India's LIC nets $24.4b in FY2021 new premiums
Its individual life business posted a first-year premium income of $7.5m.
India’s largest life insurer Life Insurance Corporation (LIC) has registered a record-high annual new business premium of $24.4b (INR1.84t) for FY2021.
This is a 4% increase from $23.5b (INR1.77t) in FY2020.
Its individual life business netted a first-year premium income of $7.5m (INR564.06m), whilst its group life and pension plans unit posted $16.8b (INR1.27t) in new-business premiums.
LIC, which is set to launch an initial public offering (IPO) in the next financial year, grabbed 66.2% of market share.