Life Insurance Corporation of India (LIC), the country's largest life insurer, on Tuesday reported a 12.56% growth in its gross total income for the six months ending September 2017 to Rs 2.22 lakh crore.
Life Insurance Corporation of India (LIC), the country’s largest life insurer, on Tuesday reported a 12.56% growth in its gross total income for the six months ending September 2017 to Rs 2.22 lakh crore. LIC’s total assets stood at Rs 27.25 lakh crore at the end of September, a growth of 14% over the corresponding period last year, the company said in a statement. It’s total premium income was at Rs 1.48 lakh crore, up 11.95% from the year-ago period. The company has a market share of 74.75% in policies and 74.10% in first-year premium as of September end, it said. LIC’s total policy payouts during the six months amounted to Rs 76,126 crore, higher than Rs 73,546 crore in the corresponding period last year. It said first-year premiums grew by 23.68% to Rs 68,224.29 crore. LIC also said it has invested Rs 44,000 crore in the equity markets between April-November this year, a rise of 52% over the year-ago period. It had invested around Rs 29,000 crore in April-November period in the previous fiscal. In the first half of the current fiscal, the life insurance major had more than doubled its investment in equities to Rs 39,224 crore from Rs 18,000 crore in the same period last fiscal.
(Inputs from PTI)