LICI pays out $47.55m in claims as it marks 70 years
Insurance company now holds $1.05 billion in assets and services more than 62,000 policies
Tuesday 01 September 2026 | 12:30
Life Insurance Corporation of India (LICI) Fiji executives (from left) Manager Information Technology and Network Management Raveendra Kunchanapalli, Assistant Manager Administration Taina Talakubu, General Manager Shridhar Pathare, Manager Human Resources Vivek Prakash, and Manager Sales Akash Kumar during the company's 70th anniversary at LICI House in Suva on September 1, 2026.
Photo: Kaneta Naimatau
Life Insurance Corporation of India (LICI) marked 70 years of operations in Fiji on Tuesday, revealing it paid out F$47.55 million across 6,999 claims to policyholders and their families last year.
The payout included F$4.74 million in death claims across 177 cases, F$18.90 million in survival benefits across 5,619 claims and F$23.91 million in maturity claims across 1,203 policies.
LICI (Fiji) general manager Shridhar Pathare said the milestone reflected the trust generations of Fijian families had placed in the company.
“From our first policy issued in 1956 to the policyholders’ funds of over a billion Fijian dollars we now hold in trust, our purpose has remained the same,” Mr Pathare said.
“To give the people of Fiji the confidence to plan for tomorrow, no matter what life brings.”
As at December 31, 2025, LICI (Fiji) held total assets of F$1.05 billion, up 4.15 per cent from F$1.01 billion the previous year.
Net insurance premiums totalled F$83.6 million, while the company posted a surplus of F$27.29 million.
Of that surplus, F$25.92 million was returned to policyholders as accumulated bonuses.
Its solvency surplus stood at F$288.8 million, well above the Reserve Bank of Fiji’s Minimum Required Solvency Margin of F$86.9 million.
More than 15,000 policyholders also took out loans against their policies during the year, borrowing a total of F$52.10 million.
LICI now services more than 62,000 policies through 36 employees and 211 agents in Suva, Lautoka, Nadi and Labasa.
The company began operations in Fiji in 1956 and was registered on October 5 that year.
It has since opened regional offices, digitised its policy records and launched e-Policies in 2023.
“Our focus is on continuing to strengthen our financial position while staying true to what has always set us apart — genuine care for the people we serve,” Mr Pathare said.
Feedback: kaneta.naimatau@fijisun.com.fj
