new delhi countrys largest life insurer life insurance corporation is exploring new territories including singapore to expand its overseas business a new joint venture company namely saudi indian company for cooperative insurance has been formed in saudi arabia lic is also exploring opportunities for expansion in new territories including asian countries like singapore finance minister p chidambaram told rajya sabha in a written reply the saudi joint venture has received certificate of registration and is likely to commence its activities soon after receipt of operational license from the local regulator he said the first year premium income of lics foreign operations for 200607 stood at 10867 crore in another reply minister of state for finance p k bansal said during 200607 lic made an investment of rs 1729718 crore in the infrastructure development project bansal said as on february 29 2008 lics market share stood at 7305 per cent and it registered 6353 per cent rise in the first year premium collection the sale of the companys conventional policies is much higher than total sales both nonulip conventional and ulip of all private insurers put together he said during 200607 the company posted a profit of rs 7736 crore against rs 6315 crore a yearago