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Tuesday, August 10, 2010

LIC posts Rs 23478 crore surplus for 2009-10

Total Assets surged 31.9% to Rs 1152057 crore 

Life Insurance Corporation of India (LIC), India's largest life insurer, has announced its audited figures for the financial year ended March 2010. LIC has declared a Valuation Surplus of Rs 23478 crore, of which Rs 1029 crore is given to the Central Government as dividend. 

The Total Premium Income of the Corporation for the year rose to Rs 185985 crore from Rs 157186 crore, showing an increase of 18.32% over the previous year. The Gross Total Income of the Corporation rose to a mammoth Rs 298721 crore showing a phenomenal growth of 49.15% over FY 2008-09. The First Year Premium Income of the Corporation rose to Rs 70891 crore from Rs 52954 crore, representing a growth of 33.87%. 

During the FY 2009-10, the Corporation settled a total of 6,64,619 Death Claims amounting to Rs 7033.68 crore and 2,05,17,870 Maturity/Survival Benefit claims amounting to Rs 46921.22 crore. 

The Overall Expense Ratio of the Corporation during the year was 13.10%, which was well within the prescribed limit. The Total Assets of the Corporation amounted to Rs 1152057 crore, showing an increase of 31.88% over the previous year. 

The New Business Performance of the Corporation for the year ending 31 March 2010 has also shown very positive results. The Corporation has sold a record number of 3.88 crore policies during the year by collecting Rs 42960 crore in First Premium with a growth rate of 8.21% on number of policies and 21.63% in First Premium Income. 

In Pension and Group Schemes, the Corporation sold 18,573 schemes covering a total of 2,37,57,262 lives, showing a growth of 17% in schemes and 15% in lives. 

One of the major highlights was that during this period, the market share of the Corporation rose from 60.79% to 64.86% in First Premium Income and from 70.52% to 73.02% in number of Policies. 

The performance of the Corporation during the first quarter of the current year has been stupendous. The First Premium Income of the Corporation has zoomed 107.57% to Rs 18740 crore. The market share of the Corporation in First Premium Income has risen to 73.43%. 

Commenting on the results, T.S. Vijayan, Chairman, LIC of India, stated "We attribute this fantastic performance to the trust of more than our 28 crore policy holders. This coupled with our proven track record in prompt settlement of claims and efficient servicing provided by our huge state-of-the-art IT inputs has enabled us to continuously deliver greater value to our customers."
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