Early Times Report
JAMMU, Aug 31: LIC, India's foremost life insurance company, proudly celebrates its 67th anniversary, symbolizing decades of trust, integrity, and excellence in the insurance industry. As the journey is reflected upon, LIC takes immense pride in its outstanding performance over the years.
Key Highlights:
Maintaining a dominant position in the market with a 62.58% market share in First Year Premium Income in FY23.
Extensive distribution network across India poised for further expansion.
Playing a strategic role in promoting insurance and savings culture across the nation.
Serving a total of 27.74 crore policies as of March 31, 2023.
LIC's legacy spanning over six decades showcases tremendous growth and emergence as a pivotal player in the Indian insurance market, catering to the diverse needs of millions of policyholders. Setting new standards and offering innovative insurance solutions for financial security and well-being remains the focus.
With an initial capital of Rs. 5 crores in 1956, LIC's Assets Under Management (AUM) have grown to Rs. 43,97,205 Crores as of March 31, 2023.
Highlights for the Financial Year 2022-23:
First-Year Premium income of Rs. 2,31,899.17 Crore.
Sale of 204.65 lacs new policies.
Market share in policies at 71.76% and in First-Year Premium Income at 62.58%.
Successful settlement of 225.51 lacs claims, amounting to Rs. 2,09,938.63 Crore.
LIC's commitment to timely and hassle-free claim settlements remains unwavering. The Pension and Group Superannuation Business vertical achieved significant milestones, crossing the one-trillion mark for the fourth consecutive year.
LIC's community development initiative, LIC Golden Jubilee Foundation (GJF), has sponsored 723 projects focused on poverty relief, education, and more, disbursing Rs. 198.11 Crore as of March 31, 2023.
Apart from being a leading Life Insurance Company, LIC is an internationally recognized financial conglomerate present in fourteen countries, with ventures into various financial services.
As LIC commemorates its 67th anniversary, the Corporation remains dedicated to serving the financial needs of its policyholders and contributing to the nation's economic growth. The core values of integrity, reliability, and customer-centricity continue to guide LIC's journey towards excellence. The journey of 67 years has been extraordinary, owed to the trust and confidence of loyal policyholders and stakeholders. The commitment to customer welfare remains at the heart of LIC's mission. |
