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Life Insurance Corporation – [1/3]The Life Insurance Corporation of India (LIC) logo is seen on a smartphone in this picture taken on February 20, 2022.

MUMBAI, May 17 () – Shares in Life Insurance Corporation of India (LIC) ( LIFI.NS ) fell nearly 8% in their market debut on Tuesday, dealing another blow to the state-owned giant as its record-breaking, oversubscribed IPO looms large. Much less than what the government expected.

Life Insurance Corporation

Life Insurance Corporation

India’s largest insurer and largest domestic financial investor closed at Rs 875.25 against its IPO price of Rs 949. LIC now has a market value of about 5.54 trillion rupees ($71.54 billion) and is the fifth largest company in India.

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The fall in share prices reflected weak market sentiment and a broader market decline since LIC’s IPO opened for subscription on May 4, analysts said, with the blue-chip NSE Nifty 50 index (.NSEI) falling 2.6% at the close on Tuesday.

Life Insurance Corporation

LIC Chairman M.R. “We did not expect a huge inventory as the market was nervous,” Kumar told reporters.

The sale, the first and largest in a wave of privatizations aimed at replenishing state coffers, was made by the government, raising about 205 billion rupees, or about $2.7 billion, by selling a 3.5% stake in India’s largest-ever IPO.

Life Insurance Corporation

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That compares with a fundraising target of around 300 billion rupees in April, which fell short of earlier expectations after investors pushed back against higher valuations. Initial government estimates put the cost of LIC at around Rs 17 trillion.

The stake sale in LIC will help the government financially but will not be enough to meet its disinvestment target of Rs 650 billion this fiscal.

Life Insurance Corporation

“LIC has also lost market share to private insurers so investors will be cautious. The list premium was not expected but the list discount is a bit of a letdown,” said a fund manager who exited domestic mutual funds. Subscription to LIC IPO.

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“After initial volatility we expect it to settle at around 5-10% above the issue price,” said a top investment banker against the LIC IPO.

Life Insurance Corporation

LIC is the latest among Indian companies to fall sharply as investors scrutinize potential profits and demand for valuations.

Fintech company Paytm ( PAYT.NS ) debuted last November after a $2 billion IPO, India’s largest at the time, and its shares are now worth a little more than a quarter of its IPO price.

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Life Insurance Corporation Of India Share Price Today

Other major listings such as food delivery company Zomato Ltd ( ZOMT.NS ) and cosmetics retailer Nykaa ( FSNE.NS ) are also trading at steep discounts to their IPO prices.

LIC’s market share fell to 63% from 66% in 2019, according to data from the insurance regulator, amid stiff competition from rivals such as HDFC Life Insurance Co Ltd and ICICI Prudential Life Insurance Co Ltd ( ICIR.NS ).

Life Insurance Corporation

LIC’s Kumar said the company will focus on higher margin strategies such as digital offerings and improving bank partnership distribution networks to stem the decline in market share, adding that he expects the market share to remain stable around current levels.

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Macquarie Research’s Suresh Ganapathy said moving to a higher margin policy would be challenging for LIC as competitors have an established presence in that segment. They initiated coverage on LIC with a price target of Rs 1,000 and a neutral rating.

Life Insurance Corporation

Major investors have expressed concern that LIC’s investment decisions, including those in loss-making state-owned enterprises, could be influenced by government demands.

However, retail investors are bullish on the stock and the bids offered by individual retail investors for the stock at a discount of Rs 45 per share were almost twice as high. Policyholders got a discount of Rs 60 per share.

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“Given the market conditions I expected LIC to list at a discount, but its valuation is attractive compared to peers, so I am medium to long term and have added more shares today,” said Sanket Patel, an employee with an online retailer. Bangalore City South to which shares were allotted as policyholders.

Reporting by Nupur Anand in Mumbai, Chris Thomas in Bengaluru; Writing and additional reporting by Aftab Ahmed in New Delhi; Edited by Edwina Gibbs and Bernadette Baum

Life Insurance Corporation

Nupur Anand is an American banking representative in New York. She focuses on JPMorgan Chase, Wells Fargo and regional banks. Anand has covered banking and finance in India for more than a decade and has chronicled the collapse and confusion of big lenders in digital banks and cryptocurrencies. She holds a BA in English Literature from the University of Delhi and a Masters in Journalism from the Indian Institute of Journalism and New Media, Bangalore. Anand is also an award-winning storyteller. In this photo taken on February 20, 2022, the Life Insurance Corporation of India (LIC) logo is seen behind the statues.

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BENGALURU, Aug 10 () – Life Insurance Corporation of India ( LIFI.NS ) on Thursday reported a rise in first-quarter profit as the company moved money into shareholder funds and increased its investment income.

Life Insurance Corporation

The life insurer posted a profit after tax of 95.44 billion Indian rupees ($1.16 billion) in the quarter ended June 30, compared with 6.83 billion rupees a year earlier.

State-owned Life Insurance Corporation (LIC) has transferred money from its non-participating funds to shareholder funds to boost profits.

Life Insurance Corporation

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It reported last year that the life insurance company plans to transfer Rs 1.8 trillion of policyholder funds to a reserve fund to pay dividends or issue bonus shares.

Value of new business (VNB), which measures expected profit from new premiums and is a key measure of growth, fell 6.8% to Rs 13.02 billion. VNB margin increased slightly to 13.7% from 13.6%.

Life Insurance Corporation

LIC’s net premium income stood at Rs 983.63 billion in the first quarter, the company said in an exchange filing.

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The company’s annual premium equivalent for non-participating products, where the insurer does not share profits or surplus with the policyholder, rose 21.6%.

Life Insurance Corporation

The life insurance has increased the minimum ticket size of policies and is focusing more on margin-oriented non-participating products, Chairman Siddharth Mohanty said in a media call.

LIC’s solvency ratio, a measure of an insurer’s ability to meet long-term debt obligations, improved marginally to 1.89 from 1.88 last year.

Life Insurance Corporation

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The company’s shares closed up 0.4% ahead of the results and are down 6% so far this year.

Reported by Sethuraman NR, Nikunj Ohri and Siddhi Nayak; Editing by Varun HK, Janane Venkataraman and Shaunak Dasgupta[1/2]The Life Insurance Corporation of India (LIC) logo can be seen in this picture taken on February 20, 2022. /Dado Ruvik/Get Illustration License Rights

Life Insurance Corporation

New Delhi, Jan 30 () – India’s largest insurer, Government Life Insurance Corporation ( LIFI.NS ) is reviewing Adani Group’s response to sharp criticism from US short-sellers and will hold talks with the company’s management. Group in a few days to ask for clarification.

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LIC has more than $4 billion invested in the group, which has lost about $66 billion since Hindenburg Research highlighted concerns about the company house’s debt levels and use of tax havens earlier last week.

Life Insurance Corporation

Adani, founded by Asia’s richest man Gautam Adani, says it complies with all local laws and has made required regulatory disclosures.

“Such a situation is emerging now and we are not sure what the real situation is… Since we are a major investor, we have the right to ask relevant questions and we will definitely get into it,” LIC Managing Director Raj Kumar said.

Life Insurance Corporation

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LIC said in a statement that it has invested 364.7 billion rupees ($4.47 billion) in Adani companies, about 1% of its assets under management. He added that the Adani debt securities held by LIC were rated AA and above, which was in line with India’s investment norms for life insurance companies.

“Of course we are studying the 413-page response given by the Adani group,” Kumar said on Monday about the group’s response to the concerns raised by Hindenburg.

Life Insurance Corporation

“We will also see if the concerns are addressed. If we believe the concerns are not being addressed, we will seek further clarification from them. We will contact them in a day or two and seek their views and clarifications.”

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LIC had a 4.23% stake in flagship Adani Enterprises (ADEL.NS) at the end of December, more than 9% in Adani Ports and Special Economic Zone (APSE.NS), almost 6% in Adani Total Gas (ADAG) and Adani 3.65% in Transmission (ADAI.NS), data from the Bombay Stock Exchange shows.

Life Insurance Corporation

Kumar’s comments came in a statement issued by Adani late on Sunday night saying that “its strategic and long-term investors have restored full confidence and trust in the group”.

“We have to gather all the information, clarifications; and then the next call will be made. The decision is based on independent risk assessment, internal risk assessment, business profile and growth trajectory.”

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