LIC to invest Rs 50,000 cr in stocks in FY'10

NEW DELHI: Life Insurance Corporation of India (LIC) on Wednesday said it will invest nearly Rs 50,000 crore in the equity market this fiscal.

"We expect to invest nearly Rs 50,000 crore in equities this year against Rs 40,800 crore last year," LIC Managing Director Thomas Mathew told reporters here.

So far in this fiscal, the largest life insurer has invested about Rs 8,000 crore in the equities.

As per exposure norms, LIC is also investing in government papers and corporate debt.

Yesterday, LIC Chairman T S Vijayan said during the current fiscal, the life insurance company is eyeing a premium income growth rate of 20 per cent.

As regard new premium income, which declined by nearly 10 per cent in 2008-09, he said the company is expecting a growth rate of 25 per cent during the current financial year.

LIC collected a premium income of Rs 1,55,000 crore in 2008-09, which included first premium income of Rs 52,000 crore.