LIC total premium rises 17% to Rs 2.32 lakh crore in FY23

LIC Total Premium: Life Insurance Corporation (LIC) on Monday said its total premium rose 17 per cent 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 per cent 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 the fiscal 2023 is the second highest among its listed peers, with HDFC Life leading with 18.83 per cent, SBI Life at 16.22 per cent and ICICI Prudential Life Insurance Company at 12.55 per cent, it said.

With regard to individual single premium, LIC witnessed a growth of 3.30 per cent and individual non-single premium grew 10 per cent, its group single premium grew 21.76 per cent 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 -- 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 10.49 per cent from Rs 5,501.12 crore in March 2022 to Rs 6,077.97 crore in March 2023.