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The Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai.It is India's largest insurance company as well as the largest institutional investor with total assets under management worth ₹ 52.52 trillion (US$610 billion) as of March 2024. [4]
In May 2021, the Insurance Regulatory and Development Authority of India (IRDAI) imposed a fine of ₹ 24 lakh (US$28,000) on Policybazaar for flouting norms related to SMS advertising. [ 34 ] On 25 July 2022, Policybazaar acknowledged that there had been a data breach, [ 35 ] resulting in over 50 million user data records being leaked.
The company's overall operational performance resulted in an operational loss of ₹ 2,604.12 crore (US$300 million) in 2022-23 as against ₹ 3,025.25 crore (US$350 million) in 2021-22, thus recording a decrease of ₹ 421.13 crore (US$49 million). The net incurred claims ratio increased to 112.14% in 2022-23 from 110.80% in 2021-22.
As of 31 March 2013, the Total Premium (net of re-insurance) was Rs. 40.15 billion, whereas new business premium stood at Rs. 13.77 billion. The company achieved a profit of Rs. 3.80 billion. The company sold 760,000 policies during 2012–13 with total managed funds valuing to Rs. 181.89 billion, through a wide network of distribution with ...
The company's AUM crossed the milestone of Rs 50000 crore and the total number of branches in the country crossed 750 during the financial year 2012-13.The company's GWP crossed the milestone of Rs 15000 crores during the financial year 2015-16 and in the subsequent financial year in 2016-17 SBI Life's renewal premium collection crossed the ...
Employees' State Insurance Corporation (ESIC), established by ESI Act, is an autonomous organisation under Ministry of Labour and Employment, Government of India.As it is a legal entity, the corporation can raise loans and take measures for discharging such loans with the prior sanction of the central government and it can acquire both movable and immovable property and all incomes from the ...
By 2017, it was the country's third-largest private sector life insurance company [6] with a 16.5 percent share of total private-sector premiums for the Financial Year 2017 and fourth largest in the life insurance industry based on premium earned and had 66,372 individual agents across India, comprising 6.8 percent of total private agents in ...
LIC Housing Finance Limited (LIC HFL) is the largest Housing Finance Company in India, with a registered corporate office in Mumbai. It is a deposit taking housing finance company, and it is a subsidiary of LIC , mainly providing long-term financing to people who purchase or construct residential houses or flats.
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