new Delhi. The IPO of Life Insurance Corporation of India i.e. LIC is going to come soon. For this, the relevant papers have been submitted to the market regulator SEBI. But before the IPO came, information has come out that LIC has been badly hit by the Kovid-19 (COVID-19) epidemic. LIC has told that due to the Kovid-19 epidemic, there has been a decline in the total number of individual and group policies.
LIC has also reported that death insurance claims have also increased during the pandemic. Rs 17,128.84 crore, Rs 17,527.98 crore, Rs 23,926.89 crore and Rs 21,734.15 crore were paid for death insurance claims for the six months ended FY 2019, FY 2020, FY 2021 and September 30, 2021 respectively.
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Policy sales also decreased
According to the documents submitted by LIC to SEBI, the sale of individual and group policies declined by 16.76 percent from 7.5 crores in the financial year 2018-19 to 6.24 crores in the financial year 2019-20. In the financial year 2020-21, it declined by 15.84 and this figure stood at 5.25 crore. The company has said that due to the pandemic and the lockdown imposed due to it, the sales of individual policies declined by 22.66 percent to 63.5 lakh in the fourth quarter of 2019-20, from 82.1 lakh in the same period a year ago. Its impact was also visible in the first quarters of 2020-21 and 2021-22. During this period, it decreased by 46.20 percent to 19.1 lakhs and then 34.93 percent to 23.1 lakhs respectively.
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Efforts to woo foreign investors
The government is selling its 5 percent stake in LIC through IPO. 31.6 crore shares will be offered under LIC’s IPO. LIC started roadshow to woo global investors. LIC is seeking his participation in the country’s largest ever public issue through this formal roadshow.
Tags: LIC IPO, Life Insurance Corporation of India (LIC)
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