India's largest insurer LIC says it earned new business premium worth ₹1.84 trillion last year
Apr 21, 2021, 10:13 IST
One of Asia's life insurance giants, Life Insurance Corporation of India (LIC) closed last fiscal with a new business premium or first year premium of ₹1.84 trillion, the company said.
The insurer also paid ₹1.34 trillion as claims last fiscal.
According to LIC, it earned a new business or first year premium of about ₹1.84 trillion last fiscal up from about ₹1.77 trillion earned the previous year.
LIC said that it had earned about ₹564 billion of fresh premium or new business premium last fiscal selling about 2.10 crore policies commanding a market share of 66.18 per cent.
The insurer earned about ₹1.27 trillion under pension and group insurance schemes last year.
However, LIC is silent on the total premium earned - new business plus renewal premium- for last year.
Last year LIC added 345,469 agents, taking the total to about 13.53 lakh agents.
On the claims front, last year LIC paid out about ₹1.34 trillion.
The company settled about 2.19 crore maturity claims, money back policy claims and annuities, amounting to about ₹1.16 trillion.
LIC also settled about 9.59 lakh death claims amounting to about ₹181 billion. Annuity payments due in March 2021 have also been settled on due dates.
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The insurer also paid ₹1.34 trillion as claims last fiscal.
According to LIC, it earned a new business or first year premium of about ₹1.84 trillion last fiscal up from about ₹1.77 trillion earned the previous year.
LIC said that it had earned about ₹564 billion of fresh premium or new business premium last fiscal selling about 2.10 crore policies commanding a market share of 66.18 per cent.
The insurer earned about ₹1.27 trillion under pension and group insurance schemes last year.
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Last year LIC added 345,469 agents, taking the total to about 13.53 lakh agents.
On the claims front, last year LIC paid out about ₹1.34 trillion.
The company settled about 2.19 crore maturity claims, money back policy claims and annuities, amounting to about ₹1.16 trillion.
LIC also settled about 9.59 lakh death claims amounting to about ₹181 billion. Annuity payments due in March 2021 have also been settled on due dates.
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SEE ALSO:
SaaS-y salaries are 30% more than traditional IT services — and they’re making it tougher for traditional IT service firms to find the right talent
Google's Arts & Culture experiment uses jellyfish, bumblebees, flying cigarette butts and more to teach us about climate change
India and Philippines will be the first countries to get Apex Legend Mobile beta later this month