September 2006

Life Insurance Corporation of India (LIC) completed 50 years of ensuring smiles and building the nation today. On this auspicious occasion Mr. T.S. Vijayan, the Chairman conveyed his gratitude and appreciation to owners of over 18 crore policies for reposing their Trust in LIC and giving LIC an opportunity to be a partner in their lives for all these years. He also expressed gratitude to the Govt. of India and the regulator and attributed success of the organization to the overwhelming response of the policyholders and the unstinted efforts of employees and agents of the Corporation.

LIC, the life insurance market leader in India, came in to being on 1st September 1956 as an amalgamated entity after the nationalization of 245 odd private insurance companies. Today, after completing 50 successful years and achieving several milestones it has transformed into a global financial conglomerate. Beginning its operations with a small business of 56.86 lakh in force policies, LIC today has earned the status of being the world’s largest Life Insurance Company operating with a clientele of over 18 crore policies in a single country. LIC’s life fund, a yardstick to measure an insurance company’s strength, has grown from Rs.410.40 crore in 1956 to Rs.4,63,147 crore in 2006. With its assets of Rs.5, 52,447 crore LIC has won the distinction of being the largest financial institution in India on Asset Base.

The LIC is the largest single investor in India and second largest investor amongst the Insurers in Asia. With total investment of Rs.4, 65,100 crores, LIC has been rendering resources for economic development of the country. The Corporation is the largest single Financial Institutional Investor in the equity market with investment of over Rs.46,000 crore in equity (book value). The LIC’s investments of around Rs. 59,000 crore in infrastructural projects speak volumes about its contribution towards nation building activities.