LIC asset base bigger than Pakistan GDP

LIC assets at $463 billion exceed the GDP of several economies, and it is ranked 5th largest globally in terms of life insurance GWP and 10th globally in terms of total assets. LIC assets are 1.1 times more than the entire Indian MF industry i.e. Rs31.4 trillion (till March 31, 2021). LIC's asset value is higher than countries like Somalia, Mozambique, South Sudan, Burundi, etc. It may be recalled that last fiscal, Pakistan's GDP was $280bn, Bangladesh's $350bn and Sri Lanka's GDP was $81bn. For instance, debt of Evergrande alone, leading property developer in China, is $310 billion.

LIC's assets are 16.3 times the AUM of the second largest private insurer in India, i.e. SBI Life. four per cent of total NSE market capitalization (mcap) is held by LIC. LIC is the largest asset manager in India with Rs36.7 trillion AUM. LIC's assets under management (AUM) on a standalone basis were equal to 18 per cent of India's GDP for FY21. It 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 fiscal 2021.

LIC is ranked 5th globally in terms of life insurance GWP and 10th globally in terms of total assets (comparing LIC's assets as on March 31, 2021, with other life insurers' assets as on December 31, 2020). 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 group products, which included one group micro insurance products.

In Fiscal 2019, Fiscal 2020, Fiscal 2021 and the six months ended September 30, 2021 -- our individual agents were responsible for sourcing 95.81 per cent, 94.74 per cent, 93.80 per cent and 96.82 per cent of LIC's NBP for its products on standalone basis, respectively. For Fiscal 2021, LIC issued approximately 21 million individual policies, representing a 74.6 per cent market share in new individual policy issuances. For Fiscal 2021, LIC's market share in the Indian Life Insurance Industry was 66.2 per cent based on NBP, and its NBP was 1.96 times the total private life insurance sector and 8.9 times the NBP for the second largest player in the Indian Life Insurance Industry. 

Breathing Life Into Insurance Business
♦ LIC is the largest asset manager in India
♦ Its AUM is at Rs36.7 trillion
♦ Holds 64.1% market share in Gross Written Premium (GWP)
♦ Commands a market share of 66.2% in New Business Premium (NBP)
♦ LIC ranked 5th globally in life insurance GWP
♦ Ranked 10th globally in terms of total assets

Date: 04/01/2022/ Source: Other