Wednesday, December 13, 2017

LIC books 12% first half premium income growth

State-run Life Insurance Corp of India (LIC) announced that its total premium income surged nearly 12% during the first half of the fiscal year ended September.

In a statement, LIC said its premium income rose to Rs1.48 trillion (US$23 billion), while its total net income during the period also increased 12.6% to Rs2.50 trillion.

Considered to be India’s biggest institutional investor, LIC registered Rs123.74 billion in profit from the sale of equities during the period, representing an increase of 16.3% from a year before.

According to LIC chairman VK Sharma, the largest life insurance firm in the country did not actually intend to aggressively buy equities during the rest of the financial year, but had planned to book profits to generate income.

Sharma said the firm won’t embark on an aggressive buying spree but will keep on doing routine sale and purchase.

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