LIC new biz premium crosses Rs 1.5-lakh-crore-mark

The IPO-bound Life Insurance Corporation (LIC) said its new business premium has crossed the Rs 1.5-lakh-crore-mark for the first time, helping the national insurer improve market share to 77.61 per cent.

The Corporation's total income grew by 17.79 per cent to Rs 2,97,017.28 crore as of September 2019 from Rs 2,52,149.60 crore a year ago, chairman M.R Kumar said.

Total assets of the Corporation increased by 7.92 per cent to Rs 32,25,905.42 crore as of September 2019 from Rs 29,89,276.53 crore, he added.

The milestone was led by first year individual new premium, which as of January has expanded by 17.48 per cent, while the number of new policies sold jumped 29.42 per cent to Rs 45,199 crore, taking the total policies sold to 1,95,85,635, the chairman said.

The composite market share in terms of the number of policies and the first-year premium as of January end stood at 77.61 per cent and 70.02 per cent, respectively, which has increased from 73.54 per cent in number of policies and 66.26 per cent in first-year premium, the chairman said.