LIC’s Assets Soar Past ₹50 Lakh Crore, Twice The Size Of Pakistan’s Economy

New Delhi: The Life Insurance Corporation of India (LIC) has achieved a significant milestone, with its total assets under management (AUM) surpassing Rs 50 lakh crore, nearly twice the size of Pakistan’s GDP. This impressive growth comes amid a rally in the markets ahead of the Lok Sabha election results.

According to LIC’s Q4 FY24 financial results, reported in an exchange filing on May 27, the state-owned insurance giant’s AUM surged by 16.48% year-on-year to Rs 51,21,887 crore ($616 billion) by the end of March. This marks a substantial increase from Rs 43,97,205 crore at the close of FY23.

In comparison, Pakistan’s GDP stands at approximately $338.24 billion, as per the International Monetary Fund (IMF). LIC’s AUM not only overshadows Pakistan’s economy but also surpasses the combined GDPs of its neighbouring countries, including Nepal and Sri Lanka, as well as developed regions like Denmark, Finland, Singapore, and Hong Kong.

While India is being heralded as an emerging economic powerhouse, Pakistan continues to grapple with financial instability and recently averted a sovereign debt default. The IMF has expressed concerns regarding Pakistan’s debt repayment capabilities, citing political and social challenges.

The Indian government holds a 96.5% stake in LIC through the President of India.

To address public shareholding concerns, the Securities and Exchange Board of India (SEBI) has extended LIC’s deadline to achieve 10% public shareholding until May 2027 and 25% by 2032.