Mumbai: Life Insurance Corporation of India (LIC of India), India’s largest life insurer, has announced its audited figures for six months ended September 2017.
The Corporation as at September end 2017 collected over ` 1,48,037 cr of Total Premium Income as compared to ` 1,32,257 cr collected during the corresponding period last year showing a very robust growth of 11.95%
The Corporations Gross Total Income grew from ` 2,22,350 cr as at last corresponding period to ` 2,50,267 cr showing a handsome growth of over12.56%
Total Assets of the Corporation stood at ` 27,25,808 cr as compared to ` 23,90,056 cr for the corresponding period last year thus posting a growth of over 14.04%
Total policy payouts amounted to ` 76,126 cr for the period ending 30.09.2017 as compared to ` 73,546 cr for the corresponding period last year, showing an increase of 3.51%. This includes a payout of ` 35482.07 cr for claims outgo covering 79,74,383 claimants for the half year ending 30.9.2017 as compared to ` 35643.75 cr and 73,22,250 claimants in the corresponding period previous year.
New Business performance by the Corporation for six months ending September 2017 has shown an impressive growth of 23.68 % in its first year premium by posting a figure of ` 68224.29 cr.
Pension &Group Superannuation Business collected ` 47078 cr as New Business Premium Income as against ` 37136 cr in the previous year corresponding period showing a growth of 27%
The vertical has covered 5.81 cr lives under its Social Security Schemes.
Commenting on the results, Mr. V.K Sharma, Chairman, LIC of India, stated “Our performance is in line with our expectation. The Corporation has recorded healthy results based on its strong fundamentals and core values. Trusted customers across the country have supported and enabled us to report a robust financial performance.
We endeavour to drive both customer satisfaction and profitability and focus on technology to constantly improve customer experience & organizational efficiencies.”
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2014 The Global Indian New Network (TGINN)