LIC FY06 profit at Rs 5,800cr, biz up 48%

Life Insurance Corpration (LIC) earned Rs 5,800 crore net profit during 2005-06 while its first premium income during the period grew by a record 48% to Rs 18,085 crore.

"Our surplus (profit) was Rs 5,800 crore in 2005-06," LIC chairman A K Shukla said today.

LIC collected Rs 18,085 crore as first premium income during the fiscal ended March 2006 by selling 3.17 crore policies as against Rs 12,170 crore collected by selling 2.39 crore policies in the same period last year.

Shukla said LIC's total investment in stocks is likely to increase to Rs 40,000 crore from the current level of Rs 34,000 crore.

LIC, which is celebrating its golden jubilee year, has launched new products in life insurance, pension and annuity, and is now working on a micro insurance product.

"We have sent a micro insurance product to IRDA for approval," Shukla
said, adding that it would be launched soon.