Life Insurance Corporation of India, known as LIC, proved to competitors its real strength by significantly rising to 68.24 percent in the new business premium during the six-month period till date as compared to its share of 63.24 in March 2022.
The Indian Insurance Giant flexed its muscles with its phenomenal rise in its assets valued at Rs.41 lakh crores, surged to Rs.1,24,191 crores by a whopping 45.99 percent. LIC’s assets were Rs.85,112.59 crores in the same period last year.
LIC’s rapid growth clearly outpaced the 37.88 percent growth of the total life insurance segment put together. HDFC Life registered its growth at 5.73 percent at Rs.11,039 crores, SBI Life at Rs.13,087 crores at 27.22 percent, respectively.
LIC Chairman MR Kumar said at the NIA summit, “The insurance industry today has bounced back from the issues which arose during the lockdown period. People realized the importance of managing their risks while investing their savings in appropriate insurance schemes. The boom witnessed is due to a majority of factors… we need to make sure to curate and conceptualize newer concepts and ideas to realize this dream of a fully insured India.”
