LIC books Rs 46K cr profit from equities' sale in FY22
Life Insurance Corporation of India (LIC) has booked profit to the tune of Rs 42,000 crore from sale of equities during the financial year ending March 31, 2022 when compared to the amount of Rs 36,000 crore in the year-ago period, thus showing a growth of more than 16 per cent.
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Mumbai: Life Insurance Corporation of India (LIC) has booked profit to the tune of Rs 42,000 crore from sale of equities during the financial year ending March 31, 2022 when compared to the amount of Rs 36,000 crore in the year-ago period, thus showing a growth of more than 16 per cent.
"The growth driver will be non-par business. 150 per cent growth in business was witnessed in the ULIP segment alone. Close to 75 per cent of LIC's business used to come from the sale of non-par business alone before nineties," LIC Managing Director Raj Kumar told Bizz Buzz.
At present, the corporation has 72 bancassurance tie-ups and its products are being sold at over 60,000 outlets currently. Raj Kumar said that the corporation will strengthen its bancassurance channel in the days to come.
Currently, LIC has a total of 485 products on its book and 252 of them are such products from where claims were pouring in.
As per norms, 50 per cent of the funds have to be compulsorily be invested by all the insurers in G-Secs and other such funds.
"We do invest in corporate bonds and equity markets too. Thirty three per cent of investment has been made by LIC in equities alone," he added.
In reply to a query, Raj Kumar said that LIC has kept Rs 7,400 crore as reserve for Covid-19 claims for the current fiscal.
