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LIC's Assets at $463 Billion Exceeds the GDP of Several Economies
Brand LIC was recognized as the third strongest and 10th most valuable global insurance brand in 2021, as per the "Insurance 100 2021 report" released by Brand Finance.
LIC assets at $463 billion exceeds the GDP of several economies, and it is ranked 5th globally in terms of life insurance GWP and 10th globally in terms of total assets.
◆ It's 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. 4 per cent of total NSE market cap is held by LIC.
◆ 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.
◆ 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'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).
◆ For Fiscal 2021, LIC issued approximately 21 million individual policies, representing a 74.6 per cent market share in new individual policy issuances.
◆ As per the report, the brand value of LIC in 2021 is US$8,655 million with a brand strength index (BSI) score of 84.1 in 2021 out of 100 with a corresponding AAA- brand strength rating.
◆ The strength of brand LIC is further evidenced by it being recognized as WPP Brands second most valuable Indian Brand in 2019 and 2020.
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.
