The government is nowhere close to coming up with a solution for distressed state-owned banks. It could consider merging some of them to cut costs, but, a year ahead of the elections, it would be hard to convince the trade unions as this would need to be accompanied by big layoffs. Moreover, without a big dose of capital, a merger would not really serve the purpose, and the government is very short on resources.

Both LIC and SBI have written to the board of UTI Asset Management Company (AMC), asking it to allow the term of Leo Puri, the current MD and CEO, to expire and to appoint a non-executive chairman from among the “independent directors”. The so-called independent directors are nominees of the PSU financial institutions that, together, own 73% of UTI’s shares. At present, there are two nominees each from LIC and SBI and one from PNB.

The government is considering a proposal to sell a significant portion of its stake in IDBI Bank to Life Insurance Corporation of India (LIC) and has approached the Insurance Regulatory and Development Authority of India (IRDAI) for clearance, according to sources.

The insurance regulator may take up the matter during its June 29 board meeting. Further, to make this proposal effective, IRDAI is likely to give LIC an exemption from breaching the maximum company-specific investment limit.

Cash-strapped hospitality chain Hotel Leelaventure has defaulted in payment of quarterly interest of Rs 2.12 crore to Life Insurance Corporation of India (LIC). Hotel Leelaventure, which currently has a debt of over Rs 3,600 crore, had issued secured redeemable non-convertible debentures on private placement basis aggregating to Rs 90 crores to LIC in December, 2008.

HYDERABAD: To implement insurance coverage to the farmers in the state, Telangana chief minister K Chandrasekhar Rao has directed officials to finalize the modalities of the scheme and fix the insurance premium for the famers by holding discussions with life insurance corporation officers.

Q4 showed increasing share of high yielding non-individual portfolio that aided in NIM expansion (up 16 bps q-o-q at 2.5%). Headline asset quality also improved (GNPA ratio down 9 bps q-o-q at 0.78% and NNPA ratio at 0.43%). Consequently, LICHF reported PAT of Rs 5.4 bn (up 1.9% y-o-y), in line with our estimate. Loan growth remained stable at 15.1% y-o-y supported by 14.5% y-o-y growth in disbursements.

New Delhi, Apr 25 () LIC employees will soon get an off on every second and fourth Saturdays of a month with the government approving their long-standing demand.

According to official sources, this is in line with the practice followed for public sector banks.

Mumbai: State-run insurer Life Insurance Corporation of India (LIC) booked record equity trading profits of Rs25,000 crore in 2017-18, up from Rs19,000 crore a year ago, said two people aware of the matter.

The state-owned insurer is finalizing its annual accounts and these will be published in May.

Life Insurance Corporation (LIC) had launched a cancer cover six months back. LIC’s flagship programme seems to have received a favourable response. It has sold 88,750 policies across the country, according to The Indian Express report. It has been learnt 58.5 per cent of those 88,750 policies were sold in Maharashtra, Kerala, Tamil Nadu and Gujarat.

The Life Insurance Corporation of India (LIC), which holds about a 9.4 per cent stake in ICICI Bank, and the government’s new nominee on the private lender’s board have called a meeting of the bank’s top management this week. This comes against the backdrop of the recent developments in the ICICI Bank-Videocon case and declining investor confidence.

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