LIFE insurance service provider Life Insurance Corporation of India (LICI) Fiji has so far paid out 970 mature policies valued at $16.63 million up until August month-end this year.
The Fiji Times obtained these statistics yesterday as the organisation marks its 70th anniversary of operations in the country.
Also, between January 1-August 31 this year, LICI Fiji has settled 124 death claims valued at $3.06m and 3666 survival benefit claims worth $12.30m.
Last year, the institution paid out a total of $47.55m across 6999 claims, comprising: $4.74m paid across 177 death claims, $18.90m paid across 5619 survival benefit claims, and $23.91m paid across 1203 mature policies.
In a presentation to the media yesterday, LICI Fiji general manager Shridhar Pathare also highlighted the company’s financial standing as at December 31 last year.
Total assets increased by 4.15 per cent over the year to $1.05 billion; net insurance premiums increased to $83.6m from $78.9m the prior year; surplus totalled $27.29m – of which $25.92m was added to the policyholders’ account as accumulated bonus; solvency surplus of $288.8m – in excess of its minimum required solvency margin of $86.9m; more than 62,000 policies serviced; and more than 15,000 policyholders also availed the facility of loan under their policies with a total of $52.10m paid out.
“Seventy years is more than a milestone, it’s a testament to the trust that generations of Fijian families have placed in us,” Mr Pathare said.
“From our first policy issued in 1956 to the policyholders’ funds of over $1b we now hold in trust, our purpose has remained the same – to give the people of Fiji the confidence to plan for tomorrow, no matter what life brings.”
Mr Pathare said they had planned a series of initiatives for its policyholders and the wider community to mark this anniversary.
“As we look ahead, our focus is on continuing to strengthen our financial position while staying true t what has always set us apart – genuine care for the people we serve.”
Today, LICI Fiji has 36 employees serving from four offices in Suva, Lautoka, Nadi and Labasa; and 211 agents spread across the country. Its product basket comprises 16 plans open for sale, including endowment, money-back endowment plan, and whole life and group plans.
