LIC's total premium grows most among listed peers in March

New Delhi: State-owned Life Insurance Corporation of India (LIC) reported a 26.41 per cent increase in the total premium collected in March 2024 to Rs 36,300.62 crore compared to Rs 28,716.23 crore in the same month a year ago.

LIC was followed by SBI Life Insurance Company in premium collection growth at 24.76 per cent. ICICI Prudential Life Insurance Company reported a 12.58 per cent growth. Another major insurer HDFC Life Insurance Company, however, reported a decline in premium collection at 20.05 per cent. As of March 2024, LIC commands a market share of 58.87 per cent based on premium collections, the state-owned insurer said quoting figures released by Life Insurance Council.

Private insurers also experienced a surge in premium collection in March due to a last-minute rush by customers to avail of tax exemptions before the April 1 deadline for non-linked policies, it said. In March 2024, LIC's Group Yearly Renewable Premium surged by 200.62 per cent, and Group Premium by 47.17 per cent. For 2023-24, Group Yearly Renewable Premium grew by 140.51 per cent to Rs 2,029.88 crore from Rs 843.99 crore. According to a report published in February by AUM Capital, LIC still retains the prime choice amongst the general population in new policy generation.

With a range of new Non-Par policies in its pipeline, it seems confident of increasing its market share in the times to come. Last month, LIC emerged as the strongest insurance brand in the world, according to the Brand Finance Insurance 100 2024 report. The report stated that LIC's brand value remains steady at $9.8 billion, accompanied by a brand strength index score of 88.3 and an associated AAA brand strength rating. Besides LIC, the other Indian life insurance company to make its entry into the top 10 strongest life insurance brands is SBI Life Insurance, which currently holds the 6th position.