Meanwhile, the group premium segment grew by a remarkable 46 per cent to Rs 13,559.22 crore in August 2023 as compared to Rs 9,287.40 crore in August 2023. Notably, the group annual premium grew by 291.14 per cent to Rs 702.52 crore, up significantly from Rs 179.61 crore in the previous year. Late last month, LIC presented a cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman as the government's share in the company's dividend approved by shareholders. LIC has completed 68 years of its inception and has an asset base of over Rs 52.85 lakh crore (as on March 31, 2024).
For the first five months of FY 2025, LIC's individual premium segment earned Rs 22,396.28 crore, showing a growth of 11.75 per cent from Rs 20,041.36 crore in the same period of FY 2024. The group premium segment also witnessed a significant growth, growing 32.82 per cent to Rs 71,789.38 crore from Rs 54,049.22 crore in the previous year. The group annual premium grew by 133.71 per cent to Rs 994.97 crore in the first five months of FY 2025, as against Rs 425.72 crore in the same period of FY 2024.
The total number of policies and plans issued by LIC in August witnessed a marginal decline of 4.45 per cent, coming down to 16.36 lakh from 17.12 lakh in August 2023. As per the data, in the first five months of FY25, LIC witnessed a growth of 3.65 per cent in the total number of policies and plans issued, reaching 68.35 lakh as compared to 65.95 lakh in the same period last year.
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