LIC’s financial performance has also shown robust growth. For the October–December 2024 quarter, the insurer posted a 17 per cent year-on-year increase in standalone net profit, reaching ₹11,056.47 crore
Life Insurance Corporation of India (LIC), the country’s largest life insurer, recorded a substantial surge in new business premiums in the financial year 2024–25 (FY25), reaching an impressive ₹2,26,669.91 crore, according to data released by the Life Insurance Council on Wednesday.
This includes ₹62,404.58 crore from individual new business — a segment that saw a year-on-year growth of 8.35 per cent. The strong performance highlights LIC’s continued dominance in the life insurance sector, despite regulatory changes and macroeconomic challenges. The insurer issued 1.78 crore new policies in FY25, even after the implementation of new surrender value norms that came into effect on October 1, 2024. These norms were expected to influence customer behaviour, but LIC’s consistent outreach and product adaptability appear to have mitigated any major impact.
While individual new business grew steadily, LIC’s group premium segment registered a marginal dip. Group premium collections fell 0.40 per cent year-on-year, from ₹1,64,925.89 crore in FY24 to ₹1,64,265.34 crore in FY25. Despite this slight decline, group business still contributed significantly to LIC’s overall premium numbers.
In March 2025 alone, the individual premium segment recorded a notable 10.75 per cent increase compared to the same month last year. Premiums rose from ₹9,048.87 crore in March 2024 to ₹10,022 crore this year. Meanwhile, the group premium in the same month saw a modest decline of 1.34 per cent, falling to ₹26,885.33 crore from ₹27,251.74 crore.
Beyond its business metrics, LIC’s financial performance has also shown robust growth. For the October–December 2024 quarter, the insurer posted a 17 per cent year-on-year increase in standalone net profit, reaching ₹11,056.47 crore, up from ₹9,444.42 crore in the corresponding quarter of the previous year. The profit boost was largely attributed to reduced management expenses, particularly a decline in employee-related costs.
On the global stage, LIC continues to shine. The insurer has been ranked third among the world’s strongest insurance brands in the Brand Finance Insurance 100 2025 report, earning a Brand Strength Index (BSI) score of 88 out of 100. Poland’s PZU topped the list with a BSI score of 94.4, followed by China Life Insurance at 93.5.
In terms of brand value, LIC holds the 12th position among the world’s most valuable insurance brands. It remains one of only two Indian insurers in the global top 100, alongside SBI Life, which secured the 76th spot.
The Brand Finance report noted that the world’s top 100 insurance brands collectively grew their brand value by 9 per cent in 2025. This growth was fueled by improved underwriting results, increased investment income, rising interest rates, and enhanced profitability. The sector also benefited from a surge in market capitalisation as demand for insurance products increased across individual and institutional sectors.
Meanwhile, LIC recently responded to a United States Trade Representative (USTR) report that claimed the insurer receives preferential treatment from the Indian government. In a strong rebuttal issued earlier this month, LIC clarified that it is treated like any other insurer by both the government and regulators.
“The guarantee — provided at the time of its establishment in 1956 — is a statutory provision designed to build public confidence in the early years of nationalisation. It has never been invoked or used as a marketing tool or provided any undue advantage to LIC,” the company said in a statement.
LIC’s Chairman and Managing Director Siddhartha Mohanty affirmed that the corporation remains committed to the highest standards of governance, service, and customer trust. He also emphasized that LIC has been operating in a fully competitive environment alongside 24 private life insurance companies for over 25 years, under the regulation of IRDAI and SEBI.
The insurer underscored that its market leadership is not the result of regulatory privilege, but of deep-rooted public trust, strong financials, and consistent service excellence. Serving over 30 crore customers nationwide, LIC continues to play a crucial role in driving financial inclusion.
“We firmly believe the USTR’s views are based on an incomplete understanding of Indian insurance regulation and LIC’s functioning,” the statement added, urging the agency to adopt a more balanced perspective.
Backed by solid fundamentals, LIC has continued its growth trajectory. According to the latest industry data, the insurer saw a 28.29 per cent rise in group yearly renewable premiums and a 7.9 per cent increase in individual premiums during the first 11 months of FY25. As of February 2025, total premium collections stood at ₹1.90 lakh crore — a 1.90 per cent uptick from ₹1.86 lakh crore in the same period last year.
