India's largest insurer LIC says it earned new business premium worth ₹1.84 trillion last year

One of Asia's life insurance giants, Life Insurance Corporation of India (LIC) closed last fiscal with a new business premium or first year premium of ₹1.84 trillion, the company said.

The insurer also paid ₹1.34 trillion as claims last fiscal.

According to LIC, it earned a new business or first year premium of about ₹1.84 trillion last fiscal up from about ₹1.77 trillion earned the previous year.

LIC said that it had earned about ₹564 billion of fresh premium or new business premium last fiscal selling about 2.10 crore policies commanding a market share of 66.18 per cent.

The insurer earned about ₹1.27 trillion under pension and group insurance schemes last year.

However, LIC is silent on the total premium earned - new business plus renewal premium- for last year.

Last year LIC added 345,469 agents, taking the total to about 13.53 lakh agents.

On the claims front, last year LIC paid out about ₹1.34 trillion.

The company settled about 2.19 crore maturity claims, money back policy claims and annuities, amounting to about ₹1.16 trillion.

LIC also settled about 9.59 lakh death claims amounting to about ₹181 billion. Annuity payments due in March 2021 have also been settled on due dates.


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