LIC’s investments in equities down 21% to ₹46,850 crore in April-January – Livemint

Life Insurance Corporation of India (LIC) invested 46,850.33 crore in equities in the first 10 months of FY20, down 20.75% from the amount invested in the same period last fiscal year, according to official data. The state-owned insurer had invested 59,115.67 crore in the April-January period of FY19.

According to LIC, its profit in the first 10 months of FY20 from investments in equities rose 42.36% to 23,273.85 crore, from 16,348.81 crore a year ago .

During the period under consideration, domestic institutional investors (DIIs) including mutual funds and insurance firms, had invested 56,827.37 crore in the stock markets, while the benchmark Sensex rose 5.3%.

DIIs were net buyers of equities worth 86,605.25 crore in the first 10 months of FY19, while the Sensex climbed 10%.

According to a press statement, LIC breached the 1.5 trillion mark in new business premium for the first time ever in the 10-month period to maintain its dominant position in the industry, growing 17.48% year-on-year in terms of first-year premium to 45,199 crore.

It registered 29.42% year-on-year increase in the number of policies sold to 19,585,635.

So far in FY20, the state-owned insurer paid 14,293,289 maturity claims amounting to 69,748 crore. It also settled 599,881 death claims amounting to 9,866 crore.

LIC’s total income grew to 2.97 trillion for the 10 months ended 31 January 2020, up 17.79% from 2.52 trillion in the year-ago period.

The state-owned insurer total assets stood at 32.2 trillion as of September 2019 compared to 29.8 trillion in the corresponding period of 2018, growing 7.92%.

In FY19, LIC generated the highest ever total valuation surplus of 53,214.41 crore, up 9.9% over the previous year, and paid dividend of 2,610.74 crore to the government to break yet another record.

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