MUMBAI,(GNI): Life Insurance Corporation of India (LIC), India’s largest life insurer, has announced its audited figures for nine months ended December 2o16. The Corporation posteda robust growth of 12.43 per cent in the total Premium Income atRs 1,45,031 crore compared to Rs. 1,29,001 crore during the previous year. Total Assets also showed a phenomenal growth to Rs. 24,41,946 crore as opposed to Rs. 21,64,652 crore the previous year which is an increase of 12.81 per cent.
The corporation’s gross total income grew 15.76 per cent to Rs 3,37,465 crore against Rs. 2,91,511 crore last year. The new business performance of the corporation for nine months ended December 2016 saw an impressive increase of 40.11 per cent in First Year premium.
P&Gs Business also showed a remarkable growth accumulating Rs. 51004 crore as against Rs. 40118 crore in the previous year showing a growth of 27 per cent in NBPI. Under Social Security Schemes the vertical has incured 5.81 crore lives.
For the period ending 31-12-2016 the total policy payments amounts to Rs. 1,12,194 crore as against Rs. 94576 crore showing an increase of 18.63 per cent.
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 Rs. 322 crore premium.
Commenting o 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 improved customer experience and organizational efficiencies”.
Speaking about the corporation Mr. Sharma said, Headquartered in Mumbai, LIC has 8 Zonal offices, 113 divisional offices, 20448 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 Insurane with a market share of 74.77 per cent in policies ad 71.75 per cent in first year premium as aat 31-12-2016 (As per Life Council Report).
The Corporation which was started with an initial capital of Rs. 5 crore subsequently raised to Rs. 100 crore has built a formidable institution with assets worth over 24 lacs crore. 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 Project/schemes for generation and transmission of Power, Housing sector, Water Supply and Sewerage Projects, Developments of Roads, Bridges and Road Transport. ends