Key facts
- LIC aims to maintain and increase its market leadership in the life insurance sector.
- The company holds nearly 60% of the market share in life insurance.
- LIC manages assets worth over Rs 57 lakh crore.
- The organization was founded in 1956 and is approaching its platinum jubilee.
- LIC is exploring the creation of a fintech arm to support its digital needs.
Life Insurance Corporation of India (LIC) CEO and Managing Director R Doraiswamy has stated that the company is focused on strengthening its market leadership in the life insurance sector, even as new competitors emerge. As LIC approaches its platinum jubilee in 2026, it aims to continue its synergistic relationship with India's economic growth and contribute to the nation's development.
Doraiswamy highlighted LIC's dominant position, commanding nearly 60% of the market share in life insurance and managing assets valued at over Rs 57 lakh crore. The corporation also possesses real estate properties estimated at around Rs 60,000 crore. Since its inception in 1956, LIC's growth has been closely tied to India's development, evolving into a respected institution instrumental in nation-building.
Established by the Life Insurance Corporation Act, 1956, LIC was formed by nationalizing 245 insurers with an initial capital of Rs 5 crore from the Government of India. Today, it operates through a vast network of 2048 branch offices, 113 divisional offices, and 8 zonal offices, with its Wide Area Network connecting all divisional offices and branches. LIC also has a presence in 13 countries through various subsidiaries and joint ventures.
To adapt to modernization and innovation, LIC is actively considering establishing a fintech arm, either through strategic investments or organic development. The company also seeks strategic investments in specialized players to improve returns on policyholders' funds, underscoring its commitment to evolving and remaining relevant while prioritizing citizen and national welfare.