MUMBAI: Life Insurance Corporation (LIC) of India has said that its resource base has crossed Rs 38 lakh crore with all out ventures of Rs 36,76,170 crore and a daily existence asset of Rs 34,36,686 crore as of March 2021.
As indicated by its accounting report for the past monetary finished March 2020, the organization's complete resources remained at simply under Rs 32 lakh crore, absolute ventures at Rs 30.7 lakh crore and its life reserve at Rs 31.1 lakh crore.
LIC shared its asset report numbers in front of its establishment day on September 1, which denotes its 66th commemoration. The monetary record numbers give a few bits of knowledge into the worth of the IPO-bound partnership. In any case, an obvious sign will be accessible solely after it uncovers the implanted worth of its business.
The development yet to be determined sheet in the pandemic year FY21 happened on the rear of a 3.5% development in new business (first-year premium) with an assortment of Rs 1.8 lakh crore premium from 2.1 crore new approaches. Resources likewise developed with annuity and gathering superannuation gathering Rs 1.3 lakh crore as new business premium. The organization likewise settled 2.3 crore lakh claims adding up to Rs. 1.5 lakh crore.
The business give LIC a piece of the pie of 66.2% in first-year premium pay and 74.6% in number of approaches. One more milestone accomplished during the year was the utilization of computerized channels for installment of almost 75% of the absolute recharging premium. This was a significant leap from FY20 when premium assortment through the substitute direct was 61.9% in strategies and 54.8% in volume out of the complete recharging premium assortment of LIC.