LIC
Mainboard₹20,557 Cr issue
-8.62%
Listing gain over issue price
Issue size
₹20,557 Cr
1 lot at cut-off
₹14,235
Lot size
15shares
Open
04 May 2022
Close
09 May 2022
Allotment
12 May 2022
Listing
17 May 2022
Listing performance
Issue price
₹949
Listed at
₹867.20
Listing-day close
₹875.45
Latest price
₹381.50
Close on 23 Oct 2026
Listing gain
-8.62%
Return since issue
-19.60%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 May 2022 – 09 May 2022
- Listing date
- 17 May 2022
- Face value
- ₹10 per share
- Issue price
- ₹949 per share
- Lot size
- 15 shares
- Total issue size
- ₹20,557 Cr
- Market cap at offer price
- ₹6,00,242 Cr
- Promoter holding
- 100.00% → 96.50% pre-issue → post-issue
- ISIN
- INE0J1Y01017
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Yogakshema, Jeevan Bima Marg, Nariman Point, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 5,92,96,853 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 15 shares per lot, in multiples, at ₹949
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 15 | ₹14,235 |
| Retail (max) | 14 | 210 | ₹1,99,290 |
| S-HNI (min) | 15 | 225 | ₹2,13,525 |
| S-HNI (max) | 70 | 1,050 | ₹9,96,450 |
| B-HNI (min) | 71 | 1,065 | ₹10,10,685 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
5,92,96,853
Anchor portion
₹5,627 Cr
at ₹949 per share
Valuation and performance
Valuation at offer price
₹949 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.70 | — |
| P/E (×) | 201.91 | — |
| Market cap | — | ₹6,00,242 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 45.65%
- NAV per share
- ₹10.30
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About LIC
Life Insurance Corporation of India (LIC) was established on September 1, 1956 under the Life Insurance Corporation Act, 1956. It is the largest life insurer in India with a 61.6% market share in terms of premiums (GWP) and 61.4% market share in terms of New Business Premium as of December 31, 2021. The Corporation provides life insurance products across individual, group, and pension segments through its network of individual agents, corporate agents, and other distribution channels. It operates both in India and select international markets through subsidiaries. The Corporation generates revenue primarily from premiums collected on life insurance policies, with renewal premiums forming a significant portion of total revenue.
Company Analysis
from RHPLife Insurance Corporation of India is India's largest life insurer providing life insurance products and services in India and select international markets, operating across individual, group, and pension business segments.
Life Insurance Corporation of India (LIC) was established on September 1, 1956 under the Life Insurance Corporation Act, 1956. It is the largest life insurer in India with a 61.6% market share in terms of premiums (GWP) and 61.4% market share in terms of New Business Premium as of December 31, 2021. The Corporation provides life insurance products across individual, group, and pension segments through its network of individual agents, corporate agents, and other distribution channels. It operates both in India and select international markets through subsidiaries. The Corporation generates revenue primarily from premiums collected on life insurance policies, with renewal premiums forming a significant portion of total revenue.
Life insuranceFinancial servicesInsurance
Objects of the Issue
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges and carry out Offer for Sale ₹205,572.31 million p.17
- Not specified in this document section
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges and enhance visibility and brand image as well as provide a public market for the Equity Shares in India p.104
- Offer for Sale by the Selling Shareholder (President of India, acting through the Ministry of Finance, Government of India) ₹205,572.31 million (subject to finalisation of Basis of Allotment) p.569
Issue Structure
- Total Issue
- ₹205,572.31 million (221,374,920 Equity Shares)
- Fresh Issue
- 0 (Offer for Sale only, no fresh issue)
- Offer for Sale
- 221,374,920 Equity Shares aggregating to ₹205,572.31 million
- Price Band
- ₹902 per Equity Share (Floor Price) to ₹949 per Equity Share (Cap Price)
- Lot Size
- 15 Equity Shares and in multiples of 15 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The Corporation earns revenue primarily through collection of premiums on individual and group life insurance policies. For Fiscal 2021 and the nine months ended December 31, 2021, renewal premiums were ₹2,203,275.87 million and ₹1,589,522.50 million respectively, constituting 54.29% and 55.63% of total premium. Individual agents procured 96.20% of individual new business premium during the nine months ended December 31, 2021. Revenue also comes from investment returns on policy funds. The Corporation segregated its single consolidated 'Life Fund' into participating policyholders' fund and non-participating policyholders' fund effective September 30, 2021.
Business Segments
Individual life insurance products sold to individual customers
Group life insurance products sold to employers and organizations
Pension and life annuity products
Insurance products that provide both protection and savings components with profit-sharing features; surplus is distributed between policyholders and shareholders
Insurance products with guaranteed benefits and investment returns; includes annuities, pensions with fixed interest rates and parameters
Investment-linked insurance products where returns depend on performance of underlying investment portfolio; combines insurance protection with market-linked investment opportunities
Group insurance products covering employees and members of organized groups with collective coverage and lower per-capita costs
Health insurance products providing coverage for medical and hospitalization expenses
Life insurance business conducted outside India through subsidiaries and operations in select international markets
Offers life insurance products to individuals including participating products, non-participating products, pure protection products, and linked products (ULIPs) with both single and regular premium options
Provides group life insurance policies and group credit life schemes to organizations and their employees
Offers individual pension business products and immediate annuity products to customers seeking retirement income solutions
Provides life insurance protection, savings, market-linked savings (ULIPs), health insurance, pension and annuity products to individuals. Includes 32 individual products (16 participating and 16 non-participating) and seven riders. Participating products pay fixed benefits plus discretionary bonuses; non-participating products provide fixed benefits; ULIPs link returns to investments; health products cover specific diseases or combinations thereof; annuity/pension products provide series of payments.
Provides group term insurance, group savings insurance, group savings pension, and group annuity products to employer-employee groups and non-employer groups (banks, professional institutions, microfinance). 11 group products in portfolio. Group term plans provide life insurance coverage to group members with sum assured paid to nominee upon member's death, typically with one-year terms requiring annual renewal.
Add-on covers to base policies at additional cost providing additional benefits linked to accident, critical illness, premium waiver benefit and other contingencies, subject to regulatory terms and conditions.
Special category of insurance policies for economically vulnerable sections of society. Sum insured restricted to up to ₹200,000. Sold through specialized micro insurance agents. Premiums very low and can be collected weekly. Mandatory for life insurers to sell specific portion of micro insurance yearly.
Comprises 32 individual products (16 participating and 16 non-participating) and 7 riders, serving customers across all age groups with risk cover and savings benefits
Comprises 11 group products providing term cover, gratuity funds, leave encashment, superannuation, and annuity products to employer-employee and non-employer-employee groups
Includes participating and non-participating insurance products offering guaranteed benefits
Unit-linked insurance products providing insurance coverage with investment risk borne by policyholders
Issue and development of credit cards, smart cards, charge cards and other types of cards, or any other payment products such as domestic and international travelers' cheques and gift vouchers
Pension fund for pension fund schemes, as regulated by the Pension Fund Regulatory and Development Authority, Government of India
Providing long term finance to persons for the construction or purchase of houses for residential purposes
Banking business in all forms within and outside India, providing savings accounts, home loans, education loans, personal loans, loan products for agriculture and MSME clients, fund based and non-fund based assistance to corporates, treasury & capital market products
Individual life insurance policies with participating benefits where policyholders share in the surplus of the business
Individual life insurance policies with non-participating benefits
Group insurance schemes including group gratuity, group leave encashment, group superannuation, and group immediate annuity
Pension and annuity products for individuals and groups
Unit-linked insurance products with investment options
Health and micro insurance products
Individual participating life insurance policies offering savings and insurance coverage where policyholders participate in surplus distribution
Individual non-participating life insurance products including term insurance, savings products, and health insurance without surplus participation
Pension and superannuation products for both participating and non-participating segments offering retirement income solutions
Group and individual annuity products providing regular income in retirement for both participating and non-participating segments
Health insurance products within the life insurance framework for non-participating segments
Market-linked insurance products offering variable returns based on underlying fund performance for participating and non-participating segments
Life insurance operations outside India through branches and subsidiaries in Fiji, Mauritius, UK, Bahrain, Bangladesh, Nepal, Singapore and Sri Lanka
LIC Pension Fund Limited operates as pension fund sponsor under the New Pension System; LIC Cards Services Limited operates credit card business
Traditional life insurance policies where policyholders participate in surplus through bonuses and dividend allocation. Premium income includes first year, renewal, and single premiums.
Modern life insurance plans without profit-sharing features, includes life non-participating, annuity non-participating, health non-participating, pension non-participating, and variable non-participating products.
Unit-linked insurance policies where investment returns are directly linked to the performance of underlying funds. Includes life non-participating, pension non-participating, health non-participating, and group non-participating linked products.
Group insurance policies for employers, includes both non-linked and linked group policies. Includes group schemes with individual coverage.
Pension schemes providing retirement income through both participating and non-participating pension products, as well as unit-linked pension solutions.
Annuity products providing guaranteed income streams in retirement, includes both participating annuity products (with surplus sharing) and non-participating annuity products.
Health insurance products including hospitalization benefits, major surgical benefits, domiciliary treatment benefits, and day care benefits.
Provides pension insurance products to policyholders, generating revenue from net premiums and investment income, with benefits paid to policyholders over time.
Provides annuity insurance products with net premiums and investment income as revenue sources.
Provides unit-linked insurance products where returns are linked to investment performance.
Policyholders pay premiums in exchange for insurance and savings benefits with annual reversionary bonus declarations subject to surplus availability and potential final additional bonus/loyalty additions upon policy termination or claim/surrender
Fixed benefit insurance plans where death/maturity/survival benefits and premiums are determined at policy inception; includes savings products, term assurances, health assurances and annuities
Premiums net of charges are credited to segregated funds at prevailing unit prices with investment income reflected in unit price changes; benefits are combination of accumulated unit fund amounts and additional benefits from non-unit policyholders' funds
Group insurance annuity products providing retirement income benefits
Policyholders pay premiums and policyholder account value is maintained representing accumulation of premiums plus interest credits less withdrawals; includes group term assurance
SWOT Analysis
Strengths
- • Largest life insurer in India with dominant market position(p.17)
- • Most productive agent network in Indian life insurance sector(p.35)
- • Largest individual agent network with scale advantage(p.35)
- • Established market presence for over 65 years(p.17)
- • Largest life insurance company by market share in India(p.47)
- • Strong premium growth and asset base(p.52)
- • High claims settlement ratio demonstrating operational efficiency(p.38)
- • Diversified product portfolio with strong participation products(p.43)
- • Fifth largest life insurer globally by GWP with dominant position in fast-growing Indian market(p.107)
- • Largest asset manager in India with established financial performance track record(p.107)
- • Highest RoNW among listed peers in India(p.107)
- • Unparalleled agency force across omni-channel distribution network(p.107)
- • Dominant market share of 61.4% in new business premium as of December 2021(p.124)
- • Trusted brand and customer-centric business model(p.107)
- • Dominant market position with unparalleled gap versus competitors(p.142)
- • Largest agent network providing unmatched distribution reach(p.139)
- • Strong brand trust built over 65+ years(p.139)
- • Largest asset manager in India with superior investment management(p.176)
- • Non-linked product portfolio provides resilience to market volatility(p.165)
- • Superior operating efficiency with lower cost structure(p.148)
- • Agent productivity highest among peers by premiums and policies(p.172)
- • Fifth largest life insurer globally with strong international presence(p.142)
- • Largest agent network in India with exceptional productivity and scale(p.192)
- • Most productive agent network by new business per agent and policies sold(p.192)
- • Dominant market share in participating products providing structural advantages(p.191)
- • Largest asset manager in India with substantial scale advantage(p.194)
- • Significantly lower operating expense ratio than private competitors(p.194)
- • Extensive omni-channel distribution network covering urban and rural India(p.192)
- • Market leadership in health insurance and annuity products among life insurers(p.191)
- • Proven track record of strong financial performance and profitability(p.194)
- • Established brand with 65+ years of market presence and sovereign guarantee(p.244)
- • Strong solvency position maintained above regulatory minimum(p.242)
- • Conservative debt portfolio with 95.90% in sovereign and AAA rated securities(p.237)
- • Diversified reinsurance partnerships with highly-rated counterparties(p.243)
- • Comprehensive three-line risk management framework in place(p.238)
- • Designated as Domestic Systemically Important Insurer (D-SII)(p.277)
- • Established subsidiary operations across multiple geographies(p.277)
- • Significant financial presence through associates including major banking interest(p.281)
- • Long operational history with early technology adoption(p.277)
- • Multiple major awards and recognitions for excellence(p.277)
- • Strong corporate governance recognition(p.278)
- • Diversified life insurance business with individual and group products across multiple segments(p.348)
- • Significant consolidated net block of fixed assets demonstrating infrastructure capability(p.342)
- • Substantial investment portfolio with diversified asset classes(p.393)
- • Strong cash and bank balances providing liquidity(p.343)
- • Dominant market position with 61.6% premium market share(p.456)
- • Largest asset manager in India with ₹40.1 trillion AUM(p.457)
- • Largest individual agent network with 1.33 million agents(p.457)
- • Broad geographic coverage with 2,048 branch and 1,559 satellite offices(p.457)
- • Strong brand recognition as third strongest global insurance brand(p.457)
- • Diversified product portfolio with 32 individual and 11 group products(p.457)
- • Profitable operations with ₹29,741.39 million net profit for Fiscal 2021(p.457)
- • Diversified investment portfolio with significant government securities holdings(p.464)
- • Improved persistency ratios indicating better business quality(p.469)
- • Strong solvency position exceeding regulatory requirements(p.471)
- • Substantial AUM growth trajectory(p.468)
- • Healthy net premium growth over multiple years(p.468)
- • Large premium non-par pension and annuity business generating significant surpluses(p.514)
- • Substantial and growing investment income across business segments(p.514)
- • Significant operating cash flows demonstrating strong premium collection capacity(p.517)
- • Extensive branch and office network supporting customer reach(p.535)
Weaknesses
- • High attrition among individual agents(p.35)
- • Regulatory non-compliance with investment transfer requirements(p.33)
- • Significant loss exposure from non-compliant investments(p.33)
- • Dependence on individual agents for majority of new business premium(p.35)
- • Deterioration in persistency metrics post-pandemic(p.32)
- • Continued regulatory compliance challenges with deadline approaching(p.33)
- • Declining market share to private insurers(p.47)
- • High concentration of individual premiums in five states(p.55)
- • Regulatory breach related to mutual fund asset management shareholding(p.46)
- • Significant outstanding litigation across multiple jurisdictions(p.44)
- • Terminal bonus accounting creating future solvency pressure(p.49)
- • High fraud incidents involving internal and external parties(p.41)
- • Dependence on key managerial personnel with high attrition in actuarial staff(p.56)
- • Exposure to high concentration in individual participating product portfolio(p.107)
- • Exchange rate risk affecting value of equity shares for foreign investors(p.74)
- • Bidders limited ability to withdraw bids after submission, exposing them to market risk(p.74)
- • Persistency ratios lower than private sector peers(p.175)
- • Lower average premium per policy reflects smaller ticket sizes(p.172)
- • Higher reinsurance ceding costs compared to industry(p.151)
- • Exposed to longevity risk and mortality-linked financial impact(p.156)
- • Heavy dependence on participating products creating concentration risk(p.191)
- • Lower average policy ticket size creates higher processing costs and volume dependency(p.195)
- • Declining persistency ratios indicating policy lapse challenges(p.225)
- • Relatively small presence in unit-linked products despite growth(p.196)
- • Active agent count declining due to COVID-19 pandemic impact(p.212)
- • Duration mismatch between assets and liabilities due to regulatory constraints(p.240)
- • Exposure to mortality and morbidity risk if actual experience deviates from assumptions(p.240)
- • Expense management constraints with regulatory limits on management expenses(p.262)
- • Bifurcation of policyholders' fund created complexities and solvency concerns(p.315)
- • Significant long-term pension obligation liability requiring five-year amortization(p.315)
- • Regulatory compliance breach in mutual funds shareholding(p.283)
- • Potential regulatory requirement to exit housing finance through associates(p.284)
- • Significant contingent liabilities from tax disputes and legal matters(p.371)
- • Large portfolio of non-performing investments requiring provisions(p.393)
- • Significant unclaimed amounts and liabilities to policyholders(p.345)
- • Complex organizational structure with multiple subsidiaries and associates requiring consolidation adjustments(p.349)
- • Heavy dependence on individual agent channel for premium sourcing(p.457)
- • Decline in active individual agents due to COVID-19 impact(p.459)
- • Regulatory non-compliance regarding pension and group annuity fund investments(p.460)
- • Large exposure to non-performing assets in downgraded securities(p.460)
- • Decreased persistency ratios during COVID-19 period(p.459)
- • Reduced agent productivity due to pandemic impact(p.459)
- • High operating expense ratio relative to premiums(p.469)
- • Significant employee pension liability burden(p.465)
- • Absence of interest rate hedging arrangements(p.464)
- • Duration mismatch between assets and liabilities(p.464)
- • Limited long-term fixed income product availability in capital markets(p.464)
- • Significant exposure to contingent tax liabilities from multiple contested tax assessments(p.519)
- • Large volume of pending litigation (approximately 27,214 cases) creating management and financial uncertainty(p.521)
- • High volume of consumer complaints, particularly regarding claim settlement delays and repudiation(p.521)
- • Exposure to constitutional challenges threatening the IPO and amended governance structure(p.523)
- • Dependence on government shareholding with statutory prohibition limiting private ownership(p.565)
- • Dependence on internal data and system limitations(p.634)
- • Ongoing COVID-19 impact uncertainty not reflected in mortality assumptions(p.634)
- • High operational risk capital requirement(p.630)
- • Material persistency and mass-lapse risk exposure(p.630)
Opportunities
- • Indian life insurance industry projected to grow at 14-15% CAGR(p.17)
- • Strong historical industry growth trajectory(p.17)
- • Sole public sector player in 24-player competitive market(p.17)
- • Expanding life insurance penetration in India(p.62)
- • Growing digital distribution channels(p.47)
- • Expansion into new asset classes(p.55)
- • Strong profitability from non-participating products(p.40)
- • Regulatory requirement for rural and social sector business(p.59)
- • Rising penetration in underpenetrated Indian life insurance market with growing financial awareness(p.119)
- • Expanding middle-income households expected to drive insurance demand substantially(p.118)
- • Digital transformation and technology adoption for wider market reach(p.122)
- • Rising household financial savings driving life insurance demand growth(p.120)
- • Favorable regulatory environment with increased FDI limits and structural reforms(p.131)
- • Massive untapped protection gap providing expansion potential(p.138)
- • Low insurance penetration and density versus developed markets(p.138)
- • Strong industry growth forecasts driven by multiple tailwinds(p.154)
- • Rising demand for protection and non-participating products(p.153)
- • Digital distribution channels and omni-channel strategy offering growth(p.155)
- • Rising elderly population driving pension fund demand(p.156)
- • Significant growth in life insurance industry expected over multi-year period(p.196)
- • Substantial opportunity in non-participating products, especially term and health insurance(p.192)
- • Growing elderly population driving demand for pension and annuity products(p.196)
- • Micro Insurance market with strong growth potential and low penetration(p.209)
- • Increased insurance awareness from COVID-19 pandemic driving demand(p.196)
- • Opportunity to increase bancassurance channel penetration with digital solutions(p.196)
- • Digital sales channel growing rapidly with significant untapped potential(p.197)
- • Significant penetration potential in rural and under-privileged segments(p.246)
- • Growing millennial segment demand for life insurance products(p.244)
- • Digital transformation and e-governance initiatives to expand reach(p.255)
- • Infrastructure and renewable energy investment opportunities(p.251)
- • Digital transformation initiatives and technology modernization(p.277)
- • Expansion through strategic subsidiaries in insurance business(p.280)
- • Diversified financial services through associated companies(p.282)
- • Established charitable foundation for social impact(p.277)
- • Growth through unit-linked and variable insurance products(p.348)
- • Expansion of rural insurance business segment(p.393)
- • Growth in social sector insurance segment(p.393)
- • Increase non-participating product contribution through diversification(p.461)
- • Capitalize on growing demand for health insurance products(p.457)
- • Expand through increased foreign investment limit in insurance sector(p.461)
- • Benefit from favorable Indian macroeconomic and demographic trends(p.458)
- • Expand international operations across multiple countries(p.457)
- • Leverage digital channels for product distribution and customer engagement(p.457)
- • Expansion of digital sales channels and operational efficiency improvements(p.465)
- • Enhancement of persistency through technology-driven initiatives(p.469)
- • Growth in individual new business sum assured through high-ticket policies(p.469)
- • Opportunity to address protection gap in existing customer base(p.469)
- • Substantial tax-driven insurance demand during fiscal year-end, indicating seasonal growth potential(p.517)
- • Expansion potential in linked business with growing investment income(p.516)
- • Expansion of group business and annuity products(p.631)
- • Open market option monetization for individual pension plans(p.631)
- • Revival and reinstatement of lapsed policies(p.631)
Threats
- • COVID-19 pandemic adversely affecting distribution and operations(p.29)
- • Decline in active agent numbers due to pandemic(p.29)
- • Regulatory restrictions on commission caps limiting competitive response(p.36)
- • Risk of adverse persistency and policy surrenders(p.31)
- • Increased mortality claims during COVID-19 pandemic(p.31)
- • Low interest rate environment impacting investment returns(p.29)
- • Reputational risk from industry-wide conduct issues(p.31)
- • Increasing competition from private insurers and foreign players(p.47)
- • Interest rate risk and declining investment yields(p.40)
- • Regulatory changes and increased capital requirements(p.48)
- • COVID-19 pandemic impact on mortality and operations(p.38)
- • Macroeconomic downturn in India(p.67)
- • Industry slowdown from regulatory changes(p.62)
- • Catastrophic events and pandemics(p.61)
- • Labour unrest and union agitation(p.58)
- • Foreign investment restrictions limiting capital raising(p.58)
- • Volatility in financial markets and equity performance impacting linked product returns(p.125)
- • Intense competition from private life insurers post-liberalization(p.124)
- • Regulatory caps on commission and expenses reducing profitability incentives(p.132)
- • COVID-19 pandemic disrupting operations and in-person interactions central to business model(p.126)
- • Heightened competitive pressure from private players gaining ground(p.137)
- • Equity market volatility impacts ULIP demand and profitability(p.157)
- • Regulatory changes to commission structure and product requirements(p.157)
- • Competition from alternative investment vehicles and mutual funds(p.157)
- • COVID-19 pandemic impact on operations and claims experience(p.151)
- • Low product persistency across industry reducing premium stability(p.157)
- • Climate and environmental risks creating longevity and claims uncertainties(p.158)
- • Intense competition from growing private life insurance companies(p.191)
- • Regulatory changes affecting product design and profitability, particularly ULIP taxation(p.196)
- • Interest rate risk from low interest rate environment reducing investment yields(p.195)
- • Geographic concentration risk with top 10 states representing significant portion of NBP(p.192)
- • Dependence on government approval for surplus distribution policy changes(p.198)
- • Pandemic-related disruptions affecting agent productivity and policy lapses(p.212)
- • Increased competition from new entrants following FDI cap increase to 74%(p.244)
- • Market risk from interest rate, exchange rate and equity price volatility(p.239)
- • Regulatory and compliance burden with complex IRDAI requirements(p.244)
- • COVID-19 pandemic impacts on operations, mortality and business continuity(p.256)
- • COVID-19 pandemic uncertainties affecting business and financial statements(p.315)
- • Dependency on government as sole promoter affecting governance and operational autonomy(p.309)
- • Concentration of policy liabilities requiring substantial reserves(p.323)
- • Exposure to foreign exchange rate fluctuations through international operations(p.316)
- • Regulatory changes affecting surplus distribution and policy liability valuation(p.375)
- • Exposure to interest rate and investment market risks affecting asset valuations(p.373)
- • Dependence on mortality and morbidity assumptions that may deviate from experience(p.373)
- • COVID-19 related mortality strain and actuarial valuation uncertainties(p.375)
- • COVID-19 pandemic continues to adversely affect death claims and mortality experience(p.459)
- • Downturn in Indian macroeconomic environment could reduce demand for insurance(p.458)
- • Increased competition from private insurers following regulatory liberalization(p.461)
- • Regulatory restrictions on investments limit diversification and returns(p.459)
- • Tax law changes on ULIPs reduce market attractiveness of these products(p.461)
- • Continued distribution challenges from pandemic-related lockdowns and restrictions(p.459)
- • Interest rate sensitivity impacting product profitability and guarantees(p.464)
- • Declining interest rates increasing guarantee liability costs(p.464)
- • Rising interest rates causing policyholder surrenders(p.464)
- • Equity market fluctuations impacting unit-linked and participating product sales(p.464)
- • Equity market declines reducing investment income and triggering surrenders(p.464)
- • Seasonal business volatility affecting first and second quarter results(p.467)
- • Regulatory scrutiny over mutual fund shareholding compliance requirements(p.523)
- • Litigation risk from creditor insolvency proceedings affecting investment returns(p.524)
- • Outstanding debenture defaults with major debtors creating credit risk exposure(p.524)
- • Prolonged COVID-19 economic and regulatory uncertainty(p.634)
- • Longevity risk from future mortality improvements(p.630)
- • Interest rate and investment market volatility(p.630)
- • Expense inflation and cost uncertainty(p.630)
- • Regulatory and taxation environment changes(p.643)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| President of India, acting through the Ministry of Finance, Government of India | Promoter/Selling Shareholder | 100.00% | 96.5% |
| Government of India | Promoter | 100% | 96.5% |
| President of India, acting through the Ministry of Finance, Government of India | Promoter | 100.00% | 100.00% |
| Government of India | Promoter | — | — |
| President of India (Ministry of Finance, Government of India) | Promoter | 100% | 96.5% |
| Government of India | Promoter/Shareholder | 100% | — |
| President of India, acting through the Ministry of Finance, Government of India | Promoter/Selling Shareholder | — | 51% (as per Life Insurance Corporation Act requirements) |
| Government of India | Selling Shareholder / Central Government | 100% | At least 51% |
| President of India, acting through the Ministry of Finance, Government of India | Selling Shareholder | — | 20% |
Leadership
Mangalam Ramasubramanian Kumar · Whole-time Chairperson
Pankaj Jain · Government Nominee Director
Pawan Agrawal · Company Secretary and Compliance Officer
Dinesh Pant · Appointed Actuary
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
LIC IPO FAQs
What is the lot size of LIC IPO?
The minimum lot size of LIC IPO is 15 shares. One lot costs ₹14,235 at the cut-off price.
When does LIC IPO open and close?
LIC IPO opened for subscription on 04 May 2022 and closed on 09 May 2022.
What is the listing date of LIC IPO?
LIC IPO listed on 17 May 2022.