State-run insurer sold whopping 41 policies every minute, 2.17 crore in FY22, Zee Business report reveals ahead of LIC IPO launch

LIC IPO: Country's largest life insurance company the Life Insurance Corporation of India (LIC) is preparing for an Initial Public Offering (IPO). So far, it has sold around 2 crore 17 lakh policies in India in FY 2022, i.e. 41 policies have been sold by LIC every minute.

LIC is preparing to bring an IPO in the first quarter of the current financial year, and as on September 30, the embedded value of LIC was Rs 5.4 lakh crore.In the financial year 2023, the first-year premium increased by 8% to close to Rs 2 lakh crore, i.e. Rs 1 lakh 98 thousand crore. Despite 23 private insurance companies, LIC's market share in new business premiums remains at 64 per cent. However, in the last two years, there has been a decline in the market share of the new business premium.

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The Centre is all set to launch Life Insurance Corporation of India's initial public offering (IPO) by the second week of May this year, reported Zee Business' Anurag Shah.

The government is very keen on launching the LIC IPO before May 12, 2022. As the timeline of 3 months after filing the Draft Red Herring Prospectus (DRHP) marks its completion on May 12, " said Zee Business special correspondent. The government wants to launch the RHP before it, Shah added, keeping this in mind.

The individual single premium has also increased by 61 per cent to Rs 4,018 crore in March 2022 as against Rs 2,495 crore in March last fiscal. Whereas the Group Single-Premium increased by 48 per cent to Rs 30,052 crore in March 2022 as against Rs 20,294 crore in March 202.

LIC's number of policies sold, grew by 3.54 per cent to 2 crore 17 lakh in the financial year 2021-22 from 2 crore 10 lakh in the previous financial year. LIC sold 48 lakh 96 thousand policies for the month of March 2022, while 46 lakh 67 thousand policies were sold in the month of March 2021