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LIC group policy premium rose 12.66% in FY22

April 19, 2022 08:21 pm | Updated 08:21 pm IST - Mumbai

FILE PHOTO: A bird flies past a logo of Life Insurance Corporation of India (LIC) at one of its offices in New Delhi, India.

FILE PHOTO: A bird flies past a logo of Life Insurance Corporation of India (LIC) at one of its offices in New Delhi, India. | Photo Credit: ANUSHREE FADNAVIS

Life Insurance Corporation of India (LIC) said it recorded a 12.66% increase in group policy (GRP) premium at ₹1,43,938.59 crore for FY22 as compared with ₹ 1,27,768.06 crore for FY21.

During FY22, individual non-single premium rose 8.82% to ₹30,015.74 crore, the IPO bound life insurer said.

The total first year premium (FYP) rose by 7.92% to ₹1,98,759.85 crore..

Individual single premiums increased by 61% to ₹4,018.33 crore for the month of March, it said.

It said the Group Single Premiums increased by 48.09% to ₹30,052.86 crore for the month of March. 

The market share of LIC stood at 63.25% in total first year premium for FY22.  In case of First Year Premium, market share of LIC was 70.99% for the month of Marchas compared to 63.68% for the month of March 2021.

The number of policies sold increased by 3.54% to 2,17,18,695 in FY22 from 2,09,75,439 in the previous financial year. 

The insurer sold 4,896,019 policies for the month of March 2022 against 4,667,952 polices for the month of March 2021, up 4.89%.

LIC has an embedded value of ₹5,39,686 crore as on 30 September 2021, according to the draft red herring prospectus, and the government plans to sell 316,249,885 equity shares through an IPO likely shortly. 

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