Page 8 - Life Insurance Corporation

Insurers should be allowed to invest in new asset classes: LIC Chairman

Mohanty called for a framework facilitating regular interaction among regulators

LIC in discussion with RBI for access to debt data via CRILIC: Mohanty

Life Insurance Corporation (LIC) chairman Siddhartha Mohanty on Thursday said the state-owned insurer is "in active discussion" with the Reserve Bank of India and confident of getting access to central bank's debt database CRILIC. "It's an irony that despite being the largest debt investor, we don't have access to debt or the national debt database CRILIC. We are in active discussion with the regulator for the same and are confident of getting that access," Mohanty said at an economic conclave organised by SBI here. Central Repository of Information on Large Credits (CRILICS) is an RBI-run database of credit exposures of various lenders including those towards non-performing borrowers. Most of LIC's debt investments are in central as well as state governments' debt securities. The LIC chairman said that not having access to CRILIC data is a risk for the insurer as its liabilities are long-term while assets are short-term. The lack of access to CRILICS tilts the balance negatively

LIC board clears proposal to setup branch office in Gujarat's GIFT City

Life Insurance Corporation of India (LIC) on Tuesday said its board has approved a proposal to set up a branch office in the International Financial Services Centre, GIFT City, Gandhinagar, Gujarat. The board on Tuesday approved the proposal to set up a branch office at IFSC, LIC said in a regulatory filing. LIC's presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business. At present, GIFT IFSC is the maiden international financial services centre in India. In an interview with PTI last month, LIC Chairman Siddhartha Mohanty had said "this will enhance our foreign operations". LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures. The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford). Besides, it has subsidiaries in Life Insurance Corporation (International

LIC hits 19-mth high, up 7% on getting 1-time exemption to achieve 25% MPS

Growth ramp up of the country's largest life insurer hinges on improved execution

LIC gets one-time exemption from 25% minimum public shareholding rule

State-owned insurer has received an extension of 10 years and would need to meet the criteria by May 2032

Kellton Tech zooms 16%, hits 52-week high on inking pack with LIC

The engagement will impact over 150,000 LIC employees, empowering them with advanced HR solutions

LIC to play key role in achieving 'Insurance For All by 2047': Chairman

In a bid to achieve 'Insurance For All by 2047', LIC will play a significant role and to meet that objective it is planning to launch a product especially designed for rural areas. "The focus would be how to cover maximum rural masses who actually need insurance. In coming days, rural share will also go up to our total business kitty," LIC Chairman Siddhartha Mohanty told PTI. He said to achieve the objective of 'Insurance For All by 2047', LIC will play a very significant role and in that direction the insurer has already started working. "I must thank the regulator. The regulator IRDAI has already proposed 'Bima Vistar', a composite product. The product will consist of life, health and property insurance," he said. To sell those products Bima Vahak would be engaged, he said, adding, it will be a women-centric distribution channel model. Prime Minister Narendra Modi has given a clarion call to make India a developed nation by 2047, when the country achieves 100 years of independe

Sensex drops 378 pts, Nifty holds 20,900; realty, pharma slide; metals up

Closing Bell on December 12, 2023: Sun Pharma, Maruti Suzuki, Titan, NTPC, Reliance Industries, L&T, M&M, IndusInd Bank were some of the top large-cap losers

LIC extends rally, surges 23% in two weeks; hits highest level in CY 2023

The stock rallied 5% to Rs 750.55 on the BSE in the intraday trade, quoting close to its 52-week high level of Rs 754.40 touched on December 20, 2022

LIC fourth largest insurer in the world based on reserves: S&P Global study

The state-owned insurer is ranked after Allianz SE, China Life Insurance Company and Nippon Life Insurance Company

Stocks to Watch today, Dec 4: SBI, HUL, Salasar Techno, Tata Power, Alkem

Stocks to Watch on Monday, December 4, 2023: Hindustan Unilever has decided to split its beauty and personal care business into two separate divisions

LIC amends norms for inclusion of shareholders' directors on its board

State-owned insurer LIC on Saturday said it has amended a framework to allow the induction of shareholders' directors on its board. LIC was listed on bourses following the largest initial public offering in the Indian capital market last year. The government raised Rs 20,557 crore by diluting its 3.5 per cent stake in the insurer. Life Insurance Corporation of India (shareholders' director) Regulations, 2023, was notified in the Gazette of India on December 1, 2023, LIC said in a regulatory filing. The corporation would, upon notice of not less than one thousand shareholders or one-tenth of the total number of shareholders, whichever is lower, elect a shareholders' director through a general meeting of such shareholders, the regulation said. The person elected as a shareholders' director would be appointed by the board for a term of 4 years and eligible for re-election and re-appointment for another term of 4 years, it added. At present, LIC has five executive directors, including

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LIC keen to keep part of its stake in IDBI Bank for bancassurance gains

State-owned LIC, promoter of IDBI Bank, has said it plans to retain a part of its stake in the lender to harness the benefits of the bancassurance. Along with the government, Life Insurance Corporation (LIC) will also divest its stake in IDBI Bank but may not exit completely, LIC Chairman Siddhartha Mohanty told PTI in an interview. "We have made it clear that IDBI Bank is our number one partner in bancassurance. We will retain the some stake in IDBI Bank so that the bancassurance partnership continues," he said. The government, which owns over 45 per cent stake in IDBI Bank, and life insurance behemoth LIC, with a 49.24 per cent shareholding in the lender, have jointly decided to sell a 60.7 per cent stake. IDBI Bank became a subsidiary of LIC with effect from January 21, 2019, after the acquisition of an additional 82,75,90,885 equity shares. On December 19, 2020, IDBI Bank was reclassified as an associate company due to the reduction of LIC shareholding to 49.24 per cent, follo

PSU insurers' stocks surge on attractive valuation, RBI's risk weight norms

Low-float stocks are the companies with a relatively small number of shares available for public trading

Cheap valuation likely to lend support to LIC amid weak performance

Policies that provide policyholders a share of the insurance company's profits as an annual dividend payout are also called par or with-profit policies

LIC reports Q2 net profit at Rs 7,925 crore; net premium income down 18.7%

Insurer says numbers not comparable due to change in accounting norms

LIC Q2 results: Net profit falls 50% to Rs 7,925 crore on lower income

State-owned insurer LIC on Friday reported a 50 per cent fall in net profit at Rs 7,925 crore for the quarter ended September 30, on lower income. The country's biggest insurer had a net profit of Rs 15,952 crore in the year-ago period, LIC said in a regulatory filing. Its net premium income eased to Rs 1,07,397 crore in the second quarter of the current fiscal, from Rs 1,32,631.72 crore in the same period a year ago. LIC's total income declined to Rs 2,01,587 crore in the latest September quarter, compared to Rs 2,22,215 crore in the year-ago period, it said.

Centre may moderate FY25 disinvestment target amid limited asset sales

The FY24 Budget Estimate of Rs 51,000 cr expected to be halved

Higher free float to stoke passive flows in Zomato, DLF and Jio Financial

The move follows an increase in free float in these stocks due to selling by promoters and large institutions such as Life Insurance Corporation and Softbank Vision Fund