The Hindu Business Line : LIC posts 12% growth in number of policy sales

LIFE Insurance Corporation of India (LIC) has registered a 12 per cent growth in total number of policy sales and a 21 per cent growth in the asset base during the financial year 2002-03.

This was announced by the LIC Chairman, Mr S.B. Mathur, while talking to presspersons after attending the 102nd annual general meeting of the Merchants Chamber of Commerce.

According to him, LIC sold 2.62-crore new policies during 2002-03 compared to 2.32 crore in the previous financial year 2001-02, marking a growth of 12.07 per cent.

As on March 31, 2003, the asset base of the insurance major was Rs 2,90,000 crore as against Rs 2,40,000 crore in the previous financial year marking a growth of 20.83 per cent. The renewable premium income is expected to register a growth of 25 per cent in 2002-03.

In 2001-02, LIC's mobilisation of savings in the form of premium was Rs 49,000 crore. In 2002-03 it is expected to grow by 10-15 per cent.

The total income of the corporation, which was Rs 73,000 crore in 2001-02, is expected to be around Rs 82,000 crore in 2002-03.

Mr Mathur, however, added that these were all provisional figures.

The corporation is currently finalising the accounts for the recently ended financial year and a formal announcement would be made soon.

Meanwhile, he committed that LIC would continue to support the capital markets.

"In March, this year, when other financial institutions were drifting away and the market sentiment was low due to Iraq war, LIC provided support to the capital markets by participating in about eight per cent of the delivery-based transactions'', he said.

Later, when asked whether such a commitment for the capital markets would continue,

Mr Mathur said that LIC would continue to invest in the stock markets according to the stipulated guidelines laid down by the Insurance Regulatory & Development Authority (IRDA).

Meanwhile, the proposed pension plan, Varisht Bima Yojana Scheme, as announced by the Union Finance Minister, Mr Jaswant Singh, in the Union Budget, would take sometime to come.

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