LIC grows more than industry as well as private life insurers
Mumbai: Life Insurance Corporation of India (LIC), the country’s largest life insurer, recorded a 14.64 per cent year-on-year (YoY) growth in new business premiums during the calendar year 2024, exceeding the insurance industry’s growth of 14.41 per cent and the private life insurers’ growth rate of 14.55 per cent, according to data from the Life Insurance Council.
LIC collected Rs 2,33,073.36 crore in premiums during this period, a 14.64 per cent increase compared to Rs 2,03,303 crore in the same period last year. The overall life insurance industry reported premium collections of Rs 4,02,773.18 crores, reflecting a 14.55 per cent YoY rise from Rs 3,51,626.20 crore. Meanwhile, private life insurers garnered Rs 1,69,699.83 crore, up 14.41 per cent from Rs 1,48,323.21 crore in the previous year.
In the Individual Premium segment, LIC saw a 4.92 per cent increase, collecting Rs 61,365.75 crore, up from Rs 58,486.69 crore in CY24. The Group Premium segment expanded by 18.22 per cent, reaching Rs 1,69,240.45 crore from Rs 1,43,152.75 crore in the prior year. Additionally, Group Yearly Premiums rose by 48.31 per cent to Rs 2,467.14 crore, compared to Rs 1,663.55 crore during the same period last year. During the CY24, LIC issued 1.96 crore policies and schemes, reflecting a 2.72 per cent decrease from 2.01 crore in the same period of CY23. While individual policies decreased by 2.72 per cent to 1.95 crore from 2.01 crore, Group Yearly Renewable Policies declined by 1.72 per cent to 29,968 from 30,494. However, Group Schemes and Policies saw a significant rise of 14.57 per cent, reaching 6,362 from 5,553.
In December 2024, the Individual Premium segment recorded a 0.77 per cent decline, amounting to Rs 5,150.75 crore, compared to Rs 5,111.52 crore in December 2023. The Group Premium segment dropped sharply by 53.75 per cent to Rs 8,238.67 crore, down from Rs 17,812.46 crore in the previous year. On the other hand, Group Yearly Premium Collections grew by 134.67 per cent, totaling Rs 134.44 crore, up from Rs 57.29 crore in December 2023.
