Business
IPO-bound LIC’s AUM rose Rs 1 trillion from March-September 2021
Assets under management (AUM) of Life Insurance Corporation of India (LIC) subject to initial public offerings (IPOs) rose to 38 trillion rupees as of September 2021, compared with 37 trillion rupees as of March 2021, people familiar with the matter said.
As of September 2021, its AUM was almost 3 times that of all private life insurers in the country and more than 15 times that of SBI Life, the second largest life insurer. SBI Life’s AUM is around Rs 2.4 trillion as of September 2021, sources said.
In addition, as of September 2021, 61.67% of LIC’s AUM was from participating policies, 37% from non-participating policyholder investments, 1.15% from unit-linked policies and 0.16% from shareholder investments.
The state-owned insurance giant is expected to file a draft of its red herring prospectus with market regulator Securities and Exchange Board of India this week. This could be the largest IPO the Indian capital market has ever seen, with the government looking to raise anywhere between Rs 50,000 crore and Rs 1 trillion from LIC’s listing on the exchange.
LIC is also one of the largest institutional investors in the country with a total stand-alone investment of Rs 39.49 trillion, of which Rs 9.78 trillion was invested in equities as of September 2021. Additionally, over 90% of equity investment holdings are part of the Nifty 200 and BSE 200 indices.
The life insurer is looking to increase the share of non-participating products in its portfolio. Going forward, the insurer wants to focus more on unit-linked insurance plans (ULIPs), as well as protection, annuities and health products.
Traditionally, LIC has focused more on participating products, such as donation and refund programs. Now, it is looking to further diversify its product portfolio by increasing sales of its existing non-participating products and launching new products under the category.
In a non-participating policy, the insurance company does not share profits with the policyholder, nor does it pay dividends. Non-participating insurance plans provide guaranteed benefits to policyholders only. That is, the sum assured when the policyholder dies, or the maturity benefit payable when the plan expires.
Although LIC remains the largest player in the life insurance market, it is losing market share to other private players due to their diversified product portfolio and strong distribution through bancassurance partners.
LIC’s market share in new business premiums stood at 61.16% as of January 2022, compared to 66.18% in April 2021, thus costing private sector life insurers nearly 500 basis points of market share.
Complete News Source : Business Standard
Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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