The Life Insurance Corporation of India (LICI) Fiji has made a notable financial commitment by investing $80 million in Fiji Infrastructure Bonds (FIB) during the first eight months of the 2025 financial year. This investment matches the total FIB allocation by LICI Fiji for the entirety of the previous year, and expectations are high that by the end of 2025, their contributions will exceed $100 million, according to General Manager Pradeep Shenoy.
Celebrating 69 years of operation, LICI Fiji has reached a remarkable milestone with its total assets surpassing the $1 billion threshold. The company’s valuation surplus also saw an increase, reaching $27.47 million by December 31, 2024, compared to $25.78 million in the previous year. LICI Fiji has generously decided to distribute 95% of this surplus as bonuses to eligible policyholders. For the 2025 financial year, the bonus rates have been maintained at 2024 levels, ranging from $30 to $43 per $1,000 of insurance across their various plans.
LICI Fiji’s commitment to its policyholders is further demonstrated by the $30 million paid in claims for 4,600 policies in the first eight months of the 2025 financial year. This figure includes 121 death claims amounting to $3.03 million. In 2024, the company settled 7,699 claims, totaling $53.84 million, including 165 death claims that summed up to $3.87 million.
Highlighting their robust support system for policyholders, LICI Fiji facilitated loans worth $46.45 million to nearly 15,000 clients during the 2024 financial year. On average, about 60 loans were approved daily, underscoring LICI’s role in providing financial support to its clientele.
With a team of 195 agents stationed across Fiji, LICI manages 62% of the life insurance policies held by Fijians. Mr. Shenoy praised the company’s impressive growth over its 69-year history, solidifying its status as a leading institutional investor in India and the largest life insurance provider worldwide by the number of policies managed.
LICI Fiji’s strong financial performance is complemented by its commitment to community service and engagement, reflected in its various charitable initiatives. This dual focus on financial health and community impact positions LICI Fiji as a pivotal player in supporting Fiji’s socio-economic development.