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7	7	* The Life Insurance Corporation of India was created on 1st September, 1956
8	8	* LIC had 5 zonal offices, 33 divisional offices and 212 branch offices
9		-* The total number of Agents on our Roll is 12,08,826 as on March 2020
	9	+* The total number of Agents on Roll is 12,08,826 as on March 2020
10	10	* LIC IPO is expected to hit the bourses by March 31, 2022
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12	12	[[image:LIC0.jpg||height="539" width="719"]]
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98	98	== Business Overview ==
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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 our 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 our 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).
	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 (i) 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. (Source: the CRISIL Report). 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 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.
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106		-LIC dominant in group insurance with approximately 80% market share
	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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108		-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
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	109	+LIC’s individual policies are primarily distributed by its individual agents. In Fiscal 2019, Fiscal 2020, Fiscal 2021 and the six months ended September 30, 2021, individual agents were responsible for sourcing 96.69%, 95.73%, 94.78% and 96.42% LIC’s NBP for its individual products in India, respectively.
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111		-Customers can also approach our branch offices and satellite offices and purchase products through our intermediaries. As at September 30, 2021, LIC had 2,048 branch offices and 1,554 satellite offices in India.
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114		-LIC’s individual policies are primarily distributed by our individual agents. In Fiscal 2019, Fiscal 2020, Fiscal 2021 and the six months ended September 30, 2021, individual agents were responsible for sourcing 96.69%, 95.73%, 94.78% and 96.42% LIC’s NBP for our individual products in India, respectively.
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116	116	As at March 31, 2019, March 31, 2020, March 31, 2021 and September 30, 2021, LIC had 1.18 million, 1.21 million, 1.35 million and 1.34 million individual agents in India, respectively. As at March 31, 2021, LIC’s individual agency force accounted for 55% of the total agent network in India and was 7.2 times the number of individual agents of the second largest life insurer in terms of agent network. The number of LIC’s individual agents in India increased at a CAGR of 7% between March 31, 2019 and March 31, 2021, compared to the next best player’s agency force CAGR of 5% during the same period.
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137	137	Bank partners contributed 87.36% of Policies and 94.77% of FYPI of the total Bancassurance and Alternate Channel business by completing 2,14,447 policies and ₹ 1,449.98 Crore of FYPI. Other Corporate Agents completed 24,555 policies with ₹ 40.65 Crore of FYPI. Brokers completed 1,418 policies with ₹ 27.60 Crore FYPI. IMFs completed 5055 policies with ₹ 16.65 Crore of FYPI. IDBI bank was the Top bank on both policy and premium count with 66751 Policies and 699.03 Crore TFPI with 242 Bank Branches procured ₹ 1 Crore and above TFPI, while 387 Bank Branches, procured TFPI between ₹ 50 Lacs to ₹ 99 Lacs, during the year
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140		-The total number of Agents on our Roll is 12,08,826 as at 31.03.2020 as against 11,79,229 as on 31.03.2019. The number of Active Agents is 10,80,809 as at 31.03.2020 as compared to 10,69,816 as on 31.03.2019.
	136	+The total number of Agents on Roll is 12,08,826 as at 31.03.2020 as against 11,79,229 as on 31.03.2019. The number of Active Agents is 10,80,809 as at 31.03.2020 as compared to 10,69,816 as on 31.03.2019.
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