LIFE insurance company Life Insurance Corporation of India’s (LICI) Fiji has invested $80million in Fiji Infrastructure Bonds (FIB) in the first eight months of the 2025 financial year.
These were revealed by LICI Fiji general manager Pradeep Shenoy in his presentation to the media as the company celebrated its 69th anniversary yesterday.
He said LICI Fiji only invested in that one Government-issued instrument, and the $80m invested this year was equal to the total investments made in FIBs last year.
“The final figure for 2025 is likely to be more than $100m,” Mr Shenoy said.
He said the value of total assets of LICI had also crossed the $1billion mark.
“The valuation surplus of LICI as at December 31, 2024, has gone up to $27.47m from $25.78m of previous year. Ninety-five per cent of this surplus is distributed as bonus to the eligible policy holders.”
Mr Shenoy said for the 2025 financial year, the company had also maintained the bonus rates that were declared for the 2024 financial year, and that ranged from $30 to $43 per $1000 of sun assured for various plans.
He said in addition to that was a provision for payment of final additional bonus to the customers.
Meanwhile, the company paid out $30million as claims under 4600 policies, also in the first eight months of the 2025 financial year.
Part of that claims payout was the settlement of 121 death claims totaling $3.03m.
Last year, LICI Fiji paid out 7699 claims of different types amounting to $53.84m, and that included 165 death claims payout amounting to $3.87m.
Mr Shenoy added that almost 15,000 policy holders in the country had also availed the facility of loan under their policies during the 2024 financial year, with a total of $46.45m paid out.
“This works out to 60 loans sanctioned every working day,” he said.
Mr Shenoy said LICI had grown phenomenally over the last 69 years “to become the number one institutional investor in India and the largest life insurance company in the world in terms of policies serviced”.
To date, LICI Fiji has 195 agents spread throughout the country, servicing 62 per cent of the life insurance policies of Fijians.
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Note: This article was first published under the headline: Life insurance firm invests $80m in FIB in eight months in Page14 of the print version of The Fiji Times dated Tuesday September 2, 2025
