“The longer you have to wait for something,
The more you will appreciate it when it finally arrives.”
The wait is finally over!
The mother of all IPOs LIC may file its DRHP today. Everyone has been talking about this IPO all of last year.
Investors have been looking forward to investing in the largest IPO of all. Their patience has finally paid off; and, the government announced holding the IPO before 31st March this year. Of course, now that we have a final timeline, we are sure LIC will dominate the headlines till the IPO dates are announced.
Last year, the finance minister Nirmala Sitharaman, announced that the government will file for the public issue of Life Insurance Corporation of India by the end of FY22.
A little more about LIC to know
LIC was incorporated on 1st September 1956 after merging 243 Companies under the Insurance Act, 1956 by the Parliament. The Insurance Act 1938, LIC Act 1956, LIC Regulations 1959, and Insurance Regulatory and Development Authority Act 1999 govern LIC.
It has 8 Zonal Offices, 113 Divisional Offices, 2048 Branch Offices, 73 Customer Zones, 1401 Satellite Offices, and 1227 Mini Offices in India with overseas operations in 14 countries.
LIC has over 30 different plans for sale. It caters to different categories such as Endowment, Term insurance, Children schemes, Pension, Microinsurance, Health insurance, and Market-linked products. It is the largest insurance company in India with about 37.94 crore policies in force equal to a sum assured of Rs. 68.24lakh-crore. During FY2021 LIC received the annual premium worth Rs. 2.78 lakh crore. LIC had investments valued at Rs. 36.76 lakh crore on March 31st, 2021.
LIC has also revamped its website with the latest technological platforms to augment the digital experience and offer more online services. You can download the LIC Mobile App from Google and iOS platforms. The app has over 800,000 active users, while the new customer portal has over 100 lakh registered users.
We at Research & Ranking have been keeping a close eye on how LIC is preparing to walk the D-street. The PSU and the government are doing plenty to ensure this IPO is a massive success from changes in FDI rules, management structure, and more.
Through our weekly series LIC’s Road to the IPO, we will dive deep into the process and what it could mean for the policyholders, employees, and the government.
Keep an eye out for the first chapter.
In the meantime, subscribe to the 5 in 5 Wealth Creation Strategy and start creating wealth today.