LIC collects Rs 1.48 lakh crore as premiums in 6 months, registers 12% growth

Life Insurance Corporation, the country's largest insurer, collected Rs 1.48 lakh crore of total premium for the first six months of this fiscal, showing a growth of 12% over the previous year.  The new business premium grew by 23.7% in the period to Rs 68,224.29 crore over the previous year keeping up its leadership position. LIC's gross total income grew from Rs 2.22 lakh crore to Rs 2.50 lakh crore showing a growth of almost 12.6% over the previous year.

V K Sharma, Chairman, LIC the performance said that the result expected the insurer’s expectations. "We endeavour to drive both customer satisfaction and profitability and focus on technology to constantly improve customer experience and organisational efficiencies," he said at a press conference.

LIC has a market share of 74.75 % in terms of policies and 74.10%  in first year premium as on September 30, 2017. The value of LIC’s holdings (in companies where it held at least a 1% stake) rose from Rs 4.82 trillion in March to Rs 5.02 trillion at the end of September 2017.

With savings being channelized to financial instruments moving away from bank deposits gold and real estate Insurance companies put in Rs 61559 crore  into domestic stocks during April to September 2017.