Page 14 - Life Insurance Corporation

IDBI Bank privatisation: LIC to recover its investment by time of sale

State-owned insurance behemoth LIC is expected to recover its Rs 21,624 crore investment it had made in IDBI Bank as share prices are likely to rebound to 2019 levels by the time the lender is privatised, an official said. The official said that since the commencement of the IDBI Bank privatisation process in May last year, the share price has jumped from Rs 35 a share to Rs 45 a piece currently. "We are expecting IDBI Bank scrip to move up further. The price is expected to move up closer to the price at which LIC had picked up stake in 2019," the official told PTI. The government and Life Insurance Corp (LIC) together hold 94.72 per cent in IDBI Bank. Of this, LIC's holding is 49.24 per cent, while the government holds the rest 45.48 per cent stake. Public shareholders hold 5.28 per cent. LIC had bought a 51 per cent stake in IDBI Bank in 2019 for Rs 21,624 crore at an average price of Rs 61 per share. Following a QIP issue in December 2020, the stake of LIC came down to 49 per ..

LIC's share in NHPC comes down to 5.2% from 7.2% over seven months

Country's largest insurer LIC on Wednesday said its shareholding in hydro power generator NHPC has come down to 5.2 per cent on sell down of shares over a period of time for a consideration of Rs 700.79 crore. Corporation's shareholding in NHPC Ltd has diluted from 72,62,11,315 to 52,26,11,195 equity shares, decreasing the shareholding from 7.230 per cent to 5.203 per cent of the paid-up capital of the company, LIC said in a regulatory filing. The state-owned insurer sold 20,36,00,120 shares of the company at an average price of Rs 34.42 apiece from March 17, 2022 to October 18, 2022. The shares were sold in open market sale in the ordinary course of transaction, which is an investment function. Listed companies are required to disclose about change in shareholding of 2 per cent and more. NHPC is involved in generation and sale of bulk power to various power utilities. Stock of LIC closed at Rs 607.15 apiece on BSE, down by 0.12 per cent; NHPC stock closed 4.29 per cent down at R

IDBI stake sale: To help the buyer, centre asks Sebi to ease norms

The government offered to sell a total of 60.72% stake in the IDBI bank, in early October

Growth, moderate valuations positive for ICICI Prudential Life Insurance

Value of new business growth and margins remained strong in Q2

I-banking fees dip in nine months to September as smaller deals dominate

Even some big-ticket deals such as the LIC IPO did not generate higher fees

LIC, Centre to sell 60.7% stake in IDBI Bank; DIPAM invites EoIs

DIPAM invites EoIs; last date to submit bids is Dec 16

Thrust on non-par products to yield desired results: LIC chief M R Kumar

We intend to sharpen the focus on bancassurance to steadily and considerably increase its volume, thereby its share in our business, said Kumar

LIC plans to increase agent strength by 40%, ramp up HR systems

India's largest insurer is also looking to revamp its human resources systems in its drive to make the oldest insurance company more technologically advanced, said people aware of the development

Govt bonds and immediate annuity plans: 2 options for retirement income

The first offers a guaranteed rate of return for long; the other secures income for the rest of your life

LIC hits lowest level since listing; shares down 32% from issue price

In the past three months, the stock of LIC has declined 3 per cent, as against 14 per cent rally in the benchmark index

Adani Enterprises hits new high, surpasses LIC, ITC in market cap ranking

At 09:30 am, with a market cap of Rs 4.31 trillion, Adani Enterprises stood at 12th position in overall market cap ranking on the BSE.

LIC stk hovers around June lows but analysts remain bullish, see 37% upside

he stock of India's biggest life insurer closed at Rs 655 apiece on the BSE on Friday, marginally above its record low of Rs 650, hit on June 20, 2022

LIC taking steps to transform corporate governance: DIPAM Secretary

Some of these steps include improving LIC's 13th month and 25th persistency ratio, which is less than its peers

IDBI Bank re-appoints S Jebaraj as deputy MD for 3 years effective Sept 20

Jebaraj handles verticals for large and mid-sized corporates, trade finance and NPA management and he has been a member of internal committees for more than a decade, said IDBI Bank

Adani Enterprises' inclusion in Nifty50 index divides D-Street

Index inclusion comes after the 'best has played out for the stock' is an overarching concern

Adani Transmission is 9th most valued firm by mcap; LIC out of top 10 club

Adani Transmission has entered the coveted list of top 10 most valued companies, with a market capitalisation (mcap) of Rs 4.43 lakh crore, and holds the ninth place in the overall ranking. On Tuesday, shares of the company jumped 3.05 per cent to settle at Rs 3,971.65 apiece on BSE. During the day, it rallied 4.87 per cent to hit its 52-week high of Rs 4,041.90. The company commanded a market valuation of Rs 4,43,034.65 crore. Shares of the company have jumped a whopping 129.19 per cent so far this year. In comparison, the BSE Sensex has climbed 2.20 per cent so far in 2022. Reliance Industries Limited is the most valued domestic firm with a market capitalisation of Rs 17,85,412.57 crore, followed by TCS (Rs 11,75,140.94 crore), HDFC Bank (Rs 8,26,633.55 crore), Infosys (Rs 6,28,296.46 crore) and Hindustan Unilever (Rs 6,24,756.32 crore). Next in the ranking is ICICI Bank which has a market valuation of Rs 6,18,012.83 crore, followed by State Bank of India (Rs 4,74,030.75 crore),

Can the new Irdai chief bring in much-awaited reforms in insurance sector?

For Irdai Chairman Debasis Panda, LIC's fortune and reforms in health insurance sector will be the two most difficult tests to pass

LIC sees 20% decline in death claims in Q1 FY23 as Covid impact ebbs

Insurance behemoth LIC witnessed a decline of nearly 20 per cent in death claims in the first quarter of this fiscal with the COVID impact seen to be ebbing, though the amount is still higher than pre-2020 levels, officials said. In the June quarter of the previous fiscal, settlement of death claims was to the tune of Rs 7,111 crore, which for Q1 of this year was Rs 5,743 crore, LIC Chairman M R Kumar said in a post-earnings call with analysts. "So there is quite a decrease, and it's quite obvious that whatever decrease was there based on COVID... going away now, Q1 to Q1 of the previous year," Kumar said. The claim rates had been very stable before the pandemic, said Dinesh Pant, Executive Director and Appointed Actuary, Life Insurance Corporation (LIC). He added that there was a spike in claims in the last two years due to COVID. "Now, from the current quarter (ending September 30, 2022), we see it settling down towards more normal. It is still not back to pre-2020 figures becau

UTI AMC's shares soar 15% on reports of Tata AMC eyeing 45% stake

According to reports, Tata AMC plans to acquire the shares held by four public sector undertakings (PSUs) in the fund house that manages assets worth Rs 2.24 trillion

Life Insurance Corp launches special campaign to revive lapsed policies

The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed