LIC's Assets Worth More Than Combined GDP Of Pakistan, Nepal And Sri Lanka

The total assets of Indian multi-national Life Insurance Company (LIC) recently touched Rs 50 lakh crore, reportedly almost twice the size of the neighboring Pakistan”s economy. The new leap has surpassed the combined GDP of three neighboring countries – Pakistan, Nepal, and Sri Lanka.  The figure has also outnumbered the GDPs of developed regions such as Denmark, Finland, Singapore, and Hong Kong.

LIC”s value surged following the recent rally in the markets, and the state-owned company declared its financial result for Q4 FY24 on May 27 in an exchange filing.

According to the latest data, Life Insurance Corporation of India”s AUM has increased by 16.48% year-on-year (YoY) to Rs 51,21,887 crore ($616 billion) as of March-end. The insurance giant”s AUM was Rs 43,97,205 crore at the end of the previous FY23.

While Pakistan”s GDP is around 338.24 billion dollars according to the International Monetary Fund (IMF), the AUM of LIC has reached 616 billion dollars, thus becoming double the size of Pakistan”s economy.

According to the latest data, Pakistan”s economy is plagued with high debt, trade deficit, and inflation and the IMP has also raised concerns about the country”s ability to repay the debt. However, India has been projected as a growing economy.

With great market shares, the insurance giant is now planning to expand its operation into health insurance and has been exploring acquisitions. With a total value of Rs 6.46 lakh crore, LIC has been listed as the 7th largest stock by market capitalisation in India. The company currently possesses nearly 59 percentage of the market share in India”s insurance industry. The government holds a 96.5% stake in the company through the President of India.