Life Insurance Corporation of India (LIC) saw a 14.64% (y-o-y) increase in new business premiums in 2024, collecting Rs 2.33 billion in January-December period, according to Life Insurance Council data. . Friday.
According to the data, this impressive performance by the country’s largest life insurance company outpaces the growth rate of the insurance industry at 14.41% and the growth rate of private life insurance companies at 14.55%.
According to the data, LIC collected insurance premiums of Rs 2,33,07,336 crore during the reporting period, which was an increase of 14.64 per cent as compared to Rs 2,03,303 crore in the same period in 2023.
The total premium collection for the life insurance industry in 2024 was reported to be Rs 4,02,773.18 million, which was an increase of 14.55% from the previous year from Rs 3,51,626.2 million.
Meanwhile, the revenue of private life insurance companies stood at Rs 1,69,699.83 crore, an increase of 14.41% from Rs 1,48,323.21 crore in the previous year.
In the personal insurance premium segment, LIC increased by 4.92% to collect Rs 61,365.75 crore from Rs 58,486.69 crore in 2024.
According to Life Insurance Council data, the group premium segment expanded by 18.22 per cent to Rs 1,69,240.45 crore from Rs 1,43,152.75 crore in the previous year.
Further, the group’s annual premium increased by 48.31 per cent to Rs 2,467.14 million compared to Rs 1,663.5 million in the same period last year.
Last year, the insurance company issued 1.96 billion policies and plans. Group institutions and policies showed a significant increase of 14.57%, reaching 6,362 cases from 5,553 cases.
The Bhima Sakhi plan was received with great enthusiasm. One month after its launch, the total number of registered Bima Sakhis was 52,511, of whom 27,695 were issued letters of appointment to sell insurance and 14,583 started selling insurance.
