LIC, which sources more than 96 per cent of its business from its agents, has registered a 26.25 per cent growth in new business premium from bancassurance and alternative channels in 2022-23.

LIC data showed individual new business premium in India through the bancassurance and alternative channels at Rs 2,020 crore in FY23 (2022-23) compared with Rs 1,600 crore in FY22 (2021-22).

A break-up of the distribution channels for the new premium showed the share of agents at 96.15 per cent and bancassurance and alternative channels at 3.44 per cent in FY 23 up from 2.92 per cent a year ago.

"We continue to be ambitious within this space and will develop further plans and strategies to increase the share of banca and alternative channels within our mix over some time," LIC chairperson Siddhartha Mohanty said at the quarterly earnings call of India's largest life insurer on Thursday.

"In FY23 there was a decent growth in terms of banca contribution. We intend to leverage our wide network of partnerships across banks both public sector banks and otherwise and we will take this forward in FY24. As we move forward, we will see more interesting numbers in terms of absolute and growth coming from banca," said Hemant Buch, executive director, LIC.

The Indian Embedded Value has been set at Rs 5.82 lakh crore as of March 31, 2023, compared with Rs 5.41 lakh crore as of March 31, 2022 and Rs 5.44 lakh crore as of September 30, 2022.