Life Insurance Corporation of India

May 4, 2022

  • Life Insurance Corporation of India (“LIC”) was established on September 1, 1956, under the LIC Act by merging and nationalizing 245 private life insurance companies in India. LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in India, with a 61.6% market share in terms of premiums (or GWP), a 61.4% market share in terms of New Business Premium (or NBP), a 71.8% market share in terms of number of individual policies issued, a 88.8% market share in terms of number of group policies issued for Fiscal 2021, as well as by the number of individual agents, which comprised 55% of all individual agents in India as at December 31, 2021.
  • LIC had the highest gap in market share by life insurance GWP relative to the 2nd largest life insurer in India as compared to the market leaders in the top seven markets globally (in 2020 for the other players and in Fiscal 2021 for the LIC).
  • LIC is ranked 5th globally by life insurance GWP (comparing the LIC’s life insurance premium for Fiscal 2021 to the global peers’ life insurance premium for 2020) and 10th globally in terms of total assets (comparing the LIC’s assets as at March 31, 2021 with other life insurers’ assets as at December 31, 2020).
  • LIC is the largest asset manager in India as at December 31, 2021 with AUM of ₹40.1 trillion, on a s
    • tandalone basis which is 1.1 times the entire Indian mutual fund industry’s AUM.
  • The Corporation’s brand, LIC, was recognised as the 3rd strongest and 10th most valuable global insurance brand as per the “Insurance 100 2021 report” released by Brand Finance.
  • LIC has a broad, diversified product portfolio covering various segments across individual products and group products. Their individual products comprise (i) participating insurance products and (ii) non-participating products, which include (a) savings insurance products; (b) term insurance products; (c) health insurance products; (d) annuity and pension products; and (e) unit linked insurance products.
  • Their group products comprise (i) group term insurance products, (ii) group savings insurance products; (iii) group savings pension products; and (iv) group annuity products .

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Published by Team Internal Communications
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