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100	100	LIC 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. LIC 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 (in 2020 for the other players and in Fiscal 2021 for LIC). (Source: the CRISIL Report). According to CRISIL, this is owing to its enormous agent network, strong track record, immense trust in the brand ‘LIC’ and LIC’s 65 years of lineage. LIC is ranked fifth globally by life insurance GWP (comparing LIC’s life insurance premium for Fiscal 2021 to its global peers’ life insurance premium for 2020) and 10th globally in terms of total assets (comparing LIC’s assets as at March 31, 2021 with other life insurers’ assets as at December 31, 2020).
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103		-LIC 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 ₹39,558,929.24 million on a standalone basis, which was 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. As per the CRISIL Report, as at September 30, 2021, LIC’s investments in listed equity represented around 4% of the total market capitalisation of NSE as at that date.
	103	+LIC 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 ₹39,558,929.24 million on a standalone basis, which was (1) more than 3.3 times the total AUM of all private life insurers in India, (2) approximately 16.2 times more than the AUM of the second-largest player in the Indian life insurance industry in terms of AUM, (3) more than 1.1 times the entire Indian mutual fund industry’s AUM and (4) 18.5% of India’s annualised GDP for Fiscal 2022. As per the CRISIL Report, as at September 30, 2021, LIC’s investments in listed equity represented around 4% of the total market capitalisation of NSE as at that date.
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106	106	LIC dominant in group insurance with approximately 80% market share In terms of segments, the share of group NBP in total NBP has increased from 58% in Fiscal 2016 to 62% in September 30, 2021. LIC continues to dominate the group NBP segment with 78% market share for Fiscal 2021. On the other hand, private players have increased their market share in individual NBP from 44% in Fiscal 2016 to 50% in Fiscal 2021 and further to 56% in September 30, 2021 Customers can also approach its branch offices and satellite offices and purchase products through its intermediaries. As at September 30, 2021, LIC had 2,048 branch offices and 1,554 satellite offices in India.
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122	122	= Financial Highlights =
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124	124	During the year 2019-20, the Corporation under Individual New Business, has procured 2,18,96,220 Policies with a First Year Premium Income of ₹ 51,227.83 Crore. The achievement to budget in NOP was 87.58 % and in FYPI 90.67 %. ₹ 13,202.35 crore premium earned under 1,68,779 policies of Pradhan Mantri Vaya Vandana Yojana. In Agency recruitment, the Corporation registered a net addition of 29,597 agents.{{footnote}}https://licindia.in/getattachment/Bottom-Links/annual-report/LIC-Annual-Report-2019-20.pdf.aspx{{/footnote}}
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151	151	= LIC IPO =
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	152	+**LIC's IPO Likely To Open On May 4, But Exact Timelines Post April 27**
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	154	+April 25, 2022; LIC's IPO is likely to open on May 4 and close on May 9, according to sources, who said the exact timelines will be confirmed post April 27th.{{footnote}}https://www.ndtv.com/business/lic-ipo-likely-to-open-on-may-4-and-close-on-may-9-sources-2919445{{/footnote}}
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	157	+The Life Insurance Corporation's (LIC) long-awaited public issue offer is likely to open on May 4 and close on May 9, according to sources, who said the exact timelines would be confirmed post-April 27.
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	160	+The exact date ranges and other details of the LIC's initial public offering (IPO) will be confirmed next week, the sources added.
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	163	+That comes on the heels of the LIC board approving a cut in its IPO issue size to 3.5 per cent from 5 per cent, according to sources on Saturday.
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	166	+The government is now expected to sell 3.5 per cent of its stake in LIC for ₹ 21,000 crore, subject to the approval of the capital markets regulator Securities and Exchange Board of India, SEBI.
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	169	+That would value the insurance behemoth at 6 lakh crore.
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	172	+A significant cut in valuation from a previous estimate of around ₹ 17 trillion for the 66-year old company.
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	175	+The draft red herring prospectus filed with the SEBI and approved showed the government had proposed a sale of its 5 per cent equity.
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	178	+Still, despite that setback and lowering of the company's valuation, it would be India's most significant to date.
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	181	+Indeed, the public issue size of the insurance behemoth at the lowered ₹ 21,000 crore will be larger than the amount mobilised from the IPO of Paytm in 2021 was the largest ever at ₹ 18,300 crore, followed by Coal India (2010) at nearly ₹ 15,500 crore and Reliance Power (2008) at ₹ 11,700 crore.
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	184	+The stake sale was initially planned to be launched in March 2022, but the Russia-Ukraine crisis derailed those plans as stock markets were highly volatile.
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	187	+Previously, the government was expecting to garner over ₹ 60,000 crore by selling about 31.6 crore or 5 per cent stake in the life insurance firm to meet the curtailed disinvestment target of ₹ 78,000 crore in 2021-22.
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	190	+[[Comments>>path:javascript:void(0);]]But the drastic lowering of ambitions for the IPO would be a setback for the government and challenge its fiscal balances as the disinvestment was positioned and aimed at replenishing the state's coffers.
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153	153	**Government appoints Kotak Mahindra, JP Morgan, Goldman Sachs, others as intermediaries.**{{footnote}}https://www.moneycontrol.com/news/business/ipo/lic-ipo-government-appoints-kotak-mahindra-jp-morgan-goldman-sachs-others-as-intermediaries-7445791.html{{/footnote}}
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