MUMBAI, (GPN): V K Sharma (C), Chairman Life Insurance Corporation (LIC) announced its audited figures for nine months ended December 2o16, at Hote Trident in Mumbai on Monday – Photo by Sachin Murdeshwar GPN NETWORK.
Mumbai, February 27, 2017 (GPN) : Life Insurance Corporation of India (LIC of India), India’s largest life insurer, has announced its audited figures for nine months ended December 2016. The Corporation posted a robust growth of 12.43% in the Total Premium Income at ` 1,45,031 cr compared to ` 1,29,001 cr during the previous year. Total Assets also showed a phenomenal growth to ` 24,41,946 cr as opposed to ` 21,64,652 cr the previous year which is an increase of 12.81%.
The Corporation’s gross total income grew 15.76% to ` 3,37,465 cr against ` 2,91,511 cr last year. The new business performance of the Corporation for nine months ended December 2016 saw an impressive increase of 40.11% in First Year Premium.
P&GS Business also showed a remarkable growth accumulating ` 51004 cr. as against ` 40118 cr. in the previous year showing a growth of 27% in NBPI. Under Social Security Schemes the vertical has insured 5.81 cr lives.
For the period ending 31.12.2016 the total policy payments amounts to ` 1,12,194 cr as against ` 94576 cr. showing an increase of 18.63%.
In the current financial year the Corporation has added more than 44000 Agents to the rolls.
On the occasion of Diamond Jubilee, LIC launched a special plan , ‘Bima Diamond’. Corporation has sold over 5,86,000 policies under the plan collecting over ` 322 cr premium.
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.”
About Life Corporation of India:
Headquartered in Mumbai, LIC has 8 Zonal offices, 113 divisional offices, 2048 branches, 1403 satellite offices and 1238 Mini Offices to serve the nation. LIC holds a stature of a strong financial organization with governance and transparency as its hallmarks.
LIC continues to be the dominant life insurer even in the competitive scenario of Indian insurance with a market share of 74.77% in policies and 71.75 % in first year premium as at 31.12.2016 (As per Life Council Report).
The Corporation which was started with an initial capital of ` 5 Cr, subsequently raised to ` 100 Cr has built a formidable institution with assets worth over 24 lac cr. Today LIC is servicing about 29 crore policies. LIC has been constantly striving to give a delightful customer experience to its policyholder in form of expeditious claim settlement and various facilities with extensive use of technology.
LIC stands out as the most trusted brand in the industry due to its phenomenal performance and ability to deliver as per policyholder’s expectations. It has stood the test of time for 60 years and today is an ‘icon’ of trust, confidence and reliability. LIC not only touches millions of lives with the gospel of insurance but also plays greater role by going much further through the numerous nation building projects with investments in Infrastructure and Social Sector which includes Projects/schemes for generation and transmission of Power, Housing Sector, Water Supply and Sewerage Projects, Developments of Roads, Bridges & Road Transport.Ends.
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