New Delhi, Nov 11 (IANS) Life Insurance Corporation of India (LIC), the country’s largest insurer, has achieved a 22.52 per cent increase in new business premiums at Rs 1,32,680.98 crore during the first seven months of FY25, compared to the corresponding figure of Rs 1,08,289.78 crore in the same period of the previous fiscal year, data showed on Monday.
In the Individual Premium category, LIC collected Rs 33,204.36 crore in the first seven months of FY25, marking a 13.58 per cent growth from Rs 29,233.73 crore over the same period in FY24. The Group Premium segment expanded by 25.79 per cent, reaching Rs 97,947.05 crore from Rs 77,864.69 crore last year. Additionally, Group Yearly Premiums rose by 28.39 per cent to Rs 1,529.57 crore, up from Rs 1,191.35 crore in the same period the previous year, according to data compiled by the life insurer.
During these seven months, LIC issued 97.60 lakh policies and schemes, a 2.76 per cent increase over the 94.98 lakh policies issued in the comparable period of FY24. Within the Individual segment, policies grew by 2.76 per cent to 97.41 lakh, up from 94.79 lakh. However, Group Yearly Renewable policies dropped by 3.08 per cent to 15,757 compared to 16,258 last year, while Group schemes and policies rose by 17.50 per cent to 3,028 from 2,577 in the first seven months of FY24.
For October 2024 alone, LIC’s new business premium rose by 9.48 per cent year-on-year to Rs 17,131.09 crore, up from Rs 15,647.14 crore in October of the previous year.
Looking at segment-specific performance in October 2024, the Individual Premium segment saw a 9.40 per cent decline, totaling Rs 3,712.62 crore, down from Rs 4,097.72 crore in October 2023. Conversely, the Group Premium segment rose by 15.50 per cent to Rs 13,267.93 crore from Rs 11,486.89 crore last year, and Group Yearly Premium collections surged by 140.75 per cent to Rs 150.54 crore from Rs 62.53 crore in October 2023.
In October 2024, total policies and schemes issued dropped by 59.71 per cent, totaling 5.72 lakh, compared to 14.22 lakh in October 2023.
Within the Individual category, there was a 59.76 per cent decrease in policies and schemes, with 5.71 lakh issued, down from 14.19 lakh. The Group Yearly Renewable policies and schemes also fell by 39.47 per cent to 1,541, from 2,546 in the prior year, while Group schemes and policies declined by 8.78 per cent to 343, down from 376 in October 2023.
–IANS
sps/na
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.
