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  • Life Insurance Corporation manages to grow business 10% in FY21 amid Covid
  • April 10,2021  11:54

  • The Life Insurance Corporation (LIC) of India has managed to record double-digit growth in FY21 despite new business premium lagging the previous fiscal until February this year.

    The corporation's chairman M R Kumar revealed on Friday that business growth for the year FY21 was 10%.

    Figures released by the insurance regulator reveal that for the 11 months ended February 2021, 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%.

    Kumar was speaking at the launch of former Irdai member Nilesh Sathe's autobiography 'Never Give Up', published by Popular Prakashan. Sathe, who rose through the ranks in LIC, went on to take senior responsibilities in the corporation and the insurance regulator after being operated on thrice for cancer and numerous chemotherapy sessions.

    Pointing out that all LICians have the never-give-up attitude, Kumar said that despite going through their own trials and tribulations the corporation managed to settle a record number of claims and achieve growth this year. This was an achievement that appeared very unlikely because of the initial lockdown and the fact that most of LIC's sales are agent-driven.

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