New Delhi: The total premium of Life Insurance Corporation of India (LIC) has increased by 16.67 percent for the financial year 2022-23. 2.32 trillion to 1.99 trillion. In terms of sheer volume, no other company matches the insurance giant. In terms of premium collected, it is set to hold a market share of 62.58 per cent by March 2023.
Private insurers also collected a sizeable amount of premium in March due to a last-minute rush by customers to avail benefits ahead of the April 1 withdrawal of tax exemptions for non-linked policies, according to Life Insurance Council data.
LIC’s premium hike for FY2023 is second highest among its listed peers HDFC Life Leading 18.83 per cent, SBI Life 16.22 per cent and ICICI Prudential Life Insurance Company at 12.55 per cent.
In FY23, while the insurance giant’s individual single premium grew by 3.30 per cent and individual non-single premium by 10 per cent, its group single premium grew by 21.76 per cent. 1,67,235 crores to 1,37,350.36 crores.
For March 2023, LIC’s premium for individual category is higher 10,000 crores, the highest Insurance It is followed by HDFC Life, SBI Life and Tata AIA Life Gathering Companies 2,989.17 crores, 2,318.77 crore and 1,884.41 crore respectively.
It increased by 10.49 percent in the individual non-single premium segment. 5,501.12 crore in March 2022 6,077.97 crore in March 2023.
According to a report published in January by Kotak Institutional Equities, listed insurers are expected to deliver 15-60 per cent growth in their value of new business for the fourth quarter (Q4 FY23) due to improvement in term, nonpar business. Better operating leverage.
Broking firm Motilal Oswal initiates “Buy” call with target price on LIC stock in its February 2023 report 830 per share based on their Q3 FY23 results update and September FY24E (estimates) of 0.8 times enterprise value. It cited gradual diversification of product or channel mix and put all levers in place to maintain its leadership position.
The text of this story is published from a wire agency feed without any modification. Only the headline has been changed.
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