S K Roy, chairman, LIC said that new premium collections have touched Rs 10000 crore so far and the company has achieved the target set for Q1 from investments in equities.
The state-owned insurance group and investment company, LIC, is aiming to grow by 10 percent this fiscal. Speaking to CNBC-TV18, SK Roy, chairman, LIC said the company is well in its path to achieve the target since it has already recorded 7 percent growth so far this year.
He informed that new premium collections have touched Rs 10,000 crore and LIC has achieved the target set for Q1 from investments in equities. Although Roy desisted from sharing the numbers, he offered to reveal that income from investments in Q1 were 10-15 percent higher.
When asked about his expectation from the market, Roy said he agreed with street that better days are yet to come. Talking about earnings growth in India, the chairman said good days are going to continue and he was bullish on banking and financial, metals, FMCG and IT sectors.
Speaking about GDP growth, Roy said he does not want to spell out any figures, but he remains positive. FY14 GDP growth fell below 5 percent and the government is eyeing 6 percent growth this fiscal.
LIC is invested in a lot of compnaies that have run in trouble over corporate governance. He said that if required, LIC will intervene corporate governance concerns with respective companies that it is invested in.Talking about Syndicate Bank, Roy said once the economy turns around, NPAs will reduce. "This is the expectation everyone has."
He also sees stability on the currency front continuing. Churning of portfolio to continue and Roy said if existing invetment is giving good returns and if there are headrooms to invest further, then it makes business sense to continue wiith such companies.
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