Life Insurance Corporation

Life Insurance Corporation of India
Company typeCentral Public sector Undertaking
IndustryFinancial services
Founded1 September 1956 (67 years ago) (1956-09-01)
Key people
  • Siddharth Mohanty (Chairperson)
  • R Doraiswamy (Managing Director)
  • M Jagannath (Managing Director)
  • Tablesh Panday (Managing Director)
Products
RevenueIncrease ₹856,950 crore (US$100 billion) (2024)[1]
Increase ₹41,057 crore (US$4.9 billion) (2024)[1]
Increase ₹40,916 crore (US$4.9 billion) (2024)[1]
Total assetsIncrease ₹5,252,252.14 crore (US$630 billion) (2024)[1]
Total equityIncrease ₹82,890 crore (US$9.9 billion) (2024)[1]
Owner Government of India (96.5%)[2]
Number of employees
95,700 (2023)[1]
Subsidiaries

Life Insurance Corporation of India (LIC) is an Indian multinational Central Public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth ₹52.52 trillion (US$630 billion) as of March 2024.[3] It is under the ownership of Government of India and administrative control of the Ministry of Finance.[4]

The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalising the insurance industry in India. Over 245 insurance companies and provident societies were merged.[5][6]

LIC reported 290 million policyholders as of 2019, a total life fund of ₹28.3 trillion, and a total value of sold policies in the year 2018–19 of ₹21.4 million. The company also reported having settled 26 million claims in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue of ₹775,283 crore (equivalent to ₹8.2 trillion or US$98 billion in 2023) and a profit of ₹4,415 crore (equivalent to ₹47 billion or US$560 million in 2023).[7]

  1. ^ a b c d e f "Life Insurance Corporation Ltd. Financial Statements" (PDF). bseindia.com.
  2. ^ "How LIC's IPO, India's biggest, ended in a downbeat debut". Live Mint. 17 May 2022. Retrieved 17 May 2022.
  3. ^ Laskar, Anirudh (20 May 2022). "LIC plans makeover of investment strategy". mint. Retrieved 10 February 2023.
  4. ^ "Stock Market Today: LIC Beats SBI To Become The Most Valuable PSU". Bru Times News.
  5. ^ Anushka. "LIC – Life Insurance Corporation Of India". My LIC India. Retrieved 18 February 2020.
  6. ^ "59th Annual Report". licindia.in. Archived from the original on 26 August 2016. Retrieved 10 September 2023.
  7. ^ "LIC breaks into Fortune 500 list, Reliance jumps 51 places". The Indian Express. 4 August 2022. Retrieved 3 September 2022.