MSN News | PTI | 01/09/2010
Life Insurance Corporation of India (LIC) has invested close to Rs 19,452 crore in Gujarat, which is fast emerging as a favourite investment destination for the government-owned insurance giant. "The corporation has invested Rs 19,452 crore in Gujarat till March 31, 2010. Of this, Rs 5,488-crore investment was done in the last fiscal alone," Divisional Manager, LIC Ahmedabad, M K Kemmu said today. "Of the total investment, LIC has invested Rs 6,222 crore in the Gujarat Government securities up to the year ended March. Of this, Rs 2,150 crore was invested in the last financial year," Kemmu said.
"State of Gujarat is emerging as a favourable investment destination for the corporation," he said. "The corporation made a fresh investment of Rs 2,971 crore in the last fiscal in shares and debentures of private and public sector companies of Gujarat origin," Kemmu said. Besides, LIC has made an investment of Rs 1,255 crore in the social sector of Gujarat till the year ended March. Of this, Rs 365 crore was invested in last fiscal, he said.
In the current fiscal, Ahmedabad division collected new premium of Rs 315 crore, a 140 per cent growth over Rs 131 crore netted in the corresponding period a year ago. "The new policies have shown a growth of 18 per cent this fiscal as compared to last year," Kemmu said, adding so far 1.32 lakh policies had been sold against 1.11 lakh policies in the same period a year ago.