New Delhi: IPO sure Life Insurance coverage Company of India (LIC) bought 21,718,695 insurance policies final yr. This was up from 20,975,439 within the earlier monetary yr. Because of this final yr, LIC bought 41 insurance policies per minute.
The federal government owned LIC closed final fiscal with a complete first yr premium of Rs.198,759.85 crore. In line with LIC, final yr earned a primary yr premium – premium from sale of recent insurance policies – of Rs 198,759.85 crore as in comparison with Rs 184,174.57 crore within the earlier fiscal, logging a progress of seven.92 %. (Also read: LIC IPO update: Can lapsed policy holders apply for the IPO? Know here)
The life insurer had earned a premium of Rs 143,938.59 crore underneath varied group insurance coverage insurance policies up from Rs 127,768.06 crore earned throughout FY21.
Final yr, the Asian life insurance coverage big’s particular person non-single premium rose 8.82 per cent to Rs 30,015.74 crore from Rs 27,584.02 crore as of finish of March 2021.
LIC, which is predicted to hit the capital market with an IPO within the first quarter this fiscal, has an embedded worth of Rs 5,39,686 crore as on September 30, 2021, in accordance with the draft purple herring prospectus, whereas the federal government plans to promote 316,249,885 fairness shares.
With IANS Inputs