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Life Insurance Corporation of India reported a 12.42 per cent increase in total premium income in 2019-20 to ₹3.79 lakh crore as against ₹3.37 lakh crore in 2018-19.
“New business performance for the year ending March 2020 has shown a growth of 25.17 per cent in its first year premium, by posting a highest ever figure of ₹1,77,977.07 crore,” it said in a statement.
Announcing its financial results for last fiscal, LIC said new business premium in pension and group superannuation business increased by 39.46 per cent to ₹1.26 lakh crore in 2019-20 as against ₹90,848.86 crore in 2018-19.
Total policy pay outs grew by 1.31 per cent to ₹2.54 lakh crore last fiscal.
Its gross total income grew by 9.83 per cent to ₹6.15 lakh crore in 2019-20.
Total assets of LIC stood at ₹31.96 lakh crore as on March 31, 2020, registering a growth of 2.71 per cent as against ₹31.11 lakh crore a year ago.
Noting that it has taken various measures to ensure people have insurance during the ongoing pandemic, LIC said it has settled 561 Covid death claims amounting to ₹26.74 crore.
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