Life Insurance Corporation of India (LIC) has reported a solid financial performance for the nine months ended December 31, 2024 (9M FY25), with a net profit of ₹29,138 crore, marking an 8.27% year-on-year (YoY) growth. The insurer continues to maintain its dominant position in the Indian life insurance market, with a market share of 57.42% in First Year Premium Income (FYPI).
Key Financial Highlights (9M FY25 – Standalone)
- Profit After Tax (PAT): ₹29,138 crore (up 8.27% YoY)
- Total Premium Income: ₹3,40,563 crore (up 5.51% YoY)
- New Business Premium Income (Individual): ₹42,441 crore (up 9.73% YoY)
- Total Assets Under Management (AUM): ₹54,77,651 crore (up 10.29% YoY)
- Value of New Business (VNB): ₹6,477 crore (up 9.08% YoY)
- Solvency Ratio: Improved to 2.02 from 1.93
Operational Performance
- Individual Business APE grew 4.72% YoY to ₹24,612 crore, while Group Business APE increased 8.76% YoY to ₹13,363 crore.
- Non-Par APE share within Individual Business rose to 27.68%, up from 14.04% in 9M FY24.
- Number of Policies Sold (Individual Segment) declined 6.73% YoY to 1.17 crore policies.
- Expense Ratio improved, decreasing by 231 bps to 12.97% from 15.28% YoY.
LIC remains the market leader in the life insurance sector, with a 37.21% market share in the Individual segment and a commanding 71.70% share in the Group Business segment. The company continues to focus on product diversification and digital transformation, aligning with evolving customer needs.
“Our focus remains on transforming our product mix and distribution strategy to adapt to a dynamic market. The increase in our Non-Par business and improved VNB margins highlight our commitment to profitability and growth. Our digital initiatives and new agent programs, such as Bima Sakhi Yojana, are expected to further strengthen our business,” said Siddhartha Mohanty, CEO & MD, LIC.
LIC is expected to continue its growth trajectory, leveraging its vast customer base, digital initiatives, and product expansion strategies. The insurer remains committed to enhancing financial inclusion and strengthening its position as India’s largest life insurance provider.
