MUMBAI: LIC grew its business by nearly 94% in December 2023, powered by a 194% jump in the group single premium business.
The corporation’s total premium rose to Rs 22,981 crore from Rs 11,859 crore a year ago, while its group single premium rose to Rs 17,601 crore from Rs 5,966 crore in December 2022. Single premium is typically received at one go as against regular premium.
LIC’s group business surge in December helped the industry record a 43% jump in premium during December to Rs 38,583 crore from Rs 26,838 crore in December 2022.
The higher premium income from the LIC powered the growth of the industry in December.
The life insurance industry has recorded total premium of Rs 2,50,273 crore from April-December 2023, which is a 7% decline compared to Rs 2,69,190 crore in the same period for the previous year.
The corporation’s total premium rose to Rs 22,981 crore from Rs 11,859 crore a year ago, while its group single premium rose to Rs 17,601 crore from Rs 5,966 crore in December 2022. Single premium is typically received at one go as against regular premium.
LIC’s group business surge in December helped the industry record a 43% jump in premium during December to Rs 38,583 crore from Rs 26,838 crore in December 2022.
The higher premium income from the LIC powered the growth of the industry in December.
The life insurance industry has recorded total premium of Rs 2,50,273 crore from April-December 2023, which is a 7% decline compared to Rs 2,69,190 crore in the same period for the previous year.