LIC clocks 11.5 per cent growth in premium income

Life insurance giant LIC today reported an over Rs 2,23,854 crore in premium income for the nine months through December 2017, up 11.47 per cent from Rs 2,00,818 crore a year ago.

New business performance grew 19.47 per cent to Rs 99,783.33 crore, chairman VK Sharma told reporters here today.

The Corporation has already achieved its single premium target for the FY18 as on December 2017, he added.

Talking about pensions and group superannuation businesses, he said, the company has collected Rs 62,385 crore as new premium income against Rs 51,004 crore a year ago, showing a growth of 22 per cent.

This vertical has covered 5.96 crore lives under the social security schemes, he added.

Total policy payouts increased 8.73 per cent to Rs 1,21,986 crore for the period. This includes a payout of Rs 59,671.50 crore for claims outgoes covering 1,39,45,571 claimants, compared to Rs 55,359.52 crore and 1,19,23,937 claimants, respectively.

Total assets grew 16.75 per cent to Rs 28,51,190 crore, Sharma added.

"Our performance is in line with our expectations. We have recorded healthy results based on our strong fundamentals and core values. Trusted customers have supported and enabled us to report robust numbers," Sharma said.

LIC has over 11 lakh agents, of which 1.30 lakh were added during this financial year. "As we have put an agelimit, we are able to attract young talents now," Sharma said.

During the reporting period, the Corporation has pumped Rs 70,000 crore into equities, much higher that the target of Rs 50,000-60,000 crore for the full fiscal year, he added.