.

Between April 2023 – December 2023  

LIC's individual premium collection amounted to Rs 38,608.34 crore.

The number of policies under the Individual Category held by LIC totalled 1,25,56,046.

Policies and schemes in the group yearly renewable segment experienced a notable surge of 6.53%, reaching 22,231 from 20,868.

However, the total number of policies witnessed a decrease of 2.59%, dropping to 1,25,81,555.

In December, private life insurers gathered a total individual premium of Rs 10,897.36 crore, marking an impressive surge of 8.24% from the previous year's Rs 10,067.97 crore. However, group premiums for the same month witnessed a decline of 3.73%, dropping to Rs 4,095.60 crore from Rs 4,254.43 crore compared to the previous year. The overall December 2023 Total Premium amounted to Rs 15,601.85 crore, showing a 4.15% increase from Rs 14,979.79 crore reported in the corresponding month the previous year.