GENERATING STRONG PREMIUM

LIC advanced its transformation in FY24, focusing on profitability, innovation, and growth, reinforcing its role as India's financial guardian

- SIDDHARTHA MOHANTY, MD & CEO

LIFE INSURANCE Corporation of India (LIC), the country’s most trusted and iconic insurer, clocked a robust FY24 performance with growth in revenues, a stronger focus on value, and a visible shift towards more profitable product lines. As the behemoth continues its post-listing transformation journey, FY24 proved to be a milestone year in multiple ways.

LIC posted a healthy 8.5 per cent rise in first-year premium income, which touched Rs 29,200 crore in FY24 compared to Rs 26,816 crore in FY23. More significantly, the insurer's total premium income for the year stood at a massive Rs 4,75,070 crore, showcasing its unmatched scale and trust-led reach in India’s life insurance landscape. Siddhartha Mohanty, MD and chief executive struck an optimistic note: “We have continued to deliver a strong and stable performance, anchored in our core promise of protection, trust, and national service. LIC is firmly on a path of transformation with focus on long-term value creation.”