Life Insurance Corporation of India sees profits up 3.5% YoY in H1 2024

LIC's total premium income rose by 13.56% YoY.

Life Insurance Corporation of India (LIC) has reported a 3.51% increase in profit after tax (PAT) for the half-year ended 30 September, at ₹18,082 crore. 

The insurer maintained its lead in the Indian life insurance market with a total market share of 61.07%, up from 58.50% in the previous year.  

LIC's total premium income rose by 13.56% to ₹2,33,671 crore for the period, compared to ₹2,05,760 crore for the same period in 2023. 

Individual new business premium income grew 17.29% to ₹29,538 crore, while individual renewal premium income increased 5.07% to ₹1,15,158 crore. 

Group business premium income surged 25.36% to ₹88,975 crore.  

The insurer sold 91.7 lakh individual policies during the reporting period, a 13.77% increase from the 80.6 lakh policies sold in the same period last year. 

On an annualised premium equivalent (APE) basis, total premium stood at ₹28,025 crore, with 64.81% attributed to individual business and 35.19% to group business.  

The value of new business (VNB) increased by 37.74% to ₹4,551 crore, and the Net VNB margin improved to 16.2%, up 160 basis points from the previous year's 14.6%.