Mumbai, February 27, 2017: Life Insurance Corporation of India (LIC of India), India’s largest life insurer, has announced its audited figures for nine months ended December 2016. The Corporation posted a robust growth of 12.43% in the Total Premium Income at ` 1,45,031 cr compared to ` 1,29,001 cr during the previous year. Total Assets also showed a phenomenal growth to ` 24,41,946 cr as opposed to ` 21,64,652 cr the previous year which is an increase of 12.81%.
The Corporation’s gross total income grew 15.76% to ` 3,37,465 cr against ` 2,91,511 cr last year. The new business performance of the Corporation for nine months ended December 2016 saw an impressive increase of 40.11% in First Year Premium.
P&GS Business also showed a remarkable growth accumulating ` 51004 cr. as against ` 40118 cr. in the previous year showing a growth of 27% in NBPI. Under Social Security Schemes the vertical has insured 5.81 cr lives.
For the period ending 31.12.2016 the total policy payments amounts to ` 1,12,194 cr as against ` 94576 cr. showing an increase of 18.63%.
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 ` 322 cr premium.
Commenting on 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 improve customer experience & organizational efficiencies.”