Sunday, February 19, 2006

March ahead, LIC!

Life Insurance Corporation can effortlessly turn this challenge into an opportunity, thanks to its rich talent pool. Like the State Bank of India, LIC is a giant that is capable of many miracles. In fact, it is one of the most trust-worthy brands in India.

In in The Economic Times Brand Equity’s survey of most trusted brands, which was released on February 15, 2006, LIC stood Number 6 (its rank was number 39 in 2003). It is the only service brand to figure among the top 10 in the survey.

As for the financials, LIC has total assets of Rs 4380.79 billion and a Life Fund of Rs 3856.39 billion as on March 31, 2005. Its total income in the last fiscal was Rs 1123.46 billion. What is more, LIC has been maintaining a solvency margin of 123%. It also has huge hidden reserves through its investments in real estate and equity.

As LIC sets out to take on the challenge, it can bank on support from several quarters. Consider what Professor Laxmi Narain, a reader of The Economic Times, wrote in the paper on February 14, 2006, “… to be fair to LIC, the government should also consider the removal of handicaps tilting the field against the Corporation…Let LIC get a level playing field on all scores. It cannot be ‘heads I win, tails you lose’.”

Insurance Regulatory and Development Authority Chairman C S Rao said on February 14, 2006, “LIC would not require infusion of additional funds to jack up its solvency margin even if the government withdrew guarantees on policies provided by the Corporation. We did not consider the fact that LIC policies are backed by sovereign guarantee while calculating its solvency margin.”

March ahead, LIC! Millions of policy-holders are with you!


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