New Delhi: Life Insurance Corporation of India (LIC of India), India's largest life insurer, has announced its audited figures for nine months ended December 2017.
New Business performance by the Corporation for nine months ending December 2017 has shown an impressive growth of 19.47 per cent in its first year premium by posting a figure of Rs. 99783.33 crore. The Corporation has already achieved its Single Premium Target for the FY 2017-2018 as on December 31, 2017.
Pension &Group Superannuation Business have collected Rs. 62385 crore as New Business Premium Income as against Rs. 51004 crore in the previous year corresponding period showing a growth of 22 per cent. The vertical has covered Rs. 5.96 crore lives under its Social Security Schemes.
The Corporation as at December end 2017 collected over Rs. 2,23,854 crore of Total Premium Income as compared to Rs. 2,00,818 crore collected during the corresponding period last year showing a very robust growth of 11.47 per cent.
Total policy payouts amounted to Rs. 1,21,986 crore for the period ending December 31, 2017 as compared to Rs. 1,12,194 crore for the corresponding period last year, showing an incroreease of 8.73 per cent. This includes a payout of Rs. 59,671.50 crore for claims outgo covering 1,39,45,571 claimants for the nine month ending December 31, 2017 as compared to Rs. 55359.52 crore and 1,19,23,937 claimants in the corresponding period previous year.
The Corporations Gross Total Income grew to Rs. 3,78,599 crore for the period ending December 31, 2017 from Rs. 3,37,466 crore as at the last corresponding period, showing a handsome growth of over12.19 per cent. mpost