LIC’s asset base goes past Rs 38 lakh crore in fiscal 2021

MUMBAI: Life Insurance coverage Company (LIC) of India has mentioned that its asset base has crossed Rs 38 lakh crore with whole investments of Rs 36,76,170 crore and a life fund of Rs 34,36,686 crore as of March 2021.
In accordance with its stability sheet for the earlier fiscal ended March 2020, the company’s whole belongings stood at just below Rs 32 lakh crore, whole investments at Rs 30.7 lakh crore and its life fund at Rs 31.1 lakh crore.

LIC shared its stability sheet numbers forward of its basis day on September 1, which marks its 66th anniversary. The stability sheet numbers present some insights into the worth of the IPO-bound company. Nevertheless, a transparent indication will probably be obtainable solely after it reveals the embedded worth of its enterprise.
The enlargement within the stability sheet within the pandemic 12 months FY21 occurred on the again of a 3.5% development in new enterprise (first-year premium) with a group of Rs 1.8 lakh crore premium from 2.1 crore new insurance policies. Belongings additionally grew with pension and group superannuation accumulating Rs 1.3 lakh crore as new enterprise premium. The company additionally settled 2.3 crore lakh claims amounting to Rs. 1.5 lakh crore.
The gross sales give LIC a market share of 66.2% in first-year premium earnings and 74.6% in variety of insurance policies. One other landmark achieved in the course of the 12 months was using digital channels for cost of practically 75% of the full renewal premium. This was a serious leap from FY20 when premium assortment by means of the alternate channel was 61.9% in insurance policies and 54.8% in quantity out of the full renewal premium assortment of LIC.