MF eyes LIC’s agent network to boost sales

Rajesh Patwardhan, the chief marketing officer (CMO) of the LIC MF, stated  that LIC has 11.5 lakh registered agents and if one considers that 2-3 lakh of them are active agents then LIC MF would try its best to get at least one lakh agents selling its products in the next five years. “It would be a huge thing if we can do that,” he added.

He also mentioned that in the next three years it has set a target to achieve asset under management (AUM) of Rs 45,000 crore and around 15% of that or around Rs. 6,000 crore would be equity AUM.

Currently, the fund house has an AUM of Rs 25,000 crore and out of which equity AUM is Rs. 2,800 crore. It ranks 17th among MF players and eyes for slot on top 10 in near future. “We have come a long way in the last 18 months. From Rs. 9,000 crore AUM in February 2016, we have reached this position,” he added.

The CMO indicated that it is looking at LIC yearly claim payment of Rs. 1,35 lakh crore to boost its business. “Only 5% of this claim payment comes back to insurance again. We are eyeing this huge fund,” he added.