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LIC may offer a lifeline if IL&FS has a revival plan
Posted on 15th September 2018
With one default behind it, the beleagured Infrastructure Leasing & Financial Services ( IL&FS) will be looking for a lifeline from its shareholders at the board meeting on Saturday. The company’s largest shareholder, Life Insurance Corporation (LIC), is understood to be considering a loan to the defaulting Mumbai-based firm.

IL&FS board decides to seek a loan of Rs 30 billion from LIC and SBI
Posted on 8th September 2018
In an emergency meeting on Friday, the board of Infrastructure Leasing & Financial Services (IL&FS) decided to seek a loan of Rs 30 billion from two shareholders — Life Insurance Corporation of India (LIC) and State Bank of India (SBI).

The board decided to meet on September 15 to ensure that IL&FS and other group companies do not default on any further repayment obligation.

Irdai will set timeline for LIC to scale-down stake to 15% in IDBI Bank
Posted on 7th September 2018
Insurance regulator Irdai will set a timeline for the Life Insurance Corporation of India (LIC) on how it must go about reducing its stakeholding from 51 per cent to 15 per cent eventually in IDBI Bank, said Subhash Khuntia, Chairman of the Insurance Regulatory and Development Authority of India (Irdai). He did not specify when the regulator will announce the timeline.

LIC may seek Sebi exemption for open offer to IDBI Bank shareholders
Posted on 5th September 2018
The government hinted on Tuesday that Life Insurance Corporation might seek an exemption from the Securities and Exchange Board of India (Sebi) from making an open offer to the minority shareholders of state-owned IDBI Bank, in which the insurer is set to buy a 51 per cent stake.

LIC Housing finance Rating ‘Hold’: Asset quality, core home loans slipped
Posted on 4th September 2018
Q1 PAT (Ind AS) rose 18.4% y-o-y to Rs 5.7 bn vs our Rs 5.4 bn est. (GAAP). Loan growth was muted and NIMs fell y-o-y, but this was offset by lower opex as per Ind AS. Asset quality disappointed.

We trim FY19-20e EPS by 1-2%. Spreads should improve q-o-q, but sharp increase appears unlikely. Competition may continue to weigh on AUM growth. Proj. loans have aided growth, but slippage remains high in this segment.

LIC Housing Finance falls 7% post June quarter results
Posted on 27th August 2018
Shares of LIC Housing Finance dipped 7% to Rs 531 on the BSE in intra-day trade in otherwise strong market after the company reported disappointing April-June quarter (Q1FY19) results.

LIC Housing Finance reported 18% year on year (YoY) growth in net profit at Rs 4.79 billion in Q1FY19 on account of lower provisions under the IndAS framework. Net interest income grew 6.6% YoY at Rs 9.94 billion.

Posted on 25th August 2018
LIC Housing Finance has reported 18.4 per cent surge in its standalone net profit to Rs 567.94 crore for the first quarter ended June 30.

The company's net profit was Rs 479.65 crore in the same quarter of 2017-18.

LIC will be asked to speed up IDBI Bank acquisition process
Posted on 23rd August 2018
New Delhi: The finance ministry will ask LIC to hasten the process of stake acquisition in IDBI Bank, especially the valuation modalities, so that the government can ascertain if a capital infusion is needed in the ailing bank.

The government has no plans to infuse more funds into the bank and thinks LIC’s acquisition of 51 per cent stake in the lender would take care of its regulatory capital requirements.

LIC may have to pay premium for IDBI non-core assets
Posted on 6th August 2018
NEW DELHI: State-run Life Insurance Corporation may need to pay a premium for IDBI Bank’s real estate and non-core assets, two officials aware of the matter said.

IDBI Bank has started valuing its assets before making a preferential issue of shares to LIC, which is set to acquire a majority stake in the lender. The valuation exercise is expected to be completed by August 15, one of the officials said, adding that the sum-of-the-parts value would be more than what the stock price currently suggests.

LIC's acquisition of 51% in IDBI Bank a 'win-win' situation for both: Goyal
Posted on 2nd August 2018
Life Insurance Company (LIC)’s acquisition of 51 per cent stake in IDBI Bank will be a “win-win” situation for both the government-owned entities, Finance Minister Piyush Goyal said on Wednesday.

This comes after the Union Cabinet gave nod to bring down its majority stake in the bank. “The move will make IDBI Bank strong, improve its capital adequacy and bring it out of prompt corrective action (PCA).

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