Life Insurance Corporation of India (LIC), the country’s largest life insurer, recorded a 24.73% year-on-year (YoY) growth in its new business premium, reaching Rs 1,15,549.89 crore in H1FY25, up from Rs 92,642.63 crore in H1FY24, according to data from the Life Insurance Council.
For H1FY25, LIC’s Individual Premium segment collection stood at Rs 29,491.74 crore, a 17.33% increase from Rs 25,136 crore during H1FY24. The Group Premium segment saw a growth of 27.57% to Rs 84,679.12 crore from Rs 66,377.80 crore the previous year. Group Yearly Premiums also grew by 22.17% to Rs 1,379.03 crore, compared to Rs 1,128.82 crore in H1FY24.
For H1FY25, LIC issued 91.87 lakh policies and schemes, marking a 13.75% increase from 80.76 lakh in H1FY24. In the Individual category, policies and schemes grew by 13.77% to 91.70 lakh, up from 80.60 lakh in the same period last year. Group Yearly Renewable policies and schemes also increased by 3.68% to 14,216 in H1FY25 compared to 13,712 the previous year, while Group schemes and policies rose by 21.99% to 2,685 from 2,210 in H1FY24.
For the month of September 2024, LIC’s new business premium rose by 12.37% to Rs 20,369.26 crore compared to Rs 18,126.32 crore in the same month last year.
Breaking down the collections, the Individual Premium segment saw a 39.27% growth, totalling Rs 7,095.46 crore in September 2024, up from Rs 5,094.64 crore in September 2023. The Group Premium segment also a moderate rise of 4.55%, to Rs 12,889.74 crore compared to Rs 12,328.58 crore in the prior year. However, the Group’s Yearly Premium collections decreased by 45.38% to Rs 384.06 crore in September 2024 from Rs 703.10 crore the previous year.
For the month of September 2024, the total number of policies and schemes surged 58.72% to 23.51 lakh, up from 14.81 lakh in the corresponding month last year. Within the Individual category, policies and schemes saw a 58.83% increase to 23.47 lakh from 14.78 lakh in September 2023. Meanwhile, Group Yearly Renewable policies and schemes rose by 6.20% to 2,996 in September 2024, compared to 2,821 in the previous year. Group schemes and policies also increased by 54.73% to 605 in September 2024 from 391 in September 2023.
