The total premium collected bu Life Insurance Corporation of India (LIC) for the fiscal 2022-23 grew 16.67% to Rs 2.32 trillion from Rs 1.99 trillion.
In terms of the sheer volumes, LIC said that no other company can be compared to the insurance giant that has propagated the growth of the insurance industry in the country. In terms of premium collected, it continues to hold a market share of 62.58% as on March 2023, a press statement added.
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.
Also Read: This Online-Exclusive LIC Policy Promises To Protect Your Family; Know All Details Here
LIC’s premium growth for the fiscal 2023 is the second highest among its listed peers, with HDFC Life leading with 18.83%, SBI Life at 16.22% and ICICI Prudential Life Insurance Company at 12.55%.
In FY 23, individual single premium grew 3.30% and individual non-Single premium grew 10%, its group single premium grew 21.76% to Rs 1,67,235 crore from Rs 1,37,350.36 crore.
For the month of March 2023, LICs premium for individual category exceeded Rs 10,000 crore, 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% from Rs 5,501.12 crore in March 2022 to Rs 6,077.97 crore in March 2023.
According to a report published in January by Kotak Institutional Equities, listed insurers are expected to deliver a 15–60% growth in their value of new business for Q4 FY23 due to improvement in term business, nonpar business, and better operating leverage.
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