Life Insurance Corporation of India (LIC) announced that it had increased Group Insurance Premium (GRP) by 12.66 per cent to ₹1,43,938.59 billion for FY22 compared to ₹1,27,768.06 billion recorded for fiscal year 21.
During FY22, individual non-single premium rose 8.82% to ₹30,015.74 crore, the IPO-linked life insurer said.
Total First Year Premium (FYP) increased by 7.92% to 1,98,759.85 crore.
Single premiums rose 61% to £4,018.33bn for the month of March, it said.
It said the group’s individual premiums rose 48.09% to ₹30,052.86 crore in March.
LIC’s market share was 63.25% of the total first year premium for FY22. In the case of first year premium, LIC’s market share 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 fiscal year.
The insurer sold 4,896,019 policies for the month of March 2022 versus 4,667,952 policies for the month of March 2021, up 4.89%.
LIC has an embedded value of ₹5,39,686 crore as of September 30, 2021 under the draft prospectus and the government plans to sell 316,249,885 shares through an IPO likely to take place shortly.
