Life Insurance Corp. of India Says Assets Rise 32 Percent to $250 Billion
Life Insurance Corp. of India, the country’s largest money manager, said its assets under management rose 32 percent in the fiscal year ended March 31.
The Mumbai-based insurer’s assets increased to 11.52 trillion rupees ($250 billion) and it reported a valuation surplus of 234 billion rupees for the period. Total premium income climbed 18 percent to 1.86 trillion rupees, the insurer said in a statement today.
Life Insurance, which manages more money than all Indian mutual funds combined, bought the nation’s equities in 2008 as overseas investors shunned emerging-market assets in the midst of the global credit crisis, triggering the largest outflows from Indian stocks that year and their biggest annual slump.
The insurer plans to invest 2 trillion rupees in stocks and bonds in the fiscal year that started in April 1, Chairman T.S. Vijayan said in a briefing to reporters today. Life Insurance has made investments worth 390 billion rupees in the quarter ended June 30, including equity investments worth 100 billion rupees, Vijayan said.
The insurance company’s market share increased to 73 percent in terms of the number of policies sold, from 70.5 percent, he said.
To contact the reporter on this story: Pooja Thakur in Mumbai at pthakur@bloomberg.net
Rate this Page