COMPANY PROFILE -Life Insurance Corporation of India (LIC)
Business Sector :Financial Services and Insurance
Operating Geography :India, Asia, Global
About Life Insurance Corporation of India (LIC) :
With its corporate office in Mumbai, the Life Insurance Corporation of India (LIC) is a statutory insurance and investment firm. It is a property of the Government of India. When the Life Insurance of India Act, which nationalised the insurance business in India, was approved by the Indian Parliament on September 1, 1956, the Life Insurance Corporation of India was created. The state-owned Life Insurance Corporation of India was founded by the merger of more than 245 insurance companies and provident societies. In addition to health insurance policies, the company also offers endowment plans, money-back plans, term assurance plans, pension plans, special plans, unit plans, group schemes, and child plans. Mumbai, Kolkata, Chennai, Hyderabad, Delhi, Kanpur, Bhopal, and Patna serve as its regional hubs for operations. The business offers its products in India through associates and agents. The company has operations in Fiji, Mauritius, the UK, Bahrain, the UAE, Kuwait, Qatar, Oman, Nepal, Sri Lanka, Saudi Arabia and Kenya. In June 2022, Life Insurance Corporation of India introduced a new program named Dhan Sanchay, which combines protection with savings. It is a non-linked, non-participating individual savings life insurance plan.
Life Insurance Corporation of India (LIC)'s USP is that it has a monopoly on soliciting and selling life insurance in India as the largest insurance company in the country. The mission statement of the company reads, "Ensure and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development."
Life Insurance Corporation of India (LIC) Revenue :
INR 4.03 lakh crores - FY ending 31st March 2021 (y-o-y growth 6.33%)
INR 3.79 lakh crores - FY ending 31st March 2020
Competitive Analysis of Life Insurance Corporation of India (LIC)
The SWOT analysis for Life Insurance Corporation is presented below in a matrix followed by the detailed analysis report:
| Strengths | Weaknesses |
1. Diversified portfolio of products offered by the company
2. Multiple marketing and distribution channels to reach the customers
3. Huge number of agents who sell the insurance policies will drive revenues for the company
4. Release of IPO for the company will boost growth for LIC
5. Growing potential of the micro insurance industry in rural India
| 1. Strong competition present in the insurance business in India |
| Opportunities | Threats |
1. Government and regulatory initiatives boost the revenues of the company
2. Increasing net financial assets and household savings of Indians is an opportunity for growth
3. Increasing internet penetration and digitization of the insurance industry
4. Growth in Indian insurance industry will drive the growth of the company
5. Multiple joint ventures helps in expansion to foreign countries
| 1. Decreasing insurance penetration in India for the last decade restricts the growth of the company |
Life Insurance Corporation of India (LIC) SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
Detailed SWOT Analysis of Life Insurance Corporation of India (LIC)
Strength
This section is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
1. Government and regulatory initiatives boost the revenues of the company: The limit on foreign investments in insurance intermediaries has been raised by the Indian government from 49% to 100%. This government action is anticipated to raise capital for businesses investing in technological solutions. Additionally, it will permit foreign brokerage firms to purchase stock in Indian corporations, which is expected to introduce international standards to the nation. New insurance products and a new sales approach will result from this. In the 2019 fiscal year, the Indian government introduced the Pradhan Mantri Kisan Maandhan Yojana. According to this policy, farmers will be able to receive pensions as they age. Governmental agencies are tasked with overseeing the programme in collaboration with LIC. In accordance with this policy, LIC would also manage the pension fund and be in charge of paying out pensions. The business will make money because of this. In order to increase insurance penetration in rural India, the IRDAI has also launched a brand-new insurance distribution channel called Common Public Service Centres-Special Purpose Vehicle (CPSC-SPV). The government is launching more flagship programmes, which LIC would participate in and thus increase revenue.
The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.
Threat
This section is available only in the 'Complete Report' on purchase.
The PESTLE analysis for Life Insurance Corporation is presented below in a table followed by the detailed analysis report:
| Political | Economical |
| 1. Government policies like Pradhan Mantri Jan-Dhan Yojana (PMJDY) and Rastriya Swasthya Bima Yojana (RSBY) to boost the industry | 1. Adverse impact of COVID 19 on India’s insurance sector |
| Social | Technological |
1. Ageing population would need insurance products in the future
2. Rising disposable income may lead to expenditure in insurance products
| 1. Rise of fintech firms and their offerings in the insurance space
2. Digitalisation of the insurance sector
3. Risk of cyberattacks and data leaks
|
| Legal | Environmental |
| 1. Insurance legislations and regulations by IRDAI | 1. Impact of climate change on insurance sector in India |
Life Insurance Corporation of India (LIC) SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
Detailed Pestle Analysis of Life Insurance Corporation of India (LIC)
Political
This section is available only in the 'Complete Report' on purchase.
Economic
1. Adverse impact of COVID 19 on India’s insurance sector: Due to the effects of the coronavirus and the need to develop products to meet demand with COVID-19 specific policies, the insurance industry in India is currently feeling the effects of a declining economy. Up until February of the 2020 fiscal year, the insurance industry saw strong growth of 13% for non-life and 18% for life insurance on an annual basis. Despite a rise in public awareness of the need for health products, policyholders' lack of funds may cause renewals to be delayed. Additionally, as the credit spread widens and the quality of the credit declines, asset value will decrease. All of these trends will have a negative effect on how insurance companies operate. The pandemic has led to an increase in digital health products. As a result, the insurers will need to create paperless apps or websites with smooth navigation. The procedures they would employ must be economical and must guarantee higher productivity that can be capitalised after recovery. As a result, there would be more centralization of tasks related to claims and policy administration.
The remaining section under "Economic" is available only in the 'Complete Report' on purchase.
Social
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Technological
This section is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- HDFC Life
- Bajaj Allianz
- ICICI Prudential
- Kotak Mahindra
- SBI Life Insurance Corp.
Life Insurance Corporation of India (LIC) SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Check Out Analysis of Other Relevant Companies
References used in Life Insurance Corporation of India (LIC) SWOT & PESTLE Analysis Report
1. LIC Website - https://licindia.in/
2. As IPO process gathers steam, LIC corporatised - https://indianexpress.com/article/business/companies/as-ipo-process-gathers-steam-lic-corporatised-7385071/
3. Pradhan Mantri Jan Dhan Yojana (PMJDY) - https://pmjandhanyojana.co.in/
4. KPMG explains how coronavirus can impact insurance sector - https://bfsi.economictimes.indiatimes.com/news/insurance/kpmg-explains-how-coronavirus-can-impact-insurance-sector/75067123
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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