LIC posts record new premium growth in decade

"The corporation’s excellent results in the first year of the new millennium reflect the growing confidence of the insuring public in the organisation in an era of competition," LIC Chairman G Krishnamurthy said.

Record performance levels were also achieved in pension and group schemes, it said, adding that individual pension schemes registered an increase of 111 per cent at 2,23,345 new policies, raking in first premium income of Rs 311.80 crore, a leap of 181 per cent over the previous year.

Under the group insurance portfolio, the organisation insured 13.93 lakh lives by collecting a premium of Rs 598.42 crore, a growth of 10 per cent and 35 per cent respectively, it added.