Chennai, Apr 19 (IANS): Government owned and IPO bound Life Insurance Corporation of India (LIC) closed last fiscal with a total first year premium of Rs.198,759.85 crore.

According to LIC, last year earned a first year premium - premium from sale of new policies - of Rs 198,759.85 crore as compared to Rs 184,174.57 crore in the previous fiscal, logging a growth of 7.92 per cent.

The market share of LIC stood at 63.25 per cent in total first year premium for financial year 2021-22.

According to LIC, last year it sold 21,718,695 policies up from 20,975,439 in the previous financial year.

The life insurer had earned a premium of Rs 143,938.59 crore under various group insurance policies up from Rs 127,768.06 crore earned during FY21.

Last year, the Asian life insurance giant's individual non-single premium rose 8.82 per cent to Rs 30,015.74 crore from Rs 27,584.02 crore as of end of March 2021.

LIC, which is expected to hit the capital market with an IPO in the first quarter this fiscal, has an embedded value of Rs 5,39,686 crore as on September 30, 2021, according to the draft red herring prospectus, while the government plans to sell 316,249,885 equity shares.