LIC group policy premium rose 12.66% in FY22
The Hindu
Mumbai
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.
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