LIC's new business premium grows 5.68% to Rs 1.42 lakh-cr in FY19

Mumbai: The Life Insurance Corporation of India (LIC) Thursday said its new business premium grew 5.68 percent to Rs 1.42 lakh crore in fiscal year 2018-19.

Its total premium income grew 6.08 percent to Rs 3.37 lakh crore, an official statement issued here said.

The new business performance has grown to 5.68 percent to Rs 1,42,191 crore, the highest ever for the life insurance behemoth.

The pension and group superannuation business premium grew to Rs 91,179 crore in FY19, up 10.11 percent from the year-ago's Rs 82,807 crore, it said.

Its gross total income grew 7.10 percent to Rs 5.60 lakh crore during the fiscal year, as against the Rs 5.23 lakh crore in the year-ago period.

The total policy payouts shot up to Rs 2.50 lakh crore in FY19 from the Rs 1.98 lakh crore in FY18, it said.

The total assets held by the corporation, which commands over 70 percent of the life insurance industry despite the advent of private companies, stood at Rs 31,11,847 crore as against Rs 28,45,041 crore in the previous year, signifying a growth of 9.38 percent.

There was a 38 percent growth in premiums collected through digital means like its customer portal, designated banks and common service centres, the statement said, adding that such transactions now account for 60 percent of the overall universe.

Specifically, premium collection through UPI-BHIM grew 106 percent during the fiscal, it said.