New Delhi: The Life Insurance Corp (LIC) of India’s assets under management exceed the size of Pakistan’s GDP as the company reported an AUM of over Rs 50 lakh crore, double the size of the neighbouring country’s GDP. LIC’s AUM rose 16.48 per cent to Rs 51.21 lakh crore from Rs 43.97 lakh crore in the year-ago period, according to company data.
What is the size of Pakistan’s GDP?
The size of Pakistan’s GDP stood at Rs 338.24 billion, compared to LIC’s AUM of $616 billion. Pakistan’s economy has been hurt by rampant inflation which drove the country to seek bailouts from the International Monetary Fund. The country recently avoided a sovereign debt default by a whisker. Pakistan requires a $123 billion fund infusion over a 5-year period to stabilise its economy, according to an IMF forecast.
LIC Q4 results
The Life Insurance Corp of India has received praise from Prime Minister Narendra Modi, and reported a Q4 net profit of Rs 40,676 crore and a premium collection worth Rs 4.75 lakh crore. The company shares a bonus worth Rs 52,955 crore with policyholders. LIC enjoys a 59 per cent market share in the life insurance business space in India. The company is India’s 7th largest stock by market cap.
LIC eyes health insurance space
Life Insurance Corp of India is also eyeing an entry into the health insurance space, pending regulatory clearance. For the life insurance giant to become a health insurer as well, LIC will require a composite insurer licence. LIC can only offer hospitalisation and coverage for indemnity once the Parliament amends the Insurance Act.
LIC share price
LIC’s share price was down 1.26 per cent on Wednesday. The company’s stock was down 3.70 per cent over the past 5 days.
The company’s stock value rose 2.39 per cent over the past month.
LIC’s stock rose 47.08 per cent over the past 6 months, and 65.48 per cent over the past year.
LIC’s assets under management have exceeded Rs 50 lakh crore at the end of FY24 or $616 billion, nearly double the size of Pakistan’s GDP of $338 billion. LIC is the India’s largest insurer with nearly 60 per cent share of India’s life insurance business and plans to diversify into health insurance pending regulatory approval. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
