LIC posts 11.47% jump in premium income to 2.23 lakh crore

Life Insurance Corporation of India (LIC), India’s largest life insurer, has reported an 11.47 per cent rise in premium income at Rs 2,23,854 crore for nine months ended December 2017 as against Rs 2,00,818 crore a year ago. New business performance by the corporation for nine months ended December 2017 has shown an impressive growth of 19.47 per cent with its first year premium netting Rs 99,783.33 crore. The Corporation has already achieved its single premium target for the FY 2017-2018 as on December 31, 2017,” LIC Chairman VK Sharma said.

However, LIC’s non-performing assets (NPAs) also rose to Rs 23,127 crore from Rs 19,999 crore previously.The corporation’s gross total income grew to Rs 378,599 crore for the period ended December 2017 from Rs 337,466 crore in the same period a year ago, showing a handsome growth of over 12.19 per cent. “Total assets of the Corporation stood at Rs 28,51,190 crore as compared to Rs 24,41,946 crore for the corresponding period last year thus posting a growth of over 16.75 per cent,” Sharma said.

On pensions and group superannuation businesses, he said the company has collected Rs 62,385 crore as new premium income against Rs 51,004 crore a year ago, showing a growth of 22 per cent. This vertical has covered 5.96 crore lives under the social security schemes, he said. Total policy payouts increased 8.73 per cent to Rs 1,21,986 crore for the period.