LIC to increase focus on digital, bancassurance

Hyderabad: Life Insurance Corporation of India (LIC), the fifth largest global insurer and the tenth largest worldwide in terms of total assets, plans to enhance its product offerings and services with an increased focus on digital and bancassurance in the future. The company today hold 2/3 market share when it comes to gross written premium […]

Hyderabad: Life Insurance Corporation of India (LIC), the fifth largest global insurer and the tenth largest worldwide in terms of total assets, plans to enhance its product offerings and services with an increased focus on digital and bancassurance in the future.

The company today hold 2/3 market share when it comes to gross written premium and new business policies in FY21. In group new business premium LIC continues to dominate the market accounting for more than 75 per cent market share in FY21, Mini Ipe, Managing Director, Life Insurance Corporation said.

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“We had 286 million policies in force under individual business within India as on March 31, 2021. Even though we are seeing an increase in competition from private insurers, our customer first culture and approach has held our fort well and we will strive to constantly innovate our product offerings and distribution methods as well as the way we service our customers physically and now more so digitally,” she added.

IPO plan

LIC has filed for its Initial Public Offering on February 13, 2022. The shares are at a Face Value of Rs 10 each and it is a complete offer for sale of up to 31,62,48,885 shares by the President of India through the Ministry of Finance, Government of India who is the promoter of the company.

The offer includes not more than five per cent reservation for eligible employees and not more than 10 per cent for individual policyholders. Of the entire size of the issue that will be determined on the pricing of shares, 50 per cent will be allocated to Qualified Institutional Buyers, 15 per cent to Non-Institutional Investors and 35 per cent to the Retail Public.

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