The Life Insurance Corporation of India (LICI) Fiji has announced a significant investment in Fiji Infrastructure Bonds (FIB), allocating $80 million in the first eight months of the 2025 financial year. This investment equals the total FIB investments made by LICI Fiji last year, with the total for 2025 anticipated to exceed $100 million, according to the company’s General Manager, Pradeep Shenoy.
Celebrating its 69th anniversary, LICI Fiji also reported impressive asset growth, with the total assets surpassing the $1 billion mark. The valuation surplus of the company increased to $27.47 million as of December 31, 2024, up from $25.78 million the previous year. A substantial portion of this surplus, 95%, is distributed as bonuses to eligible policyholders. Furthermore, for the 2025 financial year, LICI Fiji maintained its bonus rates from 2024, which ranged from $30 to $43 per $1,000 of insurance for various plans.
In addition to these achievements, LICI Fiji paid out $30 million in claims for 4,600 policies within the first eight months of the 2025 financial year. Among these claims were 121 death claims, totaling $3.03 million. Last year, the company settled 7,699 claims amounting to $53.84 million, which included 165 death claims totaling $3.87 million.
LICI Fiji also facilitated loan services under their policies, with nearly 15,000 policyholders availing loans totaling $46.45 million in the 2024 financial year. This equates to approximately 60 loans being sanctioned each working day, reflecting LICI’s commitment to supporting its clients financially.
With 195 agents across Fiji, LICI services 62% of the life insurance policies for Fijians. Mr. Shenoy emphasized LICI’s remarkable growth over the past 69 years, making it the leading institutional investor in India and the largest life insurance company globally by policies serviced.
Beyond financial achievements, LICI Fiji is deeply committed to community engagement and service excellence, as reflected in their ongoing charitable initiatives and policyholder support. These efforts demonstrate not only LICI’s robust financial health but also its dedication to positively impacting Fiji’s socio-economic landscape.