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Life Insurance Corporation of India.

BSE: 543526 Sector: Financials
NSE: LICI ISIN Code: INE0J1Y01017
BSE 00:00 | 20 May 826.25 -14.50
(-1.72%)
OPEN

847.15

HIGH

856.95

LOW

825.05

NSE 00:00 | 20 May 826.15 -14.70
(-1.75%)
OPEN

848.55

HIGH

856.80

LOW

825.00

OPEN 847.15
PREVIOUS CLOSE 840.75
VOLUME 497486
52-Week high 920.00
52-Week low 825.05
P/E 180.01
Mkt Cap.(Rs cr) 522,603
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 847.15
CLOSE 840.75
VOLUME 497486
52-Week high 920.00
52-Week low 825.05
P/E 180.01
Mkt Cap.(Rs cr) 522,603
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Life Insurance Corporation of India. (LICI) - Company History

The Corporation was established as Life Insurance Corporation of India (LIC) on September 1 1956 under the Life Insurance Corporation Act. Further the Corporation obtained its certificate of registration bearing registration number 512 to undertake the business of life insurance by a certificate dated September 20 1956 issued by the Controller of Insurance in accordance with the provisions of the Insurance Act. The Corporation obtained the certificate of registration from the IRDAI to undertake life insurance business on January 1 2001 which was renewed on an annual basis under Section 3A of the Insurance Act. Further pursuant to amendment to Section 3A of the Insurance Act with effect from December 2014 the process of annual renewal of certificate of registration was discontinued. Accordingly the certificate of registration issued on January 31 2014 continues to be in effect. The Corporation was formed by merging and nationalizing 245 private life insurance companies in India on September 1 1956 with an initial capital of ?50.00 million. From the Corporation's incorporation until 2000 LIC was the only life insurer in India. The Corporation was identified by IRDAI as a Domestic Systemically Important Insurer (D-SII) on the basis of size market importance and domestic and global inter-connectedness in September 2020.Life Insurance Corporation of India has been providing life insurance in India for more than 65 years and is the largest life insurer in India with a 64.1% market share in terms of premiums (or GWP) a 66.2% market share in terms of New Business Premium (or NBP) a 74.6% market share in terms of number of individual policies issued a 81.1% 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 March 31 2021. The Corporation had the highest gap in market share by life insurance GWP relative to the second-largest life insurer in India as compared to the market leaders in the top seven markets globally. According to CRISIL this is owing to the corporations enormous agent network strong track record immense trust in the brand `LIC' and the Corporation's 65 years of lineage. The Corporation is ranked fifth globally by life insurance and 10th globally in terms of total assets. Life Insurance Corporation is the largest asset manager in India as at September 30 2021 with AUM (comprising policyholders' investment shareholders' investment and assets held to cover linked liabilities) of ?39558929.24 million on a standalone basis which was (i) more than 3.3 times the total AUM of all private life insurers in India (ii) approximately 16.2 times more than the AUM of the second-largest player in the Indian life insurance industry in terms of AUM (iii) more than 1.1 times the entire Indian mutual fund industry's AUM and (iv) 18.5% of India's annualised GDP for Fiscal 2022. (Source: the CRISIL Report). As per the CRISIL Report as at September 30 2021 the Corporation's investments in listed equity represented around 4% of the total market capitalisation of NSE as at that date. The Corporation's brand LIC was recognised as the third strongest and 10th most valuable global insurance brand as per the Insurance 100 2021 report released by Brand Finance. The strength of a brand means the efficacy of a brand's performance on intangible measures relative to its competitors and is determined by looking at the brand's marketing investment stakeholder equity and impact of those on business performance. The value of a brand is the present value of earnings specifically related to brand reputation. The brand `LIC' was also recognised by WPP Kantar as the second most valuable brand in India in the report BrandZT Top 75 Most Valuable Indian Brands for 2018 2019 and 2020.In addition to the Corporation's life insurance operations in India the Corporation has one branch in each of Fiji Mauritius and the United Kingdom and subsidiaries in Bahrain (with operations in Qatar Kuwait Oman and the United Arab Emirates) Bangladesh Nepal Singapore and Sri Lanka in the life insurance industry.

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