In Q1 FY25, Life Insurance Corp of India (LIC) experienced a remarkable surge in new business premium, reaching Rs 57,440.90 crore, marking the strongest first-quarter performance since FY23.
June 2024 New Business Premium
In June 2024, LIC’s new business premium totalled Rs 28,366.87 crore, representing a significant 13.60% increase from the previous year.
Category-wise Premium Collections
Under the Individual Premium category, LIC collected Rs 4,635.74 crore in June 2024, marking a 7.94% increase from the previous year. Group Premium rose by 14.79% to Rs 23,681.44 crore in June 2024 from the same period in 2023. Group Yearly Premium also increased by 8.90% to Rs 49.69 crore in June 2024.
Policy and Scheme Issuance
The total number of policies and schemes issued by LIC increased by 12.23% to 14.65 lakh in June 2024 from 13.05 lakh in June 2023.
Overall Performance and Recognition
LIC’s overall performance in the insurance sector has been noteworthy, as it was ranked 4th among India’s most valuable brands in the Brand Finance India 100 2024 report. Additionally, LIC secured 3rd place in the Top 10 Strongest Indian Brands and 5th place in the Top 10 Indian Brands. With a value of USD 9.8 billion, an 88-brand strength index score, and a AAA rating, LIC maintains its top position in the insurance sector, reflecting its extensive network of local agents and commitment to providing reliable service to nearly a billion Indians.
