Life Insurance Corporation of India (LIC) has booked profits of over Rs 6,100 crore from equity markets in three months to June 2017, as compared to Rs 2,489 crore in same period last year. Senior officials in the LIC stated that, even in this financial year they would invest around Rs 45,000-50,000 crore in equities. VK Sharma, Chairman of LIC said, “In the current financial year we have invested around Rs 16,000 crore in equities.”
In the last financial year LIC had invested over Rs 43,800 crore in equities and 2.62 lakh crore in government securities. V.K Sharma was speaking to press, while announcing various steps taken by LIC to ease the difficulties of people in recent floods affected areas of Gujarat and Assam. Sharma also added that, in the last fiscal LIC had gross non-performing assets (NPAs) of around Rs 17,000 crore, out of which Rs 13,000 crore are NPAs from joint lending business and remaining directly. LIC has made 100 per cent provision for all the NPAs, he said.
LIC is also looking to collect premiums of Rs 38,000 crore from new business on individual basis for 2017-18. In the last financial year, LIC had seen new business premiums at Rs 1.24 lakh crore with significant growth in group single premium policies, suggests the data from Insurance Regulatory and Development Authority of India (Irdai).