LIC assets at $463 billion exceed the GDP of several economies

New Delhi: LIC assets at $463 billion exceed the GDP of several economies. The company is ranked fifth globally in terms of life insurance Gross Written Premium (GWP) and 10th globally in terms of total assets.  LIC assets are 1.1 times more than the entire Indian MF industry i.e. Rs 31.4 trillion (till March 31, 2021). LIC’s assets are 16.3 times the AUM of the second largest private insurer in India, i.e. SBI Life.

LIC is the largest asset manager in India with Rs 36.7 trillion AUM. LIC’s AUM on a standalone basis was equal to 18 per cent of India’s GDP for FY21.

The company has been providing life insurance in India for more than 65 years and is the largest life insurer in India in terms of Gross Written Premium (GWP) with a market share of 64.1 per cent, New Business Premium (NBP) with a market share of 66.2 per cent, number of individual policies issued with a market share of 74.6 per cent and number of group policies issue with a market share of 81.1 per cent for the 2021 fiscal.

LIC is the largest asset manager in India as on March 31, 2021, with AUM (comprising policyholders’ investment, shareholders’ investment and assets held to cover linked liabilities) of approximately Rs 36.7 trillion on a standalone basis.

LIC’s investment in equities in India as on September 30, 2021 represented 7.62 per cent of the outstanding (non-promoter market cap in India).

As on September 30, 2021, LIC’s individual products portfolio in India comprised 32 individual products and seven individual riders / and it’s group product portfolio in India comprised 10 products, which included one group micro insurance products.

For the 2021 fiscal, LIC issued approximately 21 million individual policies, representing a 74.6 per cent market share in new individual policy issuances.