LIC Will Continue To Hold Stake In IDBI Bank Even After Sale, Says Chairman Siddhartha Mohanty

Life Insurance Corporation of India (LIC) would keep a stake in IDBI Bank even after the institution is sold, says Chairman Siddhartha Mohanty. According to Mohanty, IDBI is the largest bank partner of LIC, and they intend to keep their stake to retain their bank cooperation. LIC currently owns 49.24% of the bank, with the government and LIC jointly owning 94.71%.

Despite 23 years of market competition, Mohanty emphasised that LIC has consistently maintained over 60% market share in response to questions regarding competition from private life insurers. While emphasizing profitability, their goal is to maintain market share.

In relation to LIC's investment philosophies, Mohanty emphasised the significance of utilising market fluctuations to the benefit of stakeholders. To grow its business, LIC has teamed with two modern banks and is looking into further alliances.

LIC offers guaranteed return products and recently launched new products in the non-par market. The final return can be calculated, allowing customers to make well-informed investment decisions.

Concerns over LIC's exposure to Adani stocks were addressed by Mohanty, who said that LIC had generated a fair return from these stocks, that its investments were in excellent hands, and that they were governed by standard operating procedures (SOP).

Mohanty voiced optimism for the future expansion of the Indian insurance sector. In order to undertake customer onboarding, LIC is implementing a digital transformation of its business operations. Customers are urged to buy additional insurance plans and to have faith in LIC.