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LIC posts best results of the decade; income up 18 pc to Rs 363 bn

The Life Insurance Corporation of India has registered the highest ever growth and the best financial performance of the decade during 1998-99.

Announcing the financial results in Calcutta today, LIC chairman G Krishnamurthy said the decade's best performance was possible because of the all-round growth in business throughout the year.

Highlighting the success stories, Krishnamurthy said during the period, the corporation's total assets went up by a whopping 20.74 per cent to Rs 1.32 trillion and the total income by 18.29 per cent to Rs 363.52 billion.

Similarly, Krishnamurthy said LIC's total premium income registered a growth of 18.46 per cent to Rs 228.05 billion and the investment income a growth of 16.71 per cent to Rs 131.81 billion from the corresponding period of the previous year.

He said during the year (1998-99), LIC had sold more than 100,006 new policies under various individual pension plans, generating the first premium income of Rs 1.11 billion, showing a growth of 63 per cent.

In terms of the first premium income, the growth rate was also the highest of the decade, the chairman claimed in a statement.

During the same period, LIC's total claim settlement was also increased by nearly Rs 10 billion during the past 12 months -- from Rs 66.73 billion in 1997-98 to Rs 76.15 billion in 1998-99, Krishnamurthy said.

UNI

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