LIC’s Assets Under Management (AUM) stood at 51.21 lakh crore rupees or 614.21 billion US dollars, according to the insurance giant’s fourth quarter earnings report for the financial year 2023-24. This is nearly twice the value of Pakistan’s GDP.
The insurer’s AUM for the fourth quarter was 51.21 lakh crore rupees, a 16.48% jump compared to the same quarter of the previous year, which stood at 43.97 lakh crore rupees.
Pakistan’s GDP in 2023 was 338.24 billion US dollars, or 28.2 lakh crore rupees, as per data from the IMF.
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While India is seen emerging as an economic superpower, Pakistan has officially requested for yet another bailout worth between 6-8 billion US dollars, which if granted, would be the country’s 24th bailout programme from the IMF, according to an Indian Express article.
LIC’s fund also happens to be bigger than the combined GDPs of India’s three neighbours - Pakistan ($338 billion), Nepal ($44.18 billion) and Sri Lanka ($74.85 billion), exceeding the GDPs of even developed countries such as Denmark ($410 billion), Finland ($308 billion), Singapore ($525 billion) and Hong Kong ($407 billion), according to an Economic Times report.
{{/usCountry}}LIC’s fund also happens to be bigger than the combined GDPs of India’s three neighbours - Pakistan ($338 billion), Nepal ($44.18 billion) and Sri Lanka ($74.85 billion), exceeding the GDPs of even developed countries such as Denmark ($410 billion), Finland ($308 billion), Singapore ($525 billion) and Hong Kong ($407 billion), according to an Economic Times report.
{{/usCountry}}LIC has a market share of 59% in the Indian life insurance business. It is now looking to foray into the health insurance sector, and is currently assessing potential acquisition prospects, according to the report.
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LIC shares closed at Rs.998.10, a 2.28% dip from yesterday. The insurer is currently India’s 7th most valuable listed company in terms of market cap.