Agencies
Mumbai, Feb 10: Life Insurance Corporation of India (LIC) reported a strong financial performance for the nine months ending December 31, 2024, with Profit After Tax (PAT) rising by 8.27% to Rs 29,138 crore. The Value of New Business (VNB) increased by 9.08% to Rs 6,477 crore, while the VNB margin improved by 50 bps to 17.1%.
LIC maintained its market leadership in the life insurance sector, holding a 57.42% overall market share. The New Business Premium Income (Individual) saw a 9.73% growth, reaching Rs 42,441 crore. The Total Premium Income stood at Rs 3,40,563 crore, marking a 5.51% increase over the previous year.
The Individual Non-Par APE grew 106.52%, reflecting LIC’s strategic shift in product mix. The solvency ratio strengthened to 2.02, and expense ratio improved to 12.97%, a reduction of 231 bps.
LIC’s Bima Sakhi Yojana, aimed at empowering women through careers in insurance sales, has registered over 1.25 lakh women, with 70,000+ appointed as Bima Sakhis.
LIC Chairman Siddhartha Mohanty stated: “Our strategy remains focused on product innovation and digital transformation. We are committed to expanding insurance coverage across India while enhancing our financial strength.”
With robust AUM growth of 10.29%, LIC continues to reinforce its position as the leading life insurer in India. |
