LIC also has huge investments in debentures and bonds besides providing funding for many infrastructure projects according to its Annual Report for 2017-18.On an average, LIC invests Rs 55,000 crore to Rs 65,000 crore in stock markets every year and emerges as the largest investor in Indian stocks. It is also the largest investor in government securities and stock markets every year.The corporation had invested heavily in IPOs and follow-on offers of companies such as ONGC.Governments have long shied away from considering listing India’s top insurer, given the institution’s perceived role in supporting the markets by buying shares during major sell-offs and also shares of state-owned companies during divestment and when investor participation has been weak.LIC settled 26 million claims in 2018-19.The total value of sold policies in the year 2018-19 is ₹21.4 million.As of 2019, LIC had toa tal life fund of ₹28.3 trillion.From its creation, LIC, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses and by 2006 was contributing around 7% of India’s GDP.
The corporation, which started its business with around 300 offices, 5.7 million policies and a corpus of INR 45.9 crores (US$92 million as per the 1959 exchange rate of roughly ₹5 for US$1), had grown to 25,000 servicing around 350 million policies and a corpus of over ₹800,000 crore by the end of the 20th century. LIC is India’s largest financial institution, and if LIC shares are listed on stock exchanges, it could easily emerge as the country’s top listed company in terms of market valuation, overtaking current leaders Reliance and TCS. The nationalization of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least 17 sectors of the economy, including life insurance.It consolidated the business of 245 private life insurers and other entities offering life insurance services this consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies.The Parliament passed the Life Insurance of India Act on 19 June 1956 creating the LIC which started operating in September of that year.In 1955, parliamentarian Feroze Gandhi raised the matter of insurance fraud by owners of private insurance agencies.
The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Kolkata in 1818.Over 245 insurance companies and provident societies were merged to create the state-owned LIC.It was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India.LIC is an Indian state-owned insurance group and investment corporation owned by the Government of India.Life Insurance Corporation of India (LIC) Some are calling it India’s Saudi Aramco, a listing on Indian stock exchanges like none other.The government’s move is a part of efforts to push through an aggressive disinvestment and asset monetisation programme. The government owns 100 per cent of LIC.Finance Minister has said that the government will sell a part of its holding in Life Insurance Corporation of India (LIC) through an initial public offering (IPO).
0 kommentar(er)
