New Delhi: Life Insurance Corporation (LIC) on Monday said that its total premium rose by 17 percent to Rs 2.32 lakh crore during FY2022-23.
The same stood at Rs 1.99 lakh crore in the year-ago period. In terms of premium collected, it continues to hold a market share of 62.58 percent 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 fiscal 2023 is the second highest among its listed peers, with HDFC Life leading with 18.83 percent, SBI Life at 16.22 percent and ICICI Prudential Life Insurance Company at 12.55 percent, it said.
With regard to individual single premium, LIC witnessed a growth of 3.3 percent and individual non-single premium grew by 10 percent, its group single premium grew by 21.76 percent 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 which is 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 by 10.49 percent from Rs 5,501.12 crore in March 2022 to Rs 6,077.97 crore in March 2023.
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