"We are expecting to collect around Rs.176,000 crore by the end of March this year and hope to increase it by 18 percent next fiscal (2010-11)," LIC chairman T.S. Vijayan told reporters.
Last fiscal (2008-09), the LIC's premium income was Rs.153,000 crore.
Vijayan was speaking after laying the foundation stone for company housing complex in Kolkata.
The company's income from its real estate business is Rs.200-300 crore in the current fiscal, which would increase in the coming years, he said without specifying any amount.
"Of the total GDP (gross domestic product) of the country, 4 percent is contributed by LIC," said Finance Minister Pranab Mukherjee, who was also present in the programme. Mukherjee said every year the LIC contributes a hefty dividend to the country's coffers. "We have given a dividend of Rs.929 crore to the government this year," Vijayan said.
India’s No. 1 insurer will invest nearly Rs 36,000 crore in infrastructure in 2010-11. “Infrastructure accounts for 15 per cent of our total investment,” Vijayan said. According to Vijayan, the LIC is a big lender to Indian Railway Finance Corporation Limited, with 27 per cent of its assets financed by the insurer through debt.
The market share of the state-owned insurer has grown to 65.06 per cent. Its market share had dipped to 55 per cent in October 2008.
Courtesy:Economic Times, 7.3.2010, The Telegraph, 8.3.2010