LIC Mauritius, a fully-owned branch of Life Insurance Corporation of India (LIC), is looking at acquiring a local life insurance company.
The possible acquisition will help consolidate the company in the country, LIC Mauritius Chief Manager P S Jagannatham told PTI here.
"Any acquisition needs to add value to our products and give LIC sufficient leverage to explore new business opportunities," he said.
Jagannatham, who took office on July last, was in Port Louis with his management team to launch a new life insurance plan.
With total assets of 2.6 billion Mauritian rupees and 52,000 policy holders, LIC has registered an average growth of 40 per cent for the last three years.
Its total income stood at Rs 53.4 crore for financial year ended March 31, 2009.
Globally, LIC has assets over $256 billion and enjoys the patronage of over 270 million policy holders making it the largest insurer in the world in terms of clients.
LIC's international operations are spread across 9 countries, including the UK, Mauritius, Sri Lanka, Saudi Arabia, Singapore and Bahrain.
LIC, the largest life insurer of India, earned total premium income of Rs 1,85,985 crore in 2009-10 compared to Rs 1,57,186 crore in the previous fiscal showing an increase of 18.32 per cent.
The gross total income of LIC rose to Rs 2,98,721 crore registering an increase of 49.15 per cent.