With the markets touching new highs in the previous fiscal, Life Insurance Corp. of India Ltd. booked significant profit, according to Chairperson Siddhartha Mohanty.
India's largest life insurer bought equity worth approximately Rs 1.3 lakh crore, which was flat year-on-year. The company's profit from equity investment amounted to approximately Rs 60,000 crore in the previous fiscal.
"We booked huge profit because market was very high. So, we had a good equity profit last year," Mohanty told NDTV Profit's Sajeet Manghat in an interview.
Mohanty further said that the market is very high, and they will invest accordingly. The markets are performing well and further equity investment "depends upon market cycle and all those factors", he said.
Corporate bond investments have also increased by 52% year-on-year, to approximately Rs 78,000 crore, he said.
The India Growth Story
"...Going forward, because next 10 years, if we talk of macro level, economy, ...at least next 10 years one can predict, it is India growth story. So, LIC will be a significant player in this India growth story, and we will definitely sustain that," Mohanty said.
Scope In Health Insurance Space
According to Mohanty, there is a huge scope in the health insurance space, as the coverage out of the total health expenditure is very less. The company has some experience in health insurance products and the natural choice for everybody is that LIC should be in this health space, he said.
The company is working internally on health insurance segment before they get the composite licence for the same, Mohanty said.
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