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LIC placed 30th in global rankings

The state-owned Life Insurance Corporation (LIC), with assets over Rs 5 lakh crore, may be losing its domestic market share but has gained in global rankings, figuring among the top 30 life insurers in terms of premiums.

In the latest international ranking exercise prepared by Swiss Re, the second largest international reinsurance company, the Indian life insurance behemoth, celebrating its 50th year, has been placed 30th. According to the ranking, LIC, the fourth Asian life insurance company to be among the top 30 countries, currently has a 0.7 % of global market share. The market share in terms of premium has expanded from 0.4% in the last six years.

The largest life insurance company in the world in terms of premium, American International Group (AIG), has a market share of 3.6%. The company, which doubled its marketshare in the last six years, has a life insurance joint venture -- Tata AIG -- in the country. LIC chairman AK Shukla said, "We are definitely becoming aggressive in both domestic and international operations, particularly in the petrodollar market."

Revealing the latest figures of LIC, which is facing stiff competition from the domestic private sector life insurance companies, Mr Shukla said the company is almost touching Rs 10,000 crore of first premium income till January.

The number of policies has also increased by 23% till January 2006. Such a growth in the policies has not been possible in the last 15 years, he said. "I am sure we will create a record in the current year," he observed. LIC, for the past two years, has been charting overseas operations for which it will receive over Rs 1,500 crore special capital funding from the Centre.

(http://news.moneycontrol.com)

 
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