Which are the Subsidiaries of LIC of India?

When it comes to Life Insurance Industry in India, the Life Insurance Corporation of India (LIC) is the most popular household name. The institution has cemented its name in the Indian Insurance sector from its very inception in the year 1956. However, you may not be aware that the Life Insurance Corporation of India (LIC) has many subsidiaries that operate in various areas of the insurance sector across the world.

In this article, we will talk about the following subsidiaries of Life Insurance Corporation of India (LIC), the company’s objective, and shareholding patterns.

• LIC Housing Finance Limited
• LIC Pension Fund Limited
• LIC International Limited
• LIC Cards Services Limited
• IDBI Bank Limited
• LIC Mutual Fund Limited
• LIC Lanka Limited
• LIC Singapore Limited

What are the subsidiaries of LIC?

Below given are some notable subsidiaries of the Life Insurance Corporation of India (LIC):

1.) LIC Housing Finance Limited

LIC Housing Finance Limited was incorporated on the 19th of June, 1989, and it is amongst the most trusted housing finance institution in India. The company’s main goal is to provide long-term funding to individuals for the construction, purchase, and renovation of houses, flats, and other residential properties.

Along with providing home loans, LIC Housing Finance Limited also provides business loans to professionals for purchasing or constructing nursing homes, clinics, office spaces, diagnostic centers, and buying equipment.
LIC Housing Finance Limited has served more than 25 Lakh families in India and has disbursed loans of more than Rs 3.35 lakh crore since inception. As of 2019, the company has 450+ centers, 9 regional offices, 20+ back offices, and 10,000+ intermediaries across the country.

As of March 2023, below given is the shareholding pattern of LIC Housing Finance Limited:

2.) LIC Pension Fund Limited

LIC Pension Fund Limited was the first company to receive a business license to begin its operations in India under the Pension Fund Regulatory and Development Authority (PFRDA), the regulatory body for the governance and regulation of pensions in India.
LIC Pension Fund has been appointed as one of the Pension Fund Managers (PFMs) to manage funds under the National Pension Scheme (NPS) by the Pension Fund Regulatory and Development Authority (PFRDA.)

The company offers various types of pension-related schemes for government employees. LIC Pension Fund manages the funds of its depositors and invests them into a diversified portfolio of investments like bonds, equities, fixed-income instruments, etc. The main objective of the company is to provide efficient pension services and long-term financial security to retired individuals.

Shareholding Pattern of LIC Pension Fund Limited:

3.) LIC International Limited

LIC International Limited is a subsidiary of the Life Insurance Corporation (LIC) of India, which is owned by the Government of India. The company was established on the 20th of July, 1989 in Bahrain with the main objective of providing life insurance coverage to Indians residing in the Gulf countries. LIC International operates and provides its services in four Gulf countries namely Bahrain, Kuwait, Oman, and UAE. Along with offering life insurance plans, the company also provides multiple wealth management plans, pension plans, health plans, and so on to its customers.

As of today, the company has reported an asset base of more than US $ 2 Billion and a Life Fund of over US $1.8 Billion. LIC International is one of the largest insurance companies in GCC with a market share of 45% in premium income.

 Shareholding Pattern of LIC International Limited:

4.) LIC Cards Services Limited

LIC Cards Services Limited is a fully-owned subsidiary of the Life Insurance Corporation of India (LIC). The company was established on the 11th of November, 2008 to provide credit card services to its employees, policyholders, and its club member agents. The company is headquartered in Delhi and has tied up with leading banks like Union Bank of India, Axis Bank, and IDBI for the issuance of credit cards to its customers.

As of 31 March 2021, LIC Cards Services Limited has reported a revenue of Rs. 11.85 Crore and also reported a gross profit of Rs 5.29 Crore.

As per the annual reports of FY 2021- 2022, the shareholding pattern is given below:

5.) IDBI Bank Limited

IDBI was established in 1964 under the ownership of the Government of India and the Life Insurance Corporation of India. The entity was established as a development financial institution to provide financial services and assistance to the industrial sector of the country.

Later in the year 2005, it was converted into a banking institution that is popularly recognized today as IDBI Bank Limited.

IDBI Bank Limited offers a plethora of financial services like NRI banking, personal banking, Agri banking, and more to its customers. It also provides various loan products like housing loans, education loans, cooperate loans, and so on.

The bank has 1500+ branches and more than 35000 ATMs around the country. As of the annual reports of Q2 FY 2023, IDBI Bank Limited has reported a net profit of Rs. 826 Crores and an operating profit of Rs. 2,208 Crores.

Shareholding Pattern of IDBI Bank Limited:

6.) LIC Mutual Fund Limited

LIC Mutual Fund formerly known as LIC Nomura Mutual Fund is a 100% owned subsidy of the Life Insurance Corporation of India. The company was incorporated on the 20th of April 1989 and is headquartered in Mumbai. and has a PAN India presence with 2000+ branches.

LIC Mutual Fund is a professional asset management institution offering a wide range of mutual fund schemes like savings funds, debt funds, hybrid funds, equity funds, etc to its investors.
The company has reported a revenue of Rs. 56.79 Crore during the FY 2021-2021 and has managed over Rs. 15002.38 Crore worth of assets.

Shareholding Pattern of LIC Mutual Fund Limited:

7.) LIC Lanka Limited

LIC Lanka Limited is a joint venture between Life Insurance Corporation of India and the Barleet Group, a Sri Lankan financial conglomerate having expertise in stock broking, fund lending, etc.
The company offers a plethora of insurance products and plans like money-back plans, endowment plans, life insurance covers, health plans, and so on.

LIC Lanka Limited is known to offer high life insurance coverage to residents of Sri Lanka at an affordable premium.

8.) LIC Nepal Limited

LIC Nepal is a joint venture between the Life Insurance Corporation of India and Vishal Group, a leading business group based in Nepal. The company was established in 2001 and is headquartered in Kathmandu. LIC Nepal offers a plethora of insurance products including savings plans, retirement plans, endowment plans, and so on.

Share Holding Pattern of LIC Nepal:

9.) LIC Singapore Limited

Life Insurance Corporation Singapore Limited was established in Singapore on the 30th of April 2012. It is a wholly owned subsidy of LIC of India. The main objective of LIC Singapore is to expand its operations and explore opportunities in South Asian markets. The company offers non-participating, single premium plans, two-pay endowment plans, and term insurance plans.

Share Holding Pattern of LIC Singapore Limited: