LIC’s premium in December fell by 40% to Rs 22,981 crore compared to last year. The biggest decline was in group single premium policies.
The country’s largest insurance company, Life Insurance Corporation of India (LIC), has lost to SBI Life Insurance in the case of regular premium policies. LIC, which has been number one in this segment for many years, lost its supremacy in December. SBI Life’s performance was better in December and the company collected Rs 3,416 crore from new individual non-single premium policies, which is 16.7% more than last year. On the contrary, LIC’s collection in this segment fell 15 percent year-on-year to Rs 2,628 crore. A year ago it was Rs 3,111 crore.
However, LIC is still number one in terms of total premium. LIC’s premium in December fell 40 percent to Rs 22,981 crore compared to last year. The biggest decline came in group single premium policies, which fell from Rs 17,601 crore last year to Rs 8,191 crore. LI remains the largest company with a total new business premium of Rs 13,523 crore in December 2024. LIC’s premium is 44 per cent of the total industry premium of Rs 30,218 crore.
Who has how much share
LIC’s market share for the April-December period was 57.4%, slightly lower than 58.8% last year. SBI Life’s total premium grew 15% to Rs 5,307 crore in December. SBI Life’s market share also increased to 17.5% in the month of December. From April to December, SBI Life has achieved 9.5% market share. HDFC Life achieved 8.2% and ICICI Prudential Life 5.5% market share during this period. The entire life insurance industry saw a 21% decline in premiums for December 2024 as compared to December 2023.
LIC stock rises today
LIC stock was trading at Rs 815.60 on NSE at 1:30 pm today with a gain of 0.82 percent. LIC stock has fallen 11 percent in the last one month and 23 percent in six months. This insurance stock has fallen 9 percent in January 2025.
