LIC manages to grow business 10% in FY21 amid COVID-19

The Life Insurance Corporation of India has managed to record double-digit growth in FY21 despite new business premium lagging the previous fiscal until February, 2021. The corporation’s chairman M.R. Kumar revealed that business growth for the year FY21 was 10%.

Figures released by LIC reveal that for the 11 months ended February, LIC had recorded a new business premium of Rs. 1,56,068 crore, which was 3% lower than the previous year. This was despite the premium for February 2021, at Rs. 10,404 crore, being 27% higher than the previous year. The premium for the life industry until February, 2021 was Rs. 2,34,861 crore – a 0.6% increase. LIC’s share of the industry until February was around 69%.