LIC’s first year premium up by 5.7% in 2018-19

State-owned Life Insurance Corporation (LIC) of India registered a 6.08 per cent increase in its total premium income to ₹3,37,185.40 crore in 2018-19 against ₹3,17,850.99 crore in 2017-18.

Its first year premium grew by a similar 5.68 per cent increase to ₹14,21,91.69 crore, according to its financial results for 2018-19.

LIC, the country’s largest life insurer, said its new business premium income from pension and group superannuation grew by 10.11 per cent in 2018-19 to to ₹91,179.52 crore from ₹82,807.83 crore in 2017-18.

Its gross total income grew 7.10 per cent to ₹5,60,784.39 crore (₹5,23,611.11 crore).

Total assets of the insurer grew 9.38 per cent to ₹31,11,847.28 crore (₹28,45,041.82 crore).

Though LIC commands the majority of the market share at about 60 per cent, the growth in 2018-19 seems muted compared to the industry growth of at least 10 per cent.

LIC said that the total policy payouts in 2018-19 rose by 26.66 per cent to ₹2,50,936.23 crore against ₹ 1,98,119.83 crore in the same period a year ago.

Its digital collection through customer portal, Paytm, authorised agents, designated banks and collection agencies grew by 38 per cent in 2018-19 and premium collection through UPI-BHIM has a growth of 106 per cent.