LIC | Pixr8 News

8Jan By Press Trust of IndiaNo Comments

BUSINESS

LIC Pension and Group Scheme Vertical’s premium income crosses Rs 1 lakh crore

LIC Pension and Group Schemes Vertical, which is looking after group schemes and superannuation business, has created a new record by collecting more than Rs 1 lakh crore premium income during the current financial year. This is the first time ever any single vertical of the insurer has crossed this record premium income figure, LIC said in a statement. Pension and Group Schemes Vertical of LIC provides Employees Retiral Funds' Management Solution to the who's who of India Inc and has been steadily holding more than 80 per cent market share in NBPI post opening of the life insurance industry, it said. This vertical of LIC manages funds of well over Rs 7 lakh crore managing through about over 80,000 gratuity, superannuation and leave encashment schemes, it said.

LIC to Pick Up a Stake in State-owned IDBI Stake

29Aug By Gauri SinghNo Comments

ACQUISITION

LIC to Pick Up a Stake in State-owned IDBI Stake

Indian state-owned insurance group and investment company LIC (Life Insurance Corporation) has decided to pick up a further 7% stake in the government lender IDBI Bank through a preferential issue. LIC already holds a stake in the bank which is equal to 7.98% and it is moving towards acquiring more of it. Lately, IDBI Bank’s capital adequacy ratio fell largely to 8.18% as on June end, below the regulatory requirement of 9%. This move, however, will help the lender to improve its capital adequacy ratio. “It is advised that the bank has received a letter dated August 28, 2018 from Life Insurance Corporation of India giving their in- principle approval for subscription of the equity shares on preferential basis subject to their total exposure not exceeding 14.90% of post-issue capital of ...

LIC Marks Record Breaking Profit Booking of Rs 25000 in FY18

17Apr By Lavina TolaniNo Comments

Market

LIC Marks Record Breaking Profit Booking of Rs 25000 in FY18

Indian state-owned insurance and investment company, Life Corporation of India has booked record equity trading profits of Rs. 25,000 crore in 2017-18, much above Rs. 19,000 crores a year ago as informed by sources. LIC is known to adhere equity assets including mutual funds and shares worth Rs. 5 trillion (until the end of December) and profits approximately 5% of assets under management. Meanwhile, the company is working on its annual accounts, the same will be published in May. "The stock market has mostly been resilient in the past year and LIC has managed to get enough selling opportunities", reported a source on the promise of anonymity. Record-breaking profit from LIC is signaling a positive message if the insurer enhances its market exposure at the same time. This will ...

5Apr By Lavina TolaniNo Comments

INDIA

Centre May Completely Exit Air India, Sell It’s Residual Stake to LIC

A Business Standard Report suggests that Government may completely exit Air India by selling its residual stakes to Life Insurance Corporation of India (LIC) and other financial institutions. As per the plans, 76 percent of equity would be sold in the national carrier, 50 percent in ground handling and AISATS hospitality firm, while 100 percent would go in its subsidiary Air India Express. This move will make things clear and do away with investor's concerns over the matter of government's intrusion in Air India operations. A senior official reported that center is keen on beginning discussions with LIC and other insurance companies in selling out its residual stake of Air India after employee stock ownership plans (ESOPs) are given out to permanent employees. Many state-owned ins...

LIC Follows Digital India Path, Agents Will Get PoS Machine For Premium Collection

1Mar By Press Trust of IndiaNo Comments

INDIA, News

LIC Follows Digital India Path, Agents Will Get PoS Machine For Premium Collection

In a big push to digital payment drive, LIC is planning to provide Point of Sale (PoS) machines to its lakhs of agents who collect around Rs 1.5 lakh crore premium annually. "As part of the strategy for the less cash economy, LIC is also gearing up for providing PoS machines to its few lakhs active agents initially so that premium collection can be done in digitally," a senior official said. The state-owned insurance behemoth is also looking at initiating Aadhaar-linked digital transactions, the official said, adding that this will help policy holders in the rural areas to avoid payment of premium in cash and cash handling burden of agents would come down significantly. To begin with, LIC plans to provide PoS machines to about 1.5 lakh agents that would be ramped up in the future,...

LIC, Pension Funds Must Step in To Fund Startups: DIPP Secretary

7Oct By Press Trust of IndiaNo Comments

News

LIC, Pension Funds Must Step in To Fund Startups: DIPP Secretary

Life Insurance Corporation of India and other pension funds "must step in" to fund startups, Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said on Friday. "LIC and other pension funds must step in... definitely that money needs to be leveraged," Abhishek said here at the India Economic Summit, jointly organised by CII and WEF. Speaking at a session on startups, founder of Pinstorm and Seedfund Mahesh Murthy stated that big companies like LIC and cigarette firms are found wanting as far as funding of start-ups is concerned. "I am taking note (of this suggestion)," Abhishek said, adding that the government is engaging with start-ups to resolve issues to give a push to budding entrepreneurs. On the Rs 10,000-crore Fund of Funds, the secretary s...