Life Insurance Corporation of India (LIC), one of Asia’s life insurance giants, closed the last financial year (FY21) with a new business premium or first-year premium of Rs 1.84 lakh crore compared with Rs 1.77 lakh crore in FY20, the life insurer said on Wednesday. The insurer also paid Rs 1.34 lakh crore as claims in FY21. 

The country’s largest life insurer said that it had sold about 2.10 crore policies in the last financial year, commanding a market share of 66.18 per cent. The insurer earned about Rs 1.27 lakh crore under pension and group insurance schemes last year. However, LIC is silent on the total premium – new business plus renewal premium –earned in the last year. 

Last year, LIC added 3,45,469 agents, taking the total to about 13.53 lakh agents. On the claims front, last year LIC paid out about Rs 1.34 lakh crore. The company settled about 2.19 crore maturity claims, money-back policy claims and annuities, amounting to about Rs 1.16 lakh crore. LIC also settled about 9.59 lakh death claims, amounting to about Rs 18,100 crore. Annuity payments due in March 2021 have also been settled on due dates, LIC added.