COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Sum assured by LIC in 1998-99 rises 18.4 pc

The new business premium income under the individual life assurance of Life Insurance Corporation of India has registered the highest growth rate for the decade, rising 28.2 per cent.

Commenting on the results of the company during 1998-99, LIC chairman G Krishnamurthy said that the growth rate in terms of sale of individual policies was 11.5 per cent. It was the best result in the last eight years.

The sum assured by LIC registered a growth of 18.4 per cent. In terms of absolute business, a total of Rs 14.8 million new individual policies were sold for a sum assured of Rs 754.16 billion registering a new business income of Rs 26.90 billion.

Individual pension business grew tremendously with the sale of 105,638 policies generating a first premium income of Rs 1.11 billion, showing growth rates of 63 per cent and 131 per cent respectively.

Under group insurance business, a total of 12.68 million lives were covered, generating a new business premium income of Rs 4.43 billion, registering a growth of 19 per cent and 29 per cent respectively.

The overall new business premium income in the areas of individual, group and pension business registered the best growth in the last decade of 30.3 per cent.

UNI

Business news