It will be known whether the company made profit or suffered loss
The Board of Directors of Public Sector Insurance Company Life Insurance Corporation (LIC) is going to meet at the end of this month. In this, the company’s financial results for the fourth quarter of the last financial year will be announced. The company said that the single and integrated financial results for the fourth quarter will be considered and approved in the meeting of the board of directors. Dividend payment can also be considered in the meeting.
LIC makes huge profits
LIC is making huge profits. LIC’s net profit stood at Rs 2774 crore in FY 2021. On the other hand, if we look at the rival companies of LIC, then SBI Life Insurance Company made a profit of Rs 1455.8 crore. HDFC Life Insurance stood at Rs 1360.90 crore and ICICI Prudential Life Insurance Rs 956.20 crore.
How big a player is LIC in the insurance industry around the world
Even though LIC’s IPO has disappointed investors, the company is a big player globally. This is the reason that despite being a MahaIPO, it got a good response from the investors. According to SEBI, LIC is currently the 5th largest insurance company in the world on the basis of premium. On the other hand, if we talk about the basis of assets, then it is the 10th largest insurance company in the world.
Why LIC’s market is falling fast in India
If we talk about the market of LIC in India, then it has been falling rapidly. In 2013-14, where the company had 75.5 per cent market, now it has 66.2 per cent market left. Although it is still the largest insurance company in India, but the market share has declined as compared to earlier. A major reason for this decline is that earlier private insurance companies were not allowed to do business in India, due to which LIC maintained its hold on the market for decades, but now due to competition from private companies, LIC’s market has declined. Used to be.
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