Showing posts with label LIC to invest Rs 1.6 lakh cr in FY 09 in different portfolios. Show all posts
Showing posts with label LIC to invest Rs 1.6 lakh cr in FY 09 in different portfolios. Show all posts

08 December 2008

LIC to invest Rs 1.6 lakh cr in FY 09 in different portfolios

LIC to invest Rs 1.6 lakh cr in FY 09 in different portfolios

LIC to invest Rs 1.6 lakh cr in FY 09 in different portfolios
MUMBAI: Despite seeing a 17-18 per cent decline in its policy sales in FY 09, Life Insurance Corporation of India hopes to enhance its investments across different portfolios to Rs 1.6 lakh-crore by March as compared to Rs 97,000-crore in FY 08.


The insurer has invested Rs 1.02-lakh crore in various segments so far in FY 09 which includes around Rs 29,000-crore investments in equities. “We may invest an additional Rs 40,000-crore in equities by end-fiscal,” LIC's Executive Director, Investment Operations, Mr N Mohan Raj told reporters here on Monday.


LIC has seen a rise in the number of corporates approaching it for debt this year on account of the credit crunch in financial markets, the official said. The corporation has invested Rs 23,190-crore in non-convertible debentures (NCD) so far in this fis cal,” Mr Mohan Raj said, adding,” the corporation is likely to invest another Rs 20,000-crore in NCDs by March.” Similarly, investments in Government securities and project loans as at end-September stood at Rs 36,311-crore and Rs 1,342-crore respectivel y and the company is likely to put in another Rs 18,000-crore in its G-Sec portfolio by end-fiscal, the official said.


Despite adverse market conditions, LIC has not seen any rise in its defaults which presently stands at around 0.5 per cent. The insurance giant's market share in terms of new business premium stands at 55 per cent as at October, while the market share in terms of total premium is close to 78 per cent, the official said.


The insurer has relaxed the claim settlement norms for Mumbai terror attack victims, the official said. - PTI

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Source:BL