LIC News

  LIC’s half  yearly results reflect all-round growth

  LIC achieves Y2K compliancy

  LIC MD says Indian market would be restructured
 
 

LIC’s half  yearly results reflect all-round growth

Shri.G Krishnamurthy, chairman, Life Insurance Corporation of India has stated in Mumbai that the half yearly working results of the corporation for fiscal 1998-99 have been quite encouraging. Shri Krishnamurthy said that the corporation has registered a good growth in business as on September 30, 1998 - be it individual or group or pension business. Shri Krishnamurthy further informed that LIC had covered a total of 46,51,219 lives generating a new business premium income of Rs. 791.57 crores under both individual and group business showing a growth of 14.41% in terms of lives and 35.54% in terms of new business premium income. The performance under individual business reflected growth rates of 13.7% in terms of Policies, 21.6% in terms of Sum Assured and 27% in terms of First Premium Income. The other highlights are:
 

• LIC’s Total Individual Business Premium income being Rs. 6,869.78 crore grew by 20.03%.
• LIC’s Individual Pension Premium being Rs.33.24 crore registered a phenomenal growth of 107.62%.
• LIC’s Total Group Insurance Premium being Rs.416.08 crore grew by 12.89%.
• LIC’s Total Premium Income was Rs.7319.10 crore reflecting a growth of 19.83%.
• LIC has settled around 20 lakh claims upto 30th September, 1998.
• At the time of going to the press, LIC’s growth in Individual Assurance Business continues to be at a higher pitch - growth in Policies is 15.5%, in Sum Assured it is 22.9% and in First Premium it is 28.4%.

LIC achieves Y2K compliancy

 According to Mr. P V Subramaniam, Executive Director of LIC, the corporation has identified and achieved Y2K compliancy in about 9 crore policy records. This puts LIC among the select band of companies that have achieved compliancy well before time. It is seen as a matter of pride that LIC’s Y2K efforts have largely been in-house, as most of its systems have been indigenously developed. The in-house IT team had identified key areas like customer-related operations, cash counter, actuarial department, investments  which had to be Y2K compliant immediately. Expressing confidence on being able to tackle the millennium bug totally, LIC officials have assured that any lapses relating to Y2K would be covered by the company.

LIC MD says Indian market would be restructured

 According to the Managing Director of LIC, Mr G P Kohli, the Indian market would soon get restructured. There would be new categories of consumers, such as working class women and sub-sectors, such as health insurance. Insurance companies, therefore, would have to create new strategies and organisations would have to undergo significant changes. Service providers would become more research-driven, multi-skilled and users of information technology, he has observed at a recent meet in Calcutta.