LIC targeting double-digit growth in FY25, says Chairman

The value of new business (VNB) of the insurer increased by 4.66 percent to Rs 9,583 crore and VNB margin increased by 60 bps to 16.8 percent.

Jinit Parmar

May 27, 2024 / 19:59 IST

The insurer sold a total of 2.03 crore policies in the individual segments compared to 2.04 crore policies sold in FY23.

26 Aug, 2025 12:21

Volume

Todays L/H

Life Insurance Corporation (LIC) of India is targeting double-digit growth in financial year (FY) 2024-25, said Chairperson Siddhartha Mohanty. “Our focus will be on topline numbers in the year ahead. And we are looking at a double-digit growth in FY25,” Mohanty said at a post-results conference call on May 27.

The country’s largest insurer reported a 2.5 percent year-on-year rise in net profit at Rs 13,762 crore for the March quarter of the financial year 2023-24, from Rs 13,421 crore in the year-ago period. Asset quality improved in the final quarter of FY24, the company said on May 27. The insurer announced an interim dividend of Rs 6 per share. Its gross non-performing asset (GNPA) stood at 2.01 percent against 2.56 percent in the year-ago period.

The value of new business (VNB) of the insurer increased by 4.66 percent to Rs 9,583 crore and VNB margin increased by 60 bps to 16.8 percent.

Also read: LIC Q4 net profit rises marginally to Rs 13,762 cr, asset quality healthy; announces Rs 6 interim dividend

The non-par Annualized Premium Equivalent (APE) share within Individual business grew by 9.43 percent to 18.32 percent. The Non-Par APE has increased from Rs. 3,436 crore for the year ended March 31st, 2023 to Rs 7,041 crore for the year ended March 31st 2024 registering a growth of 105 percent. Therefore, on an APE basis, the insurer's non par share of individual business, which was 8.89 percent for FY23 has grown to 18 percent for the year ended March 31.