After taking over the IDBI Bank, the life insurance behemoth Life Insurance Corporation(LIC), with over Rs 30 trillion of assets and over 30 crore policies, has now set its eyes to develop itself as a `Global Financial Conglomerate’.
Announcing the medium term target of the corporation in the next 13 years, by 2031, when LIC will be completing 75 years,V K Sharma, chairman, LIC, said,“LIC of India has achieved a cult status as far as life insurance is concerned. Now I dream of a day when LIC of India will acquire a similar status as conglomerate.''
“This is my ultimate vision for LIC @75. A place where all kinds of people, with all kinds of needs and in all kinds of places, are served under just one roof, that of LIC of India and they need not go anywhere else, ever,’’ explained Sharma at a brainstorming session attended by the middle and senior functionaries of LIC.
“So, let us put on our thinking caps, get our priorities straightened and tighten our seat belts, because we are starting on a journey to make LIC a global Financial Conglomerate@ 75,’’ he said.
Elaborating the idea further, Sunita Sharma, managing director, LIC, outlined seven pillars that the corporation aspires to dwell on in its journey towards 75 years. They are –Pioneer Torch Bearer, Market Leader, Tech Savvy, Millenials Choice, Diversity and Global Financial Conglomerate.
“Each one of these would singularly qualify as goals in themselves, together they present the grand portrait of the corporation that we aspire to see on its 75th year,'' said Sharma.
Over the past six decades, the role of the LIC has changed. From being a an insurer, it has transformed into a nation builder. From being the country’s first venture capitalist in spirit to the champion of financial inclusion, the corporation has won many hats while contributing to the socio-economic development of the country, said the LIC MD.
According the analysts, LIC while targetting to become a `Global Financial Conglomerates''. wants to catch up with other Indian financial conglomerates like, State Bank of India, ICICI Bank and HDFC.
In that sense LIC at present has almost presence in all the segments of financial sector except banking and non-life insurance.
After acquring IDBI Bank, it has now fulfilled a major achievement in its goal to become a `Global Financial Conglomerate'.