LIC shows strong premium performance across segments in May
In May, LIC, the insurance behemoth demonstrated impressive growth across all its premium categories, showcasing the company's robust performance and resilience. The Individual Premium, Group Premium, and Group Yearly Premium recorded remarkable increases, highlighting LIC's strong market presence and effective strategies
LIC advises to its policyholders to follow Insurance Act
Mumbai, June 11: In May, LIC, the insurance behemoth demonstrated impressive growth across all its premium categories, showcasing the company's robust performance and resilience. The Individual Premium, Group Premium, and Group Yearly Premium recorded remarkable increases, highlighting LIC's strong market presence and effective strategies.
For May, the Individual Premium was Rs 4,058.13 crore, up from Rs 3,607.55 crore in May 2023. Group Premium rose to Rs 12,569.25 crore from Rs 10,431.53 crore in the same month the previous year. Group Yearly Premium reached Rs 63.01 crore, compared to Rs 17.21 crore in May 2023.
The Total Premium for May 2024 amounted to Rs 16,690.39 crore, an 18.74% increase from Rs 14,056.29 crore collected in May 2023.
In the first two months of fiscal 2025, LIC's Individual Premium collection rose by 17.72% to Rs 7,233.61 crore from Rs 6,144.56 crore. Group Premium surged by 58.80% to Rs 21,710.59 crore from Rs 13,671.24 crore. Group Yearly Renewal Premium collection increased by 156.73%, reaching Rs 129.83 crore compared to Rs 50.57 crore in the first two months of fiscal 2024.
The total premium collected during this period was Rs 29,074.03 crore, up from Rs 19,866.39 crore in the same period the previous year.
In terms of policies and schemes, the Individual Premium Category grew by 10.41% in May 2024, with 12,48,792 policies compared to 11,31,012 in May 2023. The Group Premium Category saw a 2.32% increase, with 397 policies in May 2024 against 388 in May 2023. The Group Yearly Premium Category increased by 38.08%, reaching 1,882 in May 2024 compared to 1,363 in May 2023.
Overall, the total number of policies and schemes in May 2024 was 12,51,071, a 10.44% increase from 11,32,763 in May 2023.
In the first two months of fiscal 2025, the Individual Category saw a 9.88% increase, with 21,03,646 policies compared to 19,14,521 in the previous year. Group Category Policies and Schemes increased by 7.07%, reaching 702 compared to 652. The Group Yearly Renewal Category rose by 31.32%, with 3,002 policies compared to 2,286 in the first two months of fiscal 2024.
The total number of policies and schemes for the first two months of fiscal 2025 was 21,07,350, up from 19,17,459 in the corresponding period the previous year.
The significant increase in LIC's premium categories during May 2024 and the initial months of fiscal 2025 emphasizes the company's continued success and strategic acumen. With notable gains in Individual, Group, and Group Yearly Premiums, LIC reaffirms its dominant position in the insurance industry.
