LIC IPO | Public issue to make LIC the 8th largest life insurer in asset value among global peers

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Life Insurance Corp of India (LIC) holds around $507.33 billion in total assets as of fiscal 2021, making the insurance behemoth the eighth largest life insurer globally among its peers, the draft red herring prospectus said.

Currently, China's Ping An Insurance is the largest insurer in terms of total assets, followed by Germany's Allianz SE and France-based AXA SA.

As of December 2020, Ping An Insurance holds around $1.38 trillion in total assets, while Allianz SE and AXA SA have $1.27 trillion and $965.51 billion, respectively.

US-based Metlife Inc, Japan's Nippon Life Insurance, Britain's Aviva PLC and China Life Insurance Co have total assets of $795.15 billion, $705 billion, $657.34 billion and $616.29 billion, respectively.

LIC had a CAGR growth of 8% between Fiscal 2017 and 2021.  At the end of December 2020, Ping An Insurance, China Life Insurance Company and Samsung Life Insurance Company are the only peers that had higher CAGR growth of 14%, 12% and 9%, respectively, between 2016 and 2020 in terms of total assets, the DRHP added.

As of FY21, LIC had the highest return on equity of 82% amongst its peers, followed by Ping An Insurance (19.5%), Aviva PLC (14.8%) and China Life Insurance (11.9%), the draft paper added.