New business

LIC continues to dominate the New Business Premium market | Odisha News | Latest news from Odisha

Chenai: Honorable dignitaries present today. As we all know, the company filed its initial public offering on February 13, 2022. The LIC brand is a key driver in maintaining our leadership position in the life insurance industry and our business model has been very customer-centric in nature. The feeling of trust is still a pillar between individuals and it is important to note that even after 65 years of existence and serving the country and its compatriots, we still hold 2/3 of the market share in terms of issued premiums gross and new business. policies in FY21.

In Group New Business Premium LIC continues to lead the market, accounting for over 75% market share in FY21

The Company is the 10and The largest in the world and 5and The largest in Asia. We had 286 million policies in force under individual business in India as of March 31, 2021, more than the 4and largest country population by population as of CY2020. Although we are seeing increased competition from private insurers, our customer-focused culture and approach has held up well and we will strive to constantly innovate our product offerings and distribution methods as well as the way in which we serve our customers physically and now more. numerically. It is also important to note that historically, life insurance policies have been focused on savings.

Just to reiterate the details of the problem. The shares have a par value of Rs 10 each and it is a full offer for sale of up to 31,62,48,885 shares by the President of India through the Government’s Ministry of Finance Indian who is the promoter of the company.

Offer includes no more than 5% reservation for eligible employees and no more than 10% for individual policyholders. Of the total issue size which will be determined based on the share price, 50% will be allocated to qualified institutional buyers, 15% to non-institutional investors and 35% to the retail public.

Emerging markets have been the engine of growth for the global life insurance industry. Between 2014 and 2019, while global markets grew at 1.7% CAGR, we saw emerging markets grow at 8% CAGR. The outlook for the industry is bright and India is one of the fastest growing major economies compared to the US, China, Russia, UK, South Africa South, in Japan, Brazil and Malaysia. India is the 5and Asia’s largest market and has shown consistent growth

India’s insurance penetration is not comparable to that of developed markets where mandatory pension contributions are not included in the insurance pie. Insurance density in India remains very low even if we look at emerging countries. Moreover, the countries’ protection gap is the highest among all Asian peers. Go forward…