Life Insurance Corporation (LIC) has announced its audited figures for the year ended March, 2019.
New business performance has shown a growth of 5.68 per cent in its first year by posting a highest ever, 1,42,191.69 crore.
Pension and Group superannuation business have collected 91,179.52 crore as new business premium income as against 82,807.83 crore in 2018 corresponding period showing a growth of 10.1 per cent.
The corporation collected over 3,37,185.40 crore of total premium income as compared to 3,17,850.99 crore collected during 2018 showing a growth of 6.08 per cent.
Total policy payouts amounted to 2,50,936.23 crore compared to 1,98,119.83 crore in 2018, showing an increase of 26.6 per cent. This includes a payout of 1,36,597.37 crore for conventional claims outgo covering 254.05 lakhs claimants FY 19.
The Corporations Gross Total Income grew to 5,60,784.39 crore for FY 19 from 5,23,611.11 crore, showing a growth of over 7.10 per cent.
Total assets of the corporation stood at 31,11,847.28 crore as compared to 28,45,041.82 crore for the corresponding period last year. Thus, posting a growth of over 9.38 per cent.
LIC’s digital collection have reached 60 per cent, which reflects a 38 per cent growth over previous year.
In the new initiatives undertaken, premium collection has a growth of 10.6 per cent. LIC has authorised IDBI bank to collect renewal premium of policy holders through their 1800+ branches.