Insurance major LIC’s fourth quarter financial year 2023-24 earnings report showed that the company’s assets under management (AUM) reached Rs 51.21 billion (US$ 614.21 billion), nearly double Pakistan’s GDP.
The insurance company’s assets under management for the fourth quarter stood at Rs 51.21 lakh, up 16.48 per cent compared to Rs 43.97 lakh in the same period last year.
According to IMF data, Pakistan’s GDP for 2023 was US$ 338.24 billion or Rs 2.82 lakh crore.
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While India is seen as an emerging economic power, the Indian Express reports that Pakistan has formally requested a further bailout worth $6-8 billion which, if approved, would mark the country’s 24th bailout program from the IMF.
LIC’s endowment is larger than the combined GDP of India’s three neighbours — Pakistan ($338 billion), Nepal ($44.18 billion) and Sri Lanka ($74.85 billion) — and also exceeds the GDPs of developed countries such as Denmark ($410 billion), Finland ($308 billion), Singapore ($525 billion) and Hong Kong ($407 billion), reports the Economic Times.
LIC has a 59% market share in the life insurance business in India.The company is now looking to expand into the health insurance segment and is currently evaluating possible acquisitions, according to reports.
READ ALSO | LIC to enter health insurance market? “Internal preparations completed,” says investor, exploring acquisition opportunities
LIC shares closed at Rs 998.10, down 2.28% from the previous day. The insurance company is now India’s seventh-largest listed company by market capitalization.
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