LIC snaps two-day losing streak after strong premium growth in June

LIC collected a total premium of Rs 24,970.82 crore in June 2023, reflecting a year-on-year (YoY) growth of 20.96 percent.

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Shares of Life Insurance Corporation (LIC) ticked higher in morning trade on July 11 after the insurance behemoth posted a 21 percent jump in premiums collected in June.

At 9.50 am, LIC shares were trading 1.03 percent up at Rs 625.25. The counter had shed over 0.50 percent in each of the previous two sessions.

The company collected a total premium of Rs 24,970.82 crore in June 2023, reflecting a year-on-year (YoY) growth of 20.96 percent compared to Rs 20,643.67 crore in the same period of the previous year.

Meanwhile, private life insurers collectively amassed premiums amounting to Rs 11,990.94 crore, marking a rise of 13.01 percent from Rs 10,610.89 crore in June 2022.

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In terms of individual premiums, LIC observed a marginal increase of 0.14 percent in June 2023, reaching Rs 4,294.62 crore compared to Rs 4,288.83 crore in June 2022.

However, for the three months ending in June 2023, LIC experienced a decline of 4.37 percent in its total premium under the individual category, which amounted to Rs 10,439.18 crore, down from Rs 10,916.67 crore.

Private life insurers witnessed a growth of 11.69 percent in premiums for June 2023, with a total of Rs 6,263.07 crore compared to Rs 5,607.36 crore in the same month the previous year.

The standout performance for LIC in June 2023 was witnessed in the Group Yearly Renewable Premium category, which experienced a substantial growth of 40.92 percent from Rs 32.38 crore to Rs 45.63 crore.

The share price of LIC is down 12 percent this year till date. The stock is still around 20 percent below its 52-week high of Rs 754.40.

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