LIC Reports 14.64% Growth in New Business Premiums for 2024
Life Insurance Corporation (LIC) of India, the nation’s largest life insurer, recorded a 14.64% year-on-year growth in new business premiums for 2024. According to data from the Life Insurance Council, LIC collected ₹2.33 lakh crore in premiums between January and December 2024, surpassing the insurance industry’s overall growth rate of 14.41% and private insurers’ growth […]
Life Insurance Corporation (LIC) of India, the nation’s largest life insurer, recorded a 14.64% year-on-year growth in new business premiums for 2024. According to data from the Life Insurance Council, LIC collected ₹2.33 lakh crore in premiums between January and December 2024, surpassing the insurance industry’s overall growth rate of 14.41% and private insurers’ growth of 14.55%.
In 2023, LIC collected ₹2.03 lakh crore, highlighting a significant increase this year. The total premium collections for the life insurance industry stood at ₹4.02 lakh crore in 2024, a 14.55% rise from ₹3.51 lakh crore in 2023.
Private life insurers collected ₹1.69 lakh crore in 2024, a 14.41% jump from ₹1.48 lakh crore the previous year.
Individual and Group Premiums
LIC’s individual premium segment saw moderate growth, increasing by 4.92% to ₹61,365.75 crore, compared to ₹58,486.69 crore in 2023. However, the group premium segment witnessed a more substantial expansion, growing by 18.22% to ₹1.69 lakh crore, up from ₹1.43 lakh crore last year.
Additionally, group yearly premiums experienced a sharp increase of 48.31%, reaching ₹2,467.14 crore compared to ₹1,663.55 crore in 2023.
Policy Issuances
In 2024, LIC issued 1.96 crore policies and schemes. Group schemes saw a notable 14.57% rise, with the number of schemes growing to 6,362 from 5,553 in the previous year.
Success of the Bima Sakhi Scheme
The recently launched Bima Sakhi scheme has been well-received. Within a month of its launch, 52,511 registrations were recorded. Of these, 27,695 individuals received appointment letters to sell policies, and 14,583 have already started selling them.
LIC’s strong performance in 2024 underscores its leadership in India’s life insurance sector, setting a high benchmark for the industry.
LIC to Invest ₹1.3L Cr in FY25
LIC plans to invest ₹1.3 lakh crore in equities this financial year.
In Q1 FY25, LIC’s equity investment surged to ₹38,000 crore, compared to ₹23,300 crore in the same period last year.
As of June 30, 2024, LIC’s AUM stood at ₹53.59 lakh crore, marking a 16.22% year-on-year growth.
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