LIC records 93.8% surge in December premium

Mumbai: Life Insurance Corporation (LIC) has emerged as a key contributor to the robust growth in the life insurance industry, reporting a sharp increase in premium income during December.

Life insurers collectively reported a 43.75% increase in new business premiums in December 2023, according to the Insurance Regulatory and Development Authority of India (IRDAI) website.

LIC reported a 93.8% increase in premiums from ₹11,858.5 crore to ₹22,981.3 crore mainly due to growth in group business. At the same time, private insurers saw a 4.14% YoY growth to ₹15,600 crore from ₹14,979 crore.