Public sector insurer, Life Insurance Corporation of India (LIC) has reported an impressive 20 per cent year-on-year growth in the April-June first quarter premium income at Rs9,088.68 crore. LIC's first quarter premium income stood at Rs7,524 crore during last year.
The company's strong showing pulled the overall industry growth marginally out of red at 0.95 per cent even as other insurers continued to flounder in the depressed economic conditions.
With is performance, LIC has increased its market share to 62 per cent among life insurers in the first quarter of current fiscal.
Private insurance firms first quarter income fell 20 per cent at Rs5,427 crore.
According to a senior LIC official the insurer is focusing a lot on training. It has already provided post recruitment training to around 50,000 agents in the last three months and another three lakh will get trained by December 2009.
He added that LIC is also more focused on selling traditional plans as people seem to be not disposed favourably to Unit Linked Insurance Plans (Ulips).