LIC enters 65th year with Rs 32 lakh cr asset base

NEW DELHI: Life Insurance Corporation of India enters 65th year of its existence on 1st September, 2020. n its 64 years of existence. LIC has spread its wings from being the leading L ife Insurance Company into an inter nationally r ecognized fi nancial cong lomerate with the presence in f ourteen countries.

It has also v entured into other financia l service s through its Subsidiarie s and Associates viz LIC HFL Ltd, LIC P ension Fund Ltd ,

LIC Mutual F und, LIC Cards Services Lt d, IDBI Bank Ltd , LI C HF L Car e Homes Limited, LICHFL Financial Service s Limite d, and LICHFL Asset Management Company Limited.

Starting with an initial capital of Rs 5 crore in 1956, today LIC has as set base of Rs. 31, 96,214.81 Cr ore, w ith Life Fund to the tune of Rs. 31,14,496.05 Crore.

LIC is tod ay s erving it s customers thr ough Eight Zonal Of fices, 113 Divisional Of fices, 74 Customer Zones, 2048 Branc h Of fices, 1526 Sa tellite Of fices, 3354 Life P lus Of fices and 31556 Premium Points. The insurer has al ways bee n a t the forefront in Nation Building Activities.

Suzlon Energy Ltd posted a consolidated ne t loss of 3.98 bln rupees for the June quarter, wider than the loss of 3.35 b ln r upees a y ear ago, though the loss narrowed fr om an 8.24-b ln-rupee loss in Jan-Mar.

The topline too was s luggish, declining 38% on year to 5.23 b ln r upees. Sequentially, the revenue f ell 20.2%.

The compan y's other i ncome fell to 52.9 mln rupees from 78.7 mln rupees a year ago. In A pr-Jun, total e xpenditure, inc luding finance cost, was at 9.11 bln rupees compar ed with 11.78 bln rupees a year ago.

Finance cost rose to 4.08 bln rupees from 3.03 bln rupees a year ago. Suzlon Energy's operating margin expanded s harply to 17.40% in A pr-Jun fr om 4.94% a year ago.

The compan y's tax outgo for the June quarter was at 11 mln rupees.