LIC south zone reports 15 per cent growth

Life Insurance Corporation of India (LIC)-South zone has reported a 15 per cent growth in total premium income to Rs 9,859.42 crore during 2004-05, as compared to Rs 8,579.4 crore, last year. The south zone comprises Tamil Nadu, Kerala, Pondicherry and Lakshadweep.

Addressing a press conference, G Prabhakara, zonal manager, LIC south zone, said that the zone reported 75 per cent growth in new business income to Rs 1,894.84 crore in 2004-05.

The growth driver of premium income was unit linked policies reporting almost an eight-fold jump to Rs 922.15 crore in 2004-05, he added.

However, the contribution from the pension segment fell by 62 per cent to Rs 342.74 crore in 2004-05.

Single premium policies segment also reported a fall in its contribution to Rs 159.84 crore in 2004-05 from Rs 178.39 crore in 2003-04. Miscellaneous income contribution during 2004-05 almost doubled to Rs 650.18 crore from Rs 334.50 crore, the previous year.

A senior manager said the drastic fall in contribution from the pension segment to the premium income was due to hiving off the popular policy Varishtha Bima Yojana in July last year.

The zone's total income reported a 17 per cent growth to Rs 10,509 crore in 2004-05.

Tie-up with banks had generated a premium income amounting to Rs 33.36 crore in 2004-05 from Rs 7.70 crore the previous year.