The country's largest life insurance player, Life Insurance Corporation of India (LIC), has increased it market share in its first-year premium income to 64.9 per cent in 2009-10 from 60.8 per cent in previous fiscal and to 73.0 per cent in number of policies in 2009-10, from 70.5 per cent in previous fiscal.
"The corporation sold a record number of 3.9 crore policies during the year (2009-10) by collecting R42,960 crore in first premium with a growth rate of 8.2 per cent on number of policies and 21.6 per cent in first premium income," said T.S. Vijayan, chairman, LIC, while announcing a valuation surplus of R23,478 crore.
The total premium income for the year rose to R1,85,985 crore in 2009-10 from R1,57,186 crore in previous fiscal fiscal, showing an increase of 18.3 per cent over the previous year.
The corporation has set the target of premium collection for the year at R2,01,000 crore for the current year and plans to add more agents to meet the target. " We are planning to add 20 per cent new agents in the current fiscal," said Vijayan. LIC has agent base of around 15 lakh.
It plans to invest R2,00,000 crore across asset classes in FY-11, up from the R1,92,000 crore last fiscal.
LIC is also in talks to set up a wholly-owned subsidiary in Singapore.