Life Insurance Corporation of India, 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 23,478 crores of which Rs 1,029 crores is given to the
Central Government as dividend.
The Total Premium Income of the Corporation for the year rose to Rs 1,85,985
crores from Rs 1,57,186 crores showing an increase of 18.32% over the previous
year. The Gross Total Income of the Corporation rose to a mammoth Rs 2,98,721
crores showing a phenomenal growth of 49.15% over FY 2008-09. The First Year
Premium Income of the Corporation rose to Rs 70,891 crores from Rs 52,954
crores showing a growth of 33.87%.
During the FY 2009-10, the Corporation settled a total of 6,64,619 Death Claims
amounting to Rs. 7,033.68 crores and 2,05,17,870 Maturity/Survival Benefit
claims amounting to Rs. 46,921.22 crores.
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. 11,52,057 crores showing an increase of 31.88% over the previous year.
The New Business Performance of the Corporation for the year ending 31st 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 42,960 crores 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. As on 30th June, 2010, the Total First Premium Income of
the Corporation stands at Rs 18, 740 crores showing a growth of 107.57%. The
market share of the Corporation in First Premium Income has risen to 73.43%.
Source – LIC of India – official website