UPDATE ON LIC(FOR INFO)

New Delhi: Looking to capitalise on its vast network of insurance agents, growing by lakhs every year, country's top life insurer LIC expects its asset size to grow by about Rs 6,00,000 crore or 75 per cent in next three years.

This will take the company's asset base, already highest in the country, to between Rs 13,00,000-14,00,000 crore in the three years' time, Life Insurance Corporation Chairman T S Vijayan told PTI.

"We are number one in financial terms with Rs 8,00,000 crore of assets .. Nobody else comes even close... even banks don't have Rs 8,00,000 crore (assets)," he said.

Asked where he sees the company in the next three years, Vijayan said: "In three years, LIC should be handling anywhere between Rs 13-14 lakh crore."

Set up in 1956, the government-run life insurance major had about Rs 8,00,000 crore of assets at the end of last fiscal, or as on March 31, 2008.

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