The national insurer Life Insurance Corporation of India (LIC) has registered a 13.46 percent increase in first-time premium income (FYP). It has collected an all-time high income of Rs 1.34 lakh crore in the financial year 2017-18 and ended the year with a market share of 69.40 percent.
In a statement, LIC said, "The Corporation collected an all-time high first-year premium income of Rs 1,34,551.68 crore in FY18, a growth of 13.46 percent from Rs 1,24,451.42 crore in FY17."
It further said, "LIC continues to retain its market leadership with a market share of 69.40 percent in terms of first-year premium income and 75.67 percent when it comes to number of new policies sold."
In the group and pension schemes, its new-business premium income of Rs 82,807.83 crore secured it a market share of 81.38 percent.
LIC has a network of eight zonal and 112 divisional offices. In FY18, all the zones and 104 of the 112 divisions have achieved their annual first premium target. Similarly, all the alternate marketing channels too surpassed their annual first premium target.
The insurer said that its central zone has achieved the targets in all parameters. The west zone, however, remains the market leader with 21 percent overall income contribution and collecting Rs 9,0002 crore in the first premium from selling 34.65 lakh policies to remain in the number 1 position in terms of volume.
The north-central zone recorded the highest growth rate of 23.5 percent in first premium income among others.
Inputs from PTI