 "LIC's group yearly renewable premium rises by 137% in Apr-Jan FY24")
The state-owned Life Insurance Corporation of India (LIC) posted a 137.16 per cent year-on-year (Y-o-Y) growth in group yearly renewable premium in the April-January period of FY24. The premium rose to Rs 1,486.76 crore from Rs 626.90 crore in the year-ago period.
In January 2024, LIC saw an increase of 36.51 per cent in Group Premium and 41.04 per cent growth in group yearly renewable premium from January 2023.
The Group Premium collected for January 2024 amounted to Rs 13,732.82 crore, from Rs 10,059.95 crore collected during the same month last year. Similarly, the Group Yearly Renewable Premium collected for January 2024 was Rs 138.49 crore, from Rs 98.19 crore collected in the corresponding period last year.
Life insurers collected a 27 per cent higher new business premium (NBP) in January 2024 year-on-year (Y-o-Y) to Rs 33,559.75 crore on the back of performance from both LIC and private insurers.
The private life insurers posted a 31.62 per cent growth to Rs 14,638.98 crore from Rs 11,121.98 crore from the year ago. The total new business premium of LIC in January 2024 grew by 23.65 per cent to Rs 18,920.77 crore from Rs 15,301.67 crore for the same period last year.
During the April-January period of FY24, private life insurers posted a 12.65 per cent growth to Rs 117,507.15 crore from the corresponding period of 2023. LIC clocked a 13.06 per cent fall in the same period to Rs 166,236.37 crore.
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