The Board of Directors of Life Insurance Corporation of India (LIC) has approved and adopted the standalone and consolidated financial results for the six months ending 30 September.

The Profit after Tax (PAT) for the half year ended 30 September, 2024 was Rs 18,082 crore as compared to Rs 17,469 crore for the half year ended 30 September, 2023 registering a growth of 3.51 per cent. In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader in Indian life insurance business with overall market share of 61.07 per cent for half year ended 30 September, 2024 as compared to 58.50 per cent for half year ended 30 September 2023.

For the half year ended 30 September, 2024, LIC had a market share of 39.79 per cent in Individual business and 74.77 per cent in group business. The Total Premium Income for six months period ended 30 September 2024 was Rs 2,33,671 crore as compared to Rs 2,05,760 crore for the six months period ended 30 September 2023, registering a growth of 13.56 per cent.

Individual new business premium income for the six months period ended 30 September, 2024 was Rs 29,538 crore as compared to Rs 25,184 crore for the six months period ended 30 September 2023, registering an increase of 17.29 per cent.

The individual renewal premium income for six months period ended 30 September, 2024 was Rs 1,15,158 crore as compared to Rs 1,09,599 crore for the six months period ended 30 September, 2023, registering an increase of 5.07 per cent. The Total Individual Business Premium for the six months period ended September 30th, 2024 increased to Rs 1,44,696 crore from Rs. 1,34,783 crore for the comparable period of previous year, registering an increase of 7.35 per cent.

The group business total premium income for six months period ended 30 September, 2024 was Rs 88,975 crore as compared to Rs 70,977 crore for the six months period ended 30 September, 2023, registering an increase of 25.36 per cent.

Siddhartha Mohanty, CEO & MD, LIC said, “During the first half of this year (FY 2024-25), LIC has been successful in delivering holistic growth on various business parameters such as market share, premium, Non par share within Individual business, VNB, VNB margin and embedded value. Our market share for H1FY25 has increased to 61.07 per cent as compared to 58.50 per cent for the same period of previous year and 58.87 per cent for the full year ended March 31, 2024.

”Further we have been consolidating our gains in terms of changing our product mix. The Non Par APE share of Individual business for H1FY25 now stands at 26.31 per cent as compared to 10.76 per cent for the similar period of previous year. Our margin trajectory is on the upswing and our VNB margin for H1FY25 is 16.2 per cent as compared to 14.6 per cent for a similar period last year. Our strategy on enhancing market share along with changes in product and channel mix, without compromising on profitability, is yielding very visible results. ”

Further, he said,”We have aligned our products with the new regulatory guidelines by redesigning them in such a manner that the interest of customers, shareholders and various marketing channel partners are taken care of. At LIC we are confident that all such changes which are friendly to customers will eventually expand the life insurance market in the country. We are committed to continue to play a significant role in the further development of the life insurance market with the support of all our stakeholders.”