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New Delhi�New Delhi: The premium collected from the new business of Life Insurance Corporation of India (LIC) for the month of July has increased by 19.78 per cent to Rs 18,430.63 crore as against Rs 15,386.57 crore in the same month last year. For the first four months of FY 2025 (April-July period), LIC's new business premium collection grew by 25.98 per cent to Rs 75,871.53 crore as against Rs 60,223.77 crore in the same period last year. The data also showed that LIC's 'individual premium' segment collected Rs 5,479.57 crore in July, showing a growth of 14.72 per cent from Rs 4,776.66 crore in July 2023.

The 'group premium' segment saw a growth of 22.74 per cent to Rs 12,838.14 crore in July 2024 from Rs 10,460 crore in July 2023. In the first four months of FY25, LIC's 'individual premium' segment generated a total of Rs 17,348.92 crore, the data showed, a 14.02 per cent rise from Rs 15,215.84 crore in the same period of FY24. There was a significant growth in the 'group premium' segment, which grew 30.09 per cent to Rs 58,230.17 crore compared to Rs 44,761.82 crore last year. Further, the 'group annual premium' grew by 18.82 per cent to Rs 292.44 crore in the first four months of FY 2025 as against Rs 246.12 crore in the same period of FY 2024. In July, the total number of policies and plans issued by LIC declined by 1.96 per cent to 16.27 lakh from 16.60 lakh in July 2023.�

According to the data, the total number of policies and plans issued by LIC in the first four months of FY25 rose 6.49 per cent to 51.99 lakh as against 48.82 lakh in the same period last year. The country's largest insurer reported a 9 per cent rise in its consolidated net profit in the April-June quarter of the current fiscal to Rs 10,544 crore from Rs 9,635 crore in the same quarter last year. Its net premium income grew 16 per cent to Rs 1.14 lakh crore in the first quarter of 2024-25 as against Rs 98,755 crore in the first quarter of 2023-24. The insurance giant continues to be the market leader with an overall market share of 64.02 per cent measured in terms of first-year premium income, as per IRDAI estimates.