LIC posts 17% jump in premium income at Rs 2.32 lakh crore in FY23

LIC

Life Insurance Corporation (LIC) has recorded a 17 percent increase in its total premium income to to Rs 2.32 lakh crore during FY2022-23 from Rs 1.99 lakh crore a year back.

In terms of premium collected, it continues to hold a market share of 62.58 per cent as on March 2023, LIC said in a statement.

According to the Life Insurance Council data, private insurers have also collected a considerable amount of premium in March due to last-minute customer rush to benefit ahead of the April 1 withdrawal of tax exemptions for non-linked policies.

LIC's premium growth for the fiscal 2023 is the second highest among its listed peers, with HDFC Life leading with 18.83 per cent, SBI Life at 16.22 per cent and ICICI Prudential Life Insurance Company at 12.55 per cent, it said.

With regard to individual single premium, LIC witnessed a growth of 3.30 per cent and individual non-single premium grew 10 per cent, its group single premium grew 21.76 per cent to Rs 1,67,235 crore from Rs 1,37,350.36 crore.

For March 2023, LIC's premium for individual category exceeds Rs 10,000 crore — the highest amongst all life insurance companies — followed by HDFC Life, SBI Life and Tata AIA Life gathering Rs 2,989.17 crore, Rs 2,318.77 crore, Rs 1,884.41 crore, respectively.

In the individual non-single premium segment, it grew 10.49 per cent from Rs 5,501.12 crore in March 2022 to Rs 6,077.97 crore in March 2023.