LIC will look only at good scrips: Mehrotra

The Life Insurance Corporation of India (LIC), which has invested in offer for sale (OFS) of NMDC and Hindustan Copper, will invest only in good scrips that come up for disinvestment, said LIC Chairman D K Mehrotra.

Speaking on the sidelines of a conclave organised by Asean Institute of Insurance and Risk Management, Mehrotra said that LIC had invested Rs 16,000 crore in equity till October 2012. “We will look at a scrip (coming for disinvestment), only if it has a good potential,” he said.

On the issue of finding the right talent, Mehrotra said there is a dearth of good talent in the sector. Adding to this is the problem of insecurity of job and career, he said.

In the conclave organised for setting up an Insurance University, LIC pledged its support to the initiative. The university will be dedicated to the study and research of insurance and insurance products. It would be set up at a cost of Rs 65 crore and companies who invest in the venture would be given a certain percentage of stake in the institution.

Other than LIC, insurers such as General Insurance Corporation of India (GIC Re), Export Credit Guarantee Corporation of India (ECGC), New India Assurance, United India Assurance, Tata AIG General Insurance Company and Agriculture Insurance Company of India have pledged their support to the setting up of the university.