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S&P removes IDBI Bank ratings from CreditWatch post LIC's capital infusion
Posted on 7th January 2019
Global Rating agency Standard and Poor's ( S&P) on Monday said the strain on IDBI Bank to meet regulatory capital requirement has eased after Life Insurance Corporation of India infused Rs 14,500 crore as fresh capital in ailing Indian banking entity.

"We are affirming our 'BB/B' foreign currency issuer credit ratings on the bank, and the 'BB' long-term issue rating on the notes issued by the bank's Dubai branch.


Hemant Bhargava appointed LIC interim chairman
Posted on 2nd January 2019
Life Insurance Corporation of India (LIC) on Tuesday gave Hemant Bhargava additional charge as chairman. The announcement to appoint Bhargava, who is currently a managing director, comes after the retirement of VK Sharma on December 31.

VK Sharma was acting as LIC chairman on September 2016 and on December 2016, he took over as chairman after SK Roy resigned, nearly two years ahead of his retirement. Bhargava had taken charge as MD in February, 2017.


LIC sees a sharp fall in NPAs from Rs 70.40 bn in Mar to 15.80 bn in Oct
Posted on 28th December 2018
State owned life insurer, Life Insurance Corporation, has seen a sharp fall in its net non-performing assets from Rs 70.40 billion in March 2018 to Rs 15.80 billion as of October 31, 2018, according to the figures provided by the finance ministry in reply to a question asked by members of parliament in the Lok Sabha.

“With regard to whether there is risk in LIC’s NPAs and clearing of the NPAs, it may be noted that as per LIC’s inputs, the rising trend in LIC’s gross NPAs over the last three financial years has been reversed in the current financial year”,


HC rejects IDBI officers' plea against LIC move to acquire stake in bank
Posted on 17th December 2018
The Delhi High Court on Monday dismissed a plea challenging the LIC move to acquire 51 per cent stake in the Industrial Development Bank of India (IDBI).

Justice Vibhu Bakhru rejected the petition by the All India IDBI Officers Association, which had opposed the move of Life Insurance Corporation (LIC) on the ground that change in shareholding could take away the public sector bank status of IDBI.


LIC s gross NPAs rise to 6.23% in FY18, cover for bad loans improves
Posted on 11th December 2018
State-owned insurance behemoth Life Insurance Corporation of India (LIC) posted a jump in gross non-performing assets (NPAs) at 6.23 per cent in FY18 over 4.73 per cent in the previous financial year. However, it made higher provisions for bad loans, leading to a marginal decline its net NPAs from 1.96 per cent in financial year 2016-17 (FY17) to 1.82 per cent in FY18.

Govt not to participate in LIC’s open offer in IDBI Bank
Posted on 4th December 2018
IDBI Bank Tuesday said government will not participate in LIC’s open offer to acquire 51 per cent stake in the bank.

IDBI Bank Tuesday said government will not participate in LIC’s open offer to acquire 51 per cent stake in the bank.


Now, you can pay LIC premium through Paytm
Posted on 21st November 2018
Digital payments service Paytm has entered into a partnership with Life Insurance Corp (LIC) to help customers make insurance premium payments, One97 Communications Ltd, which owns the Paytm brand, said on Wednesday.

The platform now provides online insurance premium payment solutions for over 30 insurance companies including LIC, ICICI Prudential Life, Reliance Life, Max Life Insurance, HDFC Life, TATA AIA, SBI Life, Aditya Birla Sun Life, Canara HSBC Life Insurance, Shri Ram Life and Star Health among others, the company said.


Shriram properties raises Rs 125 cr from LIC Housing finance arm for Bengaluru project
Posted on 8th November 2018
BENGALURU: Shriram Properties has raised Rs 125 crore from non-banking financial arm of LIC Housing Finance to develop a residential project in Bengaluru.

The funds will be used to construct Shriram Greenfield, a two-million sq ft residential project being developed across two phases in Whitefield, Bengaluru.


LIC Housing Finance eyes 15-16% growth in FY 2018-19, says Managing Director Vinay Sah
Posted on 2nd November 2018
LIC Housing Finance Ltd was eyeing 15-16 per cent growth rate during the current financial year, a top company official said Friday. After inaugurating the 21st edition of the property fair ‘Ungal Illam’ here, company Managing Director and CEO, Vinay Sah said, “We have targeted to grow at about 15-16 per cent this year. Our H1 (April-September period), growth rate was in the range of 20 per cent.”

LIC makes Rs 12,602 crore open offer for IDBI stake
Posted on 5th October 2018
New Delhi: LIC on Thursday came out with an open offer for acquiring 26 per cent equity in IDBI Bank at a price of Rs 61.73 per share, entailing a total payout of over Rs 12,602 crore.

Earlier in the day, the IDBI Bank board approved the proposal for issuance of preferential shares in favour of LIC with a view to increase the insurer’s share in the bank up to 51 per cent.


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