Life Insurance Corporation of India (LIC) saw a 9.4 percent year-on-year (YoY) growth in assets in the financial year 2018-19 (FY19) to Rs 31.1 lakh crore. The insurer had assets of Rs 28.45 lakh crore at the end of FY18.
The country’s largest insurer saw a 5.7 percent YoY growth in its first year premium to Rs 1.42 lakh crore in FY19. Under the pension and group superannuation business, LIC collected Rs 91,179.5 crore as new business premium, a YoY growth of 10.1 percent.
The total premiums (first year premium plus renewals) stood at Rs 3.37 lakh crore, showing a YOY growth of 6.1 percent.
The total policy payouts amounted to Rs 2.50 lakh crore for FY19, showing a 26.6 percent increase. LIC’s gross total income grew to Rs 5.60 lakh crore for FY19, showing a YoY growth of 7.1 percent.
In a statement, LIC said that their digital collections have touched 60 percent. This was a 38 percent YoY growth and includes premiums received through the website, authored agents, banks, payment providers as well as common services centres.
Further, the premium collection through UPI-BHIM has a growth of 106 percent. Now that is the majority shareholder in IDBI Bank, the lender has been authorized to collect renewal premium of the insurer across its 1,800 plus branches.
