Major defaults in our corp bond holdings due to Covid unlikely: LIC chief

In a Q&A, chairman M R Kumar says the insurance behemoth isn't considering scaling down targets and hopes to reach its budgeted figures at the end of FY21

Despite the grim economic situation and in contrast with the sharp contraction most Indian companies are expected to witness, Life Insurance Corporation of India (LIC) expects to grow its business in 2020-21 (FY21). The insurer is not considering scaling down its targets. In a talk with Subrata Panda, LIC Chairman M R Kumar speaks of the life insurance sector, the company’s growth targets, gains from equity investment, and the implications of the pandemic for corporate India, in which LIC is heavily invested through bonds.

He says economic activities have been on the upswing since June, when lockdown started being relaxed. He