Mumbai: IPO-bound Life Insurance Corporation of India (LIC) recorded a 12.66 per cent increase in GRP in FY21-22 at Rs 1,43,938.59 crore against Rs 1,27,768.06 crore for the FY20-21.


During 2020-21, the individual non-single premium rose 8.82 per cent to Rs 30,015.74 crore from Rs 27,584.02 crore as of end of March 2021. The total first year premium (FYP) of the life insurer rose by 7.92 per cent to Rs 198,759.85 crore as compared to Rs 184,174.57 crore in the previous fiscal year.


LIC sold 41 policies per minute in India.


Individual single premiums increased by 61 per cent to Rs 4,018.33 crore for the month of March 2022, compared to Rs 2,495.82 crore in the same corresponding period last fiscal year. While, the Group Single Premiums increased by 48.09 per cent to Rs 30,052.86 crore for the month of March 2022, compared to Rs 20,294.02 crore in March 2021. The LIC GRP’s growth increased by 59.50 per cent compared to the previous year.


The market share of LIC stood at 63.25 per cent in total first year premium for FY21-22. In First Year Premium, market share of LIC was 70.99 per cent for the month of March 2022 over 63.68 per cent for the month of March 2021.


The number of policies sold increased by 3.54 per cent to 21,718,695 in the FY21-22 from 20,975,439 in the previous financial year. The insurer sold 4,896,019 policies for the month of March 2022 against 4,667,952 polices for the month of March 2021, a rise of 4.89 per cent.


LIC, which is expected to hit the capital market with an IPO in the first quarter this fiscal year, has an embedded value of Rs 5,39,686 crore as on 30 September 2021, according to the draft red herring prospectus, while the government plans to sell 316,249,885 equity shares.


Business Results At A Glance


New business statement of life insurers for the period ended 31.3.2022 (entire fiscal year)


Total FYP  – for FY22 (overall)


Industry has a whole Rs 3,14,262 cr (premium) with growth of 12.93%


LIC 1,98,759.85 cr (premium) with growth of 7.92% and market share of 63.25%


Pvt Insurers: Rs 1,15,502.57 crore with growth of 22.74% and market share of 36.75%


Total Numbers of Policies – for FY22 (overall)


Industry has a whole 2,91,55,178 with a growth of 3.51%


LIC: Rs 2,17,54,965 with growth of 3.56% and market share of 74.62%


Pvt Insurers: Rs 74,00,213 with growth of 3.35% and market share of 25.38%


Total Numbers of Individual New Business


Industry has a whole Rs 1,25,257.84 crore


LIC: Rs 54,821.27cr with a market share of 43.77 %


Pvt Insurers (entire industry), Rs 70,436.59 cr with a Market Share of 56.23 %


Total Group Insurance Business


Industry has a whole Rs 1,89,004.57 cr


LIC: Rs 1,43,938.9 cr with a market share of 76.16%


Pvt insurers: Rs 45,065.99 cr with market share of 23.84%


Individual Players (Growth) – FY’22


Top 5 Pvt Insures in premium:


1) SBI life Rs 25,458.29 cr with a market share of 8.1%


2) HDFC, Rs 24,301.07cr with a market share of 7.73%


3) ICICI,  Rs  15,035.52 cr with a market share of 4.78%


4) Bajaj,  Rs 9,135.82cr with a market share of 2.9%


5) Aditya Birla, Rs 5,665.33cr with a market share of 1.8%


Vs


6) LIC Rs 1,98,759.85 cr (premium) with growth of 7.92% and market share of 63.25%


ONLY FOR MARCH 2022: New business statement of life insurers for the period only March 2022 (entire March)


Total FYP – only March 2022


Industry has a whole Rs 59,608 cr (premium) with growth of 37.29%


LIC Rs 42,319.22 cr (premium) with growth of 50.57% and market share of 70.99%


Pvt Insurers (entire industry),  Rs17,289 cr with growth of 12.92 % and market share of 29.01%


Total Numbers of Policies –  only March 2022


Industry has a whole 60,35,985 with growth of 4.68%


LIC 49,00,661 with a growth of 4.88 % and market share of 81.19%


Pvt Insurers (entire industry), 11,35,324 with a growth of 3.82% and market share of 18.81%


Total Numbers of Individual New Business (in March 2022)


Industry has a whole Rs 20,541.89 crore


LIC, Rs 9,519.45 crore with a market share of 46.34%


Pvt Insurers: Rs 11,022.45 cr with a market share of 53.66 %


Total Group Insurance Business


Industry has a whole Rs 39,066.93 cr


LIC Rs 32,799.77 cr with a market share of 83.96%


Pvt Insurers: Rs 6,267.16 cr with market share of 16.04%