A fortnight ahead of year end,the IPO bound Life Insurance Corporation (LIC) has created a new record by selling 2,14,22,370 policies as on March 17 as against 2,14,03,905 policies sold in 2019-20.
The corporation is confident of crossing its target of 2.5 crores policies well before end of current fiscal year, said a press release by the LIC.
The corporation has seen its total new premium rising by 37 per cent to Rs 1,16,910 crore in Apr- Feb period of the current fiscal. In the individual non-single premium segment the corporation has mobilised Rs 27,580 crore, up 26 per cent, of new premium during the reporting period.
In the group single premium segment,the LIC has earned a total premium of Rs 84,695 crore, up 17 per cent, in the reporting period.
The IPO which was announced by finance minister Nirmala Sitharaman while presenting the Budget 2020, is likely to hit the market in the second half of the current fiscal.
Currently, the government owns the entire 100 per cent stake in LIC.
LIC’s new business premium has crossed the Rs 1.5 trillion mark for the first time, helping the tate owned life insurer improve market share to 77.61 per cent.
The corporation's total income grew by 17.79 per cent to Rs 2,97,017.28 crore as of September 2019 from Rs 2,52,149.60 crore a year ago, Total assets of the corporation increased by 7.92 per cent to Rs 32,25,905.42 crore as of September 2019 from Rs 29,89,276.53 crore.