LIC eyes 50 percent growth in first premium income

June 25th, 2008 - 12:41 am ICT by IANS  

Kolkata, June 24 (IANS) Insurance major Life Insurance Corporation of India (LIC) plans to achieve 50 percent growth in the first premium income (FPI) this fiscal, an official said Tuesday. R.R. Dash, eastern zone’s zonal manager, Tuesday said: “During the last fiscal, FPI from eastern zone was Rs.41.02 billion.”

LIC has earned a total profit of Rs.10 billion from sale of equity during the financial year 2007-08. The investible surplus stood at Rs.1503.03 billion during the same year.

“Last fiscal we provided the state government with a loan of Rs.15.83 billion for development,” he added.

Dash said: “LIC’s investments at marked to market value stood at Rs.7,510 billion on March 2008, against Rs.6,700 billion in the previous fiscal.”

Last fiscal, LIC invested Rs.116.30 billion in the infrastructure sector, while cumulative investment in the sector stood at Rs.566.91 billion.

The company plans to change the current percentage of single premium and non-single premium policies. The current percentage for single premium is 60 percent and 40 percent for non-single premium policies.

“We have decided to realign this balance towards non-single policies, which means LIC intends to sell more of non-single policies at about 55 percent, while 45 percent of the premium income is being targeted from single premium products,” he added.

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