LIC total assets cross Rs 27 lakh crore in H1 of FY18

An exterior view of Life Insurance Corporation of India's (LIC) headquarters is seen in Mumbai September 18, 2014. LIC Chairman S. K. Roy said he was "very bullish" about the banking, pharmaceutical, metals and IT outsourcing sectors because of expectations for a cyclical recovery and a stabilising rupee currency. Roy added LIC was headed for a "very good year", both in terms of its market investments and its core insurance business. The chairman said he expected growth of 12 percent in insurance premiums this fiscal year, in line with 13.4 percent last year. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS) - GM1EA9I1C5401

Life Insurance Corporation of India (LIC) saw its total assets grow by 14 percent to Rs 27.25 lakh crore for the six months ended September 30, 2017 compared to same period last year.

The country's largest insurer collected Rs 1.48 lakh crore of total premium for the first six months of this fiscal, showing a growth of 12 percent. The new business premium grew by 23.7 percent in the period to Rs 68224.29 crore on a year-on-year basis.

LIC's gross total income grew from Rs 2.22 lakh crore to Rs 2.50 lakh crore showing a growth of almost 12.6 percent on a year-on-year basis.

V K Sharma, Chairman, LIC said that their performance is in line with their expectation. "We endeavour to drive both customer satisfaction and profitability and focus on technology to constantly improve customer experience and organisational efficiencies," he added.

LIC has a market share of 74.75 percent in terms of policies and 74.10 percent in first year premium as on September 30, 2017.