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LIC's market share rises to 77.5 per cent, premium income up 182 per cent

02 Sep 2006

1

2 September 2006

Mumbai: LIC is fighting back. The public sector insurance giant reported a 3.5 percentage points rise in its market share at 77.51 per cent at the end of July against 74 per cent at the end of March. LIC also saw its premium income soar 182.26 per cent during the period against the industry average of 177.44 per cent.

LIC's new premium grew 191 per cent to Rs10,381.57 crore as of August 15, aided by growth in its group insurance portfolio, which mopped up new premium worth Rs1,819.44 crore, posting a growth rate of 85 per cent. The new premium under the social security schemes rose 774 per cent to Rs28 crore, with a growth rate of 774 per cent, on the same day.

In fact, the industry growth was led by LIC's spectacular performance during the current financial year, said LIC chairman T S Vijayan. He was speaking on the occasion of LIC's golden jubilee celebrations.

He said, "LIC is targeting substantial growth this year. For the individual segment, the first year premium income is expected to rise by 40 per cent to Rs24,400 crore while the target for group business is Rs3,000 crore." LIC is also planning to set up 100 satellite offices this year.

He said, LIC has total investments of Rs4,65,100 crore. Of this it has invested Rs2,39,598 crore (52.54 per cent) in government securities and another Rs59,625 crore in infrastructural projects. The investment in equity is more than Rs46,000 crore (book value).

LIC has planned fresh investments to the tune of Rs1,40,000-1,50,000 crore, half of which (Rs70,000 crore) would be put into government securities, he said.

Vijayan also announced the launch of a new policy — Bhima Gold 2 — on September 4. This policy would continue to provide insurance cover for an additional period of half the maturity period, even after the assured maturity period.

 

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