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Life Insurance Corporation (LIC) of India has demonstrated significant growth in its premium collections for the first five months of fiscal year 2025. The individual premium segment accrued Rs 22,396.28 crore, reflecting an 11.75 percent increase from Rs 20,041.36 crore in the same period of fiscal year 2024.
In a notable performance for August, LIC’s new business premium surged by 35.1 percent, reaching Rs 19,309.10 crore, compared to Rs 14,292.53 crore in August of the previous year, according to data released by the Life Insurance Council. For the first five months of FY25, the new business premium collection rose by 27.73 percent, amounting to Rs 95,180.63 crore, up from Rs 74,516.31 crore during the same period last year.
In August, LIC’s individual premium segment saw collections of Rs 5,047.36 crore, marking a 4.60 percent increase from Rs 4,825.52 crore in August 2023. Meanwhile, the group premium segment experienced a robust growth of 46 percent, totaling Rs 13,559.22 crore in August, compared to Rs 9,287.40 crore in the same month of the previous year. Notably, group yearly premiums soared by 291.14 percent, reaching Rs 702.52 crore from Rs 179.61 crore the year before.
Late last month, LIC presented a dividend cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman, representing the government’s share of the company’s dividend, which had been approved by shareholders. LIC, which recently celebrated its 68th anniversary, has an asset base exceeding Rs 52.85 lakh crore as of March 31, 2024.
The group premium segment also saw a significant increase of 32.82 percent for the first five months of FY25, amounting to Rs 71,789.38 crore, up from Rs 54,049.22 crore in the previous year. Group yearly premiums grew by 133.71 percent, totaling Rs 994.97 crore in the initial five months of fiscal year 2025, compared to Rs 425.72 crore during the same period in fiscal year 2024.
However, there was a slight decline in the total number of policies and schemes issued by LIC in August, which fell by 4.45 percent to 16.36 lakh from 17.12 lakh in August 2023. For the first five months of FY25, LIC issued 68.35 lakh policies and schemes, reflecting a 3.65 percent increase compared to 65.95 lakh in the same period of the previous year.
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