Life Insurance Corporation of India (LIC) traded 2.17 crore insurance policies in the financial year 2021-22. It is up from 2.10 crore in last year by growth rate 3.54%. Its total premium grew 12.66 percent year over year to Rs 1.43 lakh crore in March 2022, up from Rs 1.27 lakh crore the previous year.
In the year 2021-22, individual non-single premium increased 8.82% to Rs. 30,016 crore from 27,584 crore by the end of March 2021. The total first year premium (FYP) of the life insurer increased by 7.92% to Rs 1.98 lakh crore in March 2022 from Rs 1.84 lakh crore in the last year.
On February 13, the government-owned LIC, India’s largest life insurer, filed a draft red herring prospectus (DRHP) for a 5 percent equity sale by government. The issue was scheduled for the previous fiscal year, but market volatility caused by Russia-Ukraine war caused it to be postponed. IPO is expected to be worth roughly Rs 65,000 crore, according to market experts.