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Our Bureau

New Delhi , Sept. 2

LIFE Insurance Corporation is planning to jack up its equity exposure this fiscal by investing up to 10 per cent of its assets in equities against the present level of 8 per cent. This would mean additional equity investments of Rs 9,000 crore this fiscal.

"Our investment in equity is around 8 per cent of our total assets. We have decided that it will go up to 10 per cent," the Chairman of LIC, Mr A.K. Shukla, said here today.

Mr Shukla was in the Capital to inaugurate the first `Satellite Sampark' office.

He, however, said that the future strategy would depend on the market conditions.

Mr Shukla said that the LIC does not have any plans of coming out with a public offer. "There is no such plan (of an IPO)," he said.

The LIC chairman said that the corporation has made provisions of around Rs 17,000 crore during the last three years to raise its solvency margin from 100 to about 125 per cent.

"The LIC Act provides that our solvency margin should be 100 per cent. Against this, the IRDA stipulates 150 per cent. So, we have made provisions for Rs 17,000 crore and our solvency margin is likely to reach 125 per cent," Mr Shukla said.

He said that LIC has set a target of 50 per cent growth in its business in its Golden Jubilee year.

It would launch 2-3 more schemes this fiscal besides the `Bima Gold' scheme launched on Thursday. "We should get 50-60 lakh policies from Bima Gold," Mr Shukla said.

He said that corporation is planning a major technology initiative including a data warehousing facility shortly. "The data warehousing facility will be unique and largest in the world," Mr Shukla added.

He said that the facility be able to handle huge data of its over 16 crore policyholders.

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