LIC net grows by 48 pc

Mumbai, Apr 26 (UNI) Life Insurance Corpration (LIC) has earned a net of Rs 5,800 crore in FY-06 while its first premium income during the period grew by a record 48 per cent to Rs 18,085 crore.

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, sources here said.

Its total investment in stocks is likely to increase to Rs 40,000 crore from the current Rs 34,000 crore.

The Corporation, which is celebrating its golden jubilee year, is now working on a micro insurance product which would be launched soon, the release added.

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