IPO-bound Life Insurance Corporation of India sold 2.17 crore insurance policies in FY22, a 3.54 per cent increase from 2.10 crore policies in FY21.
Its first year premium increased by 7.92 per cent to ₹1,98,759.85 crore in FY22 from ₹1,84,174.57 crore in the previous fiscal.
According to IRDAI data, individual single premium fell 13.92 per cent to ₹24,805.53 crore from ₹28,822.49 crore in the previous fiscal. However, in March 2022, individual single premium of LIC shot up by 61 per cent on a year-on-year basis to ₹4,018.33 crore.
During FY22, individual non-single premium rose 8.82 per cent to ₹30,015.74 crore from ₹27,584.02 crore as of end of March 2021.
The market share of LIC stood at 63.25 per cent in total first year premium for FY22, while market share for private sector insurers was 36.75 per cent.
The State-owned life insurer is expected to hit the capital market with an IPO in the first quarter this fiscal. It has an embedded value of ₹5,39,686 crore as on September 30, 2021, according to the draft red herring prospectus.