The Indian public sector life insurer Life Insurance Corporation (LIC) aspires to be a global financial conglomerate by 2031. The corporation, founded in 1956, will complete 75 years of operations in 2031.
According to a report by Asia Insurance Post, LIC chairman Mr V K Sharma outlined Vision 2031 during a recent brainstorming session with senior and middle level executives of the corporation.
All financial services under one roof
The report quotes Mr Sharma, “LIC should be a place where all kinds of people with all kinds of needs and in all kinds of places are served under just one roof, that of LIC of India and they need not go anywhere else, ever.’’
LIC has a cult status in the Indian life insurance industry with an asset base of over INR30trn ($428bn) and over 300m policies. It holds around 71% share in the country’s life insurance market.
Seven pillars to guide Vision 2031
LIC has outlined seven pillars for its journey towards Vision 2031. These are for the corporation to be – pioneer torch bearer, market leader, tech savvy, millennials' choice, diversity and global financial conglomerate.
India has a couple of major financial conglomerates already in the market. State Bank of India, ICICI Bank and HDFC have a presence in banking and life and non-life insurance sectors as well.
LIC moves one step closer with acquisition of IDBI Bank
LIC is currently in the process of acquiring a 51% stake in the debt-ridden public sector IDBI Bank. With the acquisition of IDBI Bank, LIC would be one step closer to its Vision 2031.
The baton for Vision 2031, though, would have to be carried forward by a new chairman as Mr Sharma hangs up his boots in December this year on attaining the age of 60. Mr Sharma has served LIC for 37 years.
A post graduate in Botany from Patna University, Mr Sharma joined the life insurer in 1981 as a direct recruit officer.