Life Insurance Corporation(LIC) is celebrating its 67th anniversary on Friday. With 13.47 lakh agents, LIC has taken many customer-centric initiatives and digital initiatives besides improving pricing and creating operational efficiencies
Mumbai:
With total 27.74 crore policies and Rs.43,97,205 crores under assets under management (AUM),life insurance behemoth Life Insurance Corporation(LIC) has secured 107th position in the Fortune Global 500 list published published in August 2023.
LIC, which is is celebrating its 67th anniversary on Friday, had been featured in the Fortune Global 500 list for the first time in 2022.
The corporation slipped nine places to rank at 107 in 2023.
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks 500 of the largest global corporations by total revenue for their respective fiscal years. The other Indian companies on the list are: Reliance Industries Indian Oil Corporation (IOL), Oil and Natural Gas Corporation (ONGC), Bharat Petroleum Corporation Ltd, State Bank of India (SBI), Tata Motors, and Rajesh Exports.
The corporation market share, among 27 life insurers, in terms of policies was 71.76 per cent while in terms of First-Year Premium Income, it was 62.58 per cent after twenty-plus years of liberalisation of the Indian insurance sector.
In FY 2023, LIC settled 225.51 lacs claims amounting to Rs 2,09,938.63 crore, It’s maturity claims paid ratio was 92.65 per cent and death claim paid ratio was 98.60 percent during the year.
With a legacy spanning over six decades, LIC has witnessed tremendous growth and continues to set new standards and offer innovative insurance solutions to promote financial security and well being of its policyholders, said LIC in a statement.
With 13.47 lakh agents, LIC has taken many customer-centric initiatives and digital initiatives besides improving pricing and creating operational efficiencies, said LIC.
LIC has floated a special revival campaign for lapsed policies with effect from Sept 1 for its policyholders.