LIC: 9 facts one must know about India's largest insurerThe buzz around the initial public offering of the country's largest insurer LIC is garnering global attention. Reports suggest that the LIC will open on May 4 and close on May 9. As people gear up for the LIC IPO, here we list some key facts about LIC.
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LIC: 9 facts one must know about India's largest insurer
LIC is the largest institutional investor in Indian market and has a whopping $520 billion in total assets under its management. Credit: DH Photo
From 168 offices in 1956, LIC now functions with 2,048 fully computerised branch offices, 113 divisional offices, 8 zonal offices, 1,381 satellite offices and the Corporate office. Credit: DH Photo
LIC has a presence of more than 65 years and is one of the most reliable and trustworthy insurance companies in India. Credit: Reuters Photo
LIC has a pan-India network and covers more than 91% of all districts in India. Credit: Bloomberg
With a valuation of $8.656 billion, LIC is the third strongest insurance company on this planet. Credit: Reuters Photo
From 1956 to 2000, LIC was a monopoly in the insurance sector and was the only life insurer in India. Credit: Reuters Photo
Life Insurance Corporation (LIC) owns more state and central government bonds than the Reserve Bank of India. Credit: Reuters Photo
Not many know that IRDAI has identified LIC as a domestic systemically important insurer (D-SII). Credit: DH Photo
Reportedly, 10% of every rupee saved in an Indian household goes to LIC every year. This makes it larger than the State Bank of India’s saving deposit. Credit: PTI Photo