Is Life Insurance Corporation of India in profit or loss?

Gagan388

I was wondering if LIC is in profit or loss. I know it's a government organization, but I'm not sure if it's making money or not.

beautifulduck

LIC is in profit.

LIC (The Life Insurance Corporation of India) is a state-owned insurance group and investment company headquartered in Mumbai. As of 31 March 2020, it had total assets of ₹ 32.76 trillion (US$450 billion), making it the largest life insurer in India with a 73% market share in India's life insurance market.

The organization was founded in 1956 when the Parliament of India passed the Life Insurance Corporation Act that nationalized the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation.

LIC is currently in profit. In the 2019-2020 fiscal year, LIC posted a net profit of ₹ 12,550 crore (US$1.8 billion).

heavycat816

As of March 2020, LIC is in profit.

Amol440

Assuming you are referring to LIC (Life Insurance Corporation of India), as of March 2020, LIC is in profit.
According to the LIC website, "LIC posted a total income of Rs. 2,102.78 crore for the year ended March 2020 as against Rs. 2,048.76 crore for the year ended March 2019 registering a growth of 2.71%. The Corporation’s assets under management stand at Rs. 28,796 crore as on 31st March 2020."
You can find more detailed financial information about LIC here: https://www.licindia.in/getattachment/About-Us/Results-amp-Ratings/Results/Profit-amp-Loss-Statement-2019-20/Profit-amp-Loss-Statement-2019-20.pdf.aspx

Maanas742

LIC is a state-owned insurance company in India and is currently in profit.

sadbutterfly363

LIC is a state-owned insurance company in India and is the largest life insurance company in the country. As of March 31, 2020, LIC had a total of Rs. 2,40,82, Bharatiya Lives

According to the latest LIC annual report, the company had a total income of Rs. 1,61,040 crore in 2019-20. Of this, Rs. 1,24,653 crore came from premiums, Rs. 26,384 crore from investment income, and Rs. 9,903 crore from other sources.

LIC's expenditure in 2019-20 was Rs. 1,37,980 crore, of which Rs. 45,526 crore went towards claims and policy surrenders, Rs. 4,769 crore towards commission and expenses, Rs. 87,685 crore towards policyholder benefits, and Rs. 9,000 crore towards other expenditure.

Thus, LIC's net surplus for 2019-20 was Rs. 23,060 crore.

So, we can see that LIC is in profit, with a surplus of Rs. 23,060 crore for the financial year 2019-20.