In terms of premium collected, LIC is set to hold a market share of 62.58% by March 2023.
LIC’s premium hike for FY2023 is second highest among its listed peers,
The total premium of Life Insurance Corporation of India (LIC) for the financial year 2022-23 increased by 16.67% to Rs 2.32 trillion from Rs 1.99 trillion.
In terms of sheer volume, LIC said that no other company can be compared to the insurance giant that has promoted the growth of the insurance industry in the country. In terms of premium collected, it continues to hold a market share of 62.58% by March 2023, said a press statement.
Private insurers also collected a sizeable amount of premium in March due to a last-minute rush by customers to avail benefits ahead of the April 1 withdrawal of tax exemptions for non-linked policies, according to Life Insurance Council data.
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LIC’s premium growth for FY23 is the second highest among its listed peers, led by HDFC Life with 18.83%, SBI Life with 16.22% and ICICI Prudential Life Insurance Company with 12.55%.
In FY23, individual single premium grew by 3.30% and individual non-single premium by 10%, its group single premium grew by 21.76% from Rs.1,37,350.36 crore to Rs.1,67,235 crore.
For the month of March 2023, LIC’s premium for the individual category crossed Rs 10,000 crore, followed by HDFC Life, SBI Life and Tata AIA Life raising 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 by 10.49% from Rs 5,501.12 crore in March 2022 to Rs 6,077.97 crore in March 2023.
According to a report published in January by Kotak Institutional Equities, listed insurers are expected to deliver 15-60% growth in their value of new business for Q4 FY23 due to improvement in term business, nonpar business and better operating leverage.
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