The Life Insurance Corporation of India (LIC) clocked a 14.64 per cent growth (year-on-year) in new business premiums in 2024, collecting Rs 2.33 lakh crore in the January-December period, according to data by the Life Insurance Council on Friday.
This stellar performance by nation’s largest life insurer exceeds the insurance industry’s growth of 14.41 per cent and the private life insurers’ growth rate of 14.55 per cent, the data showed.
As per the data, LIC collected Rs 2,33,073.36 crore in premiums during the reporting period, a 14.64 per cent increase compared to Rs 2,03,303 crore in the same period in 2023.
In 2024, the overall life insurance industry reported premium collections of Rs 4,02,773.18 crore, reflecting a 14.55 per cent YoY rise from Rs 3,51,626.20 crore.
Meanwhile, private life insurers garnered Rs 1,69,699.83 crore, up 14.41 per cent from Rs 1,48,323.21 crore in the previous year.