The insurance behemoth LIC ended the last fiscal with a growth of over 25% in first year premiums compared to private insurance players who saw the premium growth of 11.64%. In the just concluded FY20, state-owned LIC has achieved its highest number of policies for the last six years. The data from Insurance Regulatory and Development Authority (Irdai) showed that LIC has sold over 2.19 crore policies in last fiscal.

"In these difficult times of business distress caused by Covid-19, LIC, India's largest life insurer, continues to better its performance. In the just concluded financial year 2019-20, LIC has achieved its highest number of policies for the last six years," said LIC in its press release.

The Insurance regulator Irdai data showed that LIC saw its new business premiums at Rs 1.77 lakh crore in 2019-20 compared to Rs 1.42 lakh crore in the previous fiscal - a growth of 25.17%. On the other hand, private insurers saw their first year premium at Rs 80,919.40 crore in last fiscal - a growth of 11.64% against the previous year.

LIC collected single premium of Rs 21,967 crore and non-single premium of Rs 29,260 crore, the ratio being 42.88 for single premium and 57.12 for non-single premium. "While ensuring growth in number and premium both, inspite of the truncation of the most productive fortnight of the year, LIC has achieved a healthy business mix," said LIC.

While LIC Pension and Group Schemes Vertical created a new record by clocking more than Rs 1 lakh crore premium income during the Financial Year 2019-20. LIC collected Rs 1.26 lakh crore as group schemes new business premium income as against Rs 91,179 crores in the previous year with a growth rate of 39.01% and a market share of 80.54% as compared to 77.94% last year.

LIC's market share in number of policies and first year premium as at 31st March 2020 was 75.90% and 68.74% respectively which is an increase of 1.19% in number of policies and 2.50% in first year premium.