Life Insurance Corporation information

Life Insurance Corporation of India
	Yogakshemam Vahamyaham
	LIC New Delhi
Company type	Public
Traded as	BSE: 543526; NSE: LICI;
Industry	Financial services
Founded	1 September 1956 (67 years ago)
Key people	Siddharth Mohanty (Chairperson); R Doraiswamy (Managing Director); M Jagannath (Managing Director); Tablesh Panday (Managing Director);
Products	Life insurance; Term life insurance; Unit-linked insurance plan; Endowment policy; Money-back policy; Whole life insurance; Retirement plans; Health insurance; Investment management; Asset management; Risk management; Mutual funds; Exchange-traded funds; Index funds; Fund of funds;
Revenue	₹784,889 crore (US$98 billion) (2023)
Operating income	₹41,093 crore (US$5.1 billion) (2023)
Net income	₹37,997 crore (US$4.8 billion) (2023)
Total assets	₹4,924,495.5 crore (US$620 billion) (2023)
Total equity	₹46,233 crore (US$5.8 billion) (2023)
Owner	Government of India (96.5%)
Number of employees	95,700 (2023)
Subsidiaries	LIC Pension Fund Limited; LIC Mutual Fund; LIC Cards Services Ltd; LIC Housing Finance; National Stock Exchange (NSE);

Life Insurance Corporation of India (LIC) is an Indian multinational 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 ₹49.24 trillion (US$620 billion) as of March 2023.^[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$100 billion in 2023) and a profit of ₹4,415 crore (equivalent to ₹47 billion or US$590 million in 2023).^[7]

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

[6-K-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.

[licindia.in-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.

Life Insurance Corporation information

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Yogakshemam Vahamyaham
LIC New Delhi
Company type	Public
Traded as	BSE: 543526 NSE: LICI
Industry	Financial services
Founded	1 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	Life insurance Term life insurance Unit-linked insurance plan Endowment policy Money-back policy Whole life insurance Retirement plans Health insurance Investment management Asset management Risk management Mutual funds Exchange-traded funds Index funds Fund of funds
Revenue	₹784,889 crore (US$98 billion) (2023)^[1]
Operating income	₹41,093 crore (US$5.1 billion) (2023)^[1]
Net income	₹37,997 crore (US$4.8 billion) (2023)^[1]
Total assets	₹4,924,495.5 crore (US$620 billion) (2023)^[1]
Total equity	₹46,233 crore (US$5.8 billion) (2023)^[1]
Owner	Government of India (96.5%)^[2]
Number of employees	95,700 (2023)^[1]
Subsidiaries	LIC Pension Fund Limited LIC Mutual Fund LIC Cards Services Ltd LIC Housing Finance National Stock Exchange (NSE)