LIC’s total premium receipts soar 93.8% in December

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Life Insurance Corporation of India (LIC) registered a 93.8 per cent increase in total premium for the month of December 2023 at ₹22,981.28 crore against ₹11,858.50 crore in December 2022. This strong show was aided by 178 per cent increase in Group Premium in December 2023 at ₹ 17,812.46 crore (₹ 6,407.37 crore), data with Life Insurance Council showed. 

However, in December 2023, LIC’s individual premium recorded a 4.91 per cent decline to ₹5,111.52 crore (₹5,375.19 crore). For the nine months ended December 2023, LIC’s individual premiums totalled ₹38,608.34 crore, lower than ₹ 38,760.92 crore collected in the same period last fiscal.

In the first half of this fiscal, LIC had reported a net profit of ₹17,469 crore, its highest ever half-yearly profit, largely on account of transfer of ₹13,768 crore, pertaining to accretion on available solvency margin, from non-participating policyholders’ fund to shareholders’ account.

PRIVATE LIFE INSURERS

Total premium garnered by private life insurers in December 2023 stood at ₹ 15,601.85 crore, up 4.15 per cent over ₹ 14,979.79 crore in same month in previous year, official data showed. 

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In December 2023, private life insurers reported a total individual premium collection of ₹ 10,897.36 crore, up 8.24 per cent over the level of ₹ 10,067. 97 crore in same month in previous fiscal. 

However, the group premiums collected by private life insurers declined 3.75 per cent to ₹4,095.60 crore (₹ 4,254.43 crore). 

The share price of LIC gained ₹7.75 or 0.93 per cent to ₹840.20 at 11.54 am on NSE.