LIC was incorporated in 1956 by the amalgamation of 245 private insurers and private fund societies. In 2000, 26% FDI in the insurance sector was allowed, which has now been increased to 74%. The company held a monopoly over the insurance sector till the 1990s after which many private players rose. Even thought there are 23 private insurers in the market, LIC still holds more than 74.58% market share as of 31 March, 2021. LIC has around 2,048 branches all over the country and as per their latest report, they have 8 zonal offices in India in Delhi, Chennai, Mumbai, Kolkata, Kanpur, Patna, Bhopal and Hyderabad. They also have 113 Divisional offices, 1,178 mini offices and 1,526 Satellite offices. The company has also made efforts to improve its asset quality ahead of the IPO. The percentage of gross NPA went down from 8.17% in FY20 to 7.78% in FY21. Rs.34,934.97 crore has been put aside for doubtful debts and loss assets. Key Points Strengths: 1.The LIC agent’s network i...