LIC posts Rs 16,000 crore profit

Mumbai: Life Insurance Corp, the country’s biggest institutional investor made a total investment in equity of Rs 39,000 crore, sold equity worth Rs 38,000 crore and registered a profit of Rs 16,000 crore.

Announcing the corporations performance for the nine months ending December 31, 2016 on Monday, V.K. Sharma, chairman of LIC said they posted a growth of 12.81 per cent “in line with our expectations,” and its total assets soared to Rs 24.41 lakh crore at the end of December 2016 against Rs 21.84 lakh crore, an increased of 12.82 per cent.

The life insurer earned a total premium, of Rs 1.45 lakh crore against Rs 1,29 lakh crore the previous year. The new business income performance for the same period registered a robust first year premium increase of 40.11 per cent.

Mr Sharma said their healthy results were based on its strong fundamentals and core values. They would be focussing on technology to constantly improve customer experience, he said.