LIC announces financial results
Hyderabad: Life Insurance Corporation of India, India's largest insurer, has announced its audited figures for the year ended March 2019.
New business performance by the LIC has shown a growth of 5.68 per cent in the first year premium by posting a highest ever figure of Rs 142191.69 crore.
Pension and Group superannuation business had collected Rs 91179.52 crore as new business premium income as against Rs 82807.83 crore in the previous year showing a growth of 10.11 per cent.
The Corporation as at March-end 2019 collected over Rs 3,37,185.40 crore of total premium Income as compared to Rs 3,17,850.99 crore collected during the corresponding period last year showing a very robust growth of 6.08%.
Total policy payouts amounted to Rs 2,50,936.23 crore for the period ending March 31, 2019 as compared to ` 1,98,119.83 crore for the corresponding period last year, showing an increase of 26.66%.
This included a payout of Rs 1,36,597.37 crore for conventional claims outgo covering 254.05 lakhs claimants for the year ending 31.3.2019 .
The Corporations gross total Income grew to Rs 5,60,784.39 crore for the period ending March 31, 2019 from Rs 5,23,611.11 crore as at the last corresponding period, showing a handsome growth of over 7.10 per cent