HomeNationalLIC’s new business premium up 35 pc to Rs 19,309 crore in...

LIC’s new business premium up 35 pc to Rs 19,309 crore in Aug

Mumbai, Sep 9 (IANS) Life Insurance Corporation (LIC) of India saw a 35.1 per cent surge in its new business premium for the month of August to Rs 19,309.10 crore, from Rs 14,292.53 crore in the same month last year, showed data by the Life Insurance Council on Monday.

The LIC’s new business premium collection for the first five months of FY25 rose by 27.73 per cent to Rs 95,180.63 crore, up from Rs 74,516.31 crore in the same period last year.

The individual premium segment saw collections of Rs 5,047.36 crore in August, representing a 4.60 per cent rise from Rs 4,825.52 crore in August 2023.

Meanwhile, the group premium segment experienced a significant increase of 46 per cent, amounting to Rs 13,559.22 crore in August, compared to Rs 9,287.40 crore in August 2023.

Notably, group yearly premiums surged by 291.14 per cent to Rs 702.52 crore, a substantial increase from Rs 179.61 crore in the previous year.

Late last month, LIC presented a cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman as the government’s share of the company’s dividend, approved by the shareholders. LIC has completed 68 years since its incorporation and has an asset base of over Rs 52.85 lakh crore (as of March 31, 2024).

For the first five months of fiscal year 2025, LIC’s individual premium segment accrued Rs 22,396.28 crore, marking an 11.75 per cent growth from Rs 20,041.36 crore during the same period in fiscal year 2024.

The group premium segment also saw considerable growth, up by 32.82 per cent to Rs 71,789.38 crore, from Rs 54,049.22 crore last year.

Group yearly premiums increased by 133.71 per cent, totalling Rs 994.97 crore in the first five months of fiscal 2025, compared to Rs 425.72 crore in the corresponding period of fiscal 2024.

The total number of policies and schemes issued by LIC in August experienced a slight decline of 4.45 per cent, reaching 16.36 lakh, down from 17.12 lakh in August 2023.

For the first five months of FY25, LIC saw a 3.65 per cent 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, as per the data.

–IANS

na/

Go to Source

Disclaimer

The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

For any legal details or query please visit original source link given with news or click on Go to Source.

Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.

If you are not willing to accept this disclaimer then we recommend reading news post in its original language.

RELATED ARTICLES
- Advertisment -

Most Popular