Insurance Behemoth Life Insurance Corporation of India Ltd. (LIC) on Monday said its total premium rose 17 percent to Rs 2.32 lakh crore during FY2022-23. The same stood at Rs 1.99 lakh crore in the year-ago period. In terms of premium collected, it continues to hold a market share of 62.58 percent as on March 2023, LIC said in a statement.
According to the Life Insurance Council data, private insurers have also collected a considerable amount of premium in March due to last-minute customer rush to benefit ahead of the April 1 withdrawal of tax exemptions for non-linked policies. LIC's premium growth for the fiscal 2023 is the second highest among its listed peers, with HDFC Life leading with 18.83 percent , SBI Life at 16.22 percent and ICICI Prudential Life Insurance Company at 12.55 percent , it said. With regard to individual single premium, LIC witnessed a growth of 3.30 percent and individual non-single premium grew 10 percent .
LIC's shareholding in LTTS crosses 5%: LIC also said its holding in L&T Technology Services Ltd (LTTS), a subsidiary of L&T, crossed past 5 per cent. The shares were acquired in ordinary course of transaction through open market, LIC said in a regulatory filing. The holding in company has crossed 5 per cent on April 21, 2023.