LIC clocks 21% y-o-y growth in new business premium of June

11 Jul 2023 , 10:28 AM

Life Insurance Corporation of India informed the investors and bourses that its New Business Premium (NBP) in June 2023 increased by 21% y-o-y at Rs 24,970.82 crore while the private sector life insurers logged growth of 13% y-o-y to Rs 11,990.94 crore.

LIC’s new business premium growth for the April-June period fell slightly to Rs 73,005 crore. On the other hand, private players reported a 10.58% increase to Rs 28,168 crore.

LIC registered a growth of 0.14% in its individual premium segment in June to Rs 4,294.62 crore. In Q1 individual premium fell 4.37% to Rs 10,439.18 crore against Rs 10,916.67 crore in the previous corresponding quarter.

LIC’s said that in June, it witnessed best performance in its group yearly renewable premium category, which increased by 40.92% from Rs 32.38 crore to Rs 45.63 crore. LIC’s group yearly renewable premium increased by 7.96% to Rs 96.20 crore in the April-June quarter. 

At around 10.22 AM, LIC was trading 0.78% higher at Rs 623.40, against the previous close of Rs 618.55 on NSE. The counter touched an intraday high and low of Rs 629.90 and Rs 622.70, respectively.

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