LIC surpasses private insurers in new business premiums growth, clocks in 9.91%  YoY growth

Public sector insurer Life Insurance Corporation of India (LIC) reported a 9.91% year-on-year (YoY) rise in new business premium for April 2025, surpassing the industry growth rate of 8.43% and private life insurers’ growth of 6.09%, as per data released by the Life Insurance Council.

LIC collected ₹13,610.63 crore in new business premiums last month, up from ₹12,383.64 crore in April 2024. Overall, the life insurance industry garnered ₹21,965.73 crore, marking an 8.43% rise over ₹20,258.86 crore collected in the same month last year. Private life insurers contributed ₹8,355.10 crore, registering a 6.09% growth over the previous year’s ₹7,875.22 crore.

In the Individual Premium category, LIC posted a slight decline of 0.46%, collecting ₹3,160.87 crore in April 2025 compared to ₹3,175.47 crore in April 2024. However, the Group Premium segment recorded a robust 13.48% growth, rising to ₹10,449.76 crore from ₹9,208.17 crore a year earlier.

In April 2025, the total policies issued by LIC stood at 7.26 lakh, down from 8.56 lakh in the same period last year. Individual policies came down to 7.24 lakh polices in April, from 8.55 lakh in the same month last year. Group policies also declined by a tad to 1,169 last month, compared to 1,425 in April last year.

January-April 2025 Vs January-April 2024

 The total premium collected by LIC during the four-month period of January- April 2025 stood at ₹82,324.58 crore, down from ₹87,500.97 crore for the same period last year. In the individual premium segment, the premium amounted to ₹23,188.46 crore, compared to ₹22,164.24 crore in the corresponding period last year. The group premium was at ₹59,136.12 crore for January-April 2025, down from ₹65,336.73 crore in the previous year.

LIC issued 68.05 lakh policies from January to April 2025, a drastic fall from corresponding period last year's 87.05 lakh policies. Policies for the individual category stood at 67.97 lakh in January-April 2025, down from 86.92 lakh in the January-April 2024. Group Policies stood at 8,930 this year compared to 13,248 during the four month period last year.