LIC assets at US$ 463 billion
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 percent 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.
The NBP of the Indian Life Insurance is expected to grow at a CAGR of approximately 18 percent from Fiscal 2021 to Fiscal 2026 for individual business as compared to a CAGR of 17 pc in group business over the same period. CRISIL Research forecasts that the elderly population (aged 60 and above) in India will increase from 116.8 million in 2015 to 316.8 million in 2050 and the share of elderly in India’s population will almost double from 9 per cent in 2015 to 17 per cent in by 2050, which will result in an increase in demand for pension/annuity products.
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.