Business Daily from THE HINDU group of publications
Saturday, Sep 02, 2006
Business Daily from THE HINDU group of publications Saturday, Sep 02, 2006 |
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Money & Banking - Outlook LIC plans to invest Rs 90,000 cr this yr Our Bureau
MR T.S. VIJAYAN, Chairman, LIC, addressing a press conference in Mumbai on Friday. — Paul Noronha
Mumbai , Sept 1 LIC will make a total investment of Rs 90,000 crore in equity, debt and other instruments during the current fiscal, said Mr T.S. Vijayan, Chairman. Last year, the corporation had invested Rs 80,000 crore. "The corporation's total investment will be around Rs 90,000 crore, of which at least 50 per cent will be in Government securities," he added. The corporation's investment in equity would be 8-10 per cent, or Rs 7,200-9,000 crore. According to senior LIC officials, the company has already invested Rs 3,000 crore this fiscal. LIC's life fund currently stands at Rs 4,63,147 crore and its assets are worth Rs 5,52,447 crore. The Chairman told newspersons that the book value of the corporation's investment in equity stands at Rs 46,000 crore. As on March 31, 2006, LIC's investment in infrastructure was Rs 59,625 crore while in Government securities it was Rs 2,39,598 crore. In a shift of strategy, the bulk of the premium this year would come from unit-linked policies (ULIPs) rather than conventional products, Mr Vijayan said. "The customer's preference will prevail." Last year, the focus had been on traditional policies and 58 per cent of the new business premium came from this segment. This fiscal, the corporation has set a target of Rs 24,400 crore of new business from the individual segment, which marks a growth of 40 per cent from last year. As on August 15, the corporation's new business premium was Rs 10,381 crore. Mr Vijayan said that LIC would introduce two unit-linked plans and two conventional products this year. The corporation is also fine-tuning a composite micro-insurance product in conjunction with other public sector general insurance companies. Commemorating the completion of 50 years of LIC's existence, the corporation will launch Bima Gold II on September 4. Bima Gold, the corporation's golden jubilee product was a whole-life money-back plan with a lower sum assured.
Related Stories: More Stories on : Life Insurance | Outlook
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