LIC aims 20% growth in investment

Public sector insurer Life Insurance Corporation of India (LIC) expects about 18 per cent growth in premium income, and 20 per cent in overall investment in the next financial year.

In 2009-10, LIC’s premium income would be close to Rs 1,76,000 crore, said T S Vijayan, chairman, LIC on the sidelines of a foundation laying ceremony of policy holders' housing complex in Kolkata today.

The total investment of LIC this year would be close to Rs 2,00,000 crore. The corporation had given a dividend of Rs 929 crore to the government this year, he added. Last fiscal (2008-09), LIC's premium income was in tune of Rs 153,000 crore.

LIC is also planning to gradually augment its presence in the real estate business. The company’s income from its real estate business would be about Rs 200-300 crore in the current financial year.

“Our real estate income would gradually increase in the coming years," he said without specifying any amount. Speaking on the occasion, Union Finance Minister Pranab Mukherjee said LIC's contribution to the country's gross domestic product would be close to 4 per cent. Vijayan further said, the total workforce of LIC was close to that of Indian Railways, at about 15 lakh.

In Kolkata, LIC would take up commercial projects in other localities, such as E M Bypass, he said.