LIC shares information on factual position regarding exposure in Adani Group of companies
Source: The Sangai Express
Imphal, January 31 2023:
In view of certain information being circulated in various articles in media and video channels about Life Insurance Corporation of India (LIC)'s exposure to Adani Group of companies, LIC has shared information on the factual position regarding the exposure in Adani group of companies in the equity and debt segments.
A press release issued in this regard by the Branch Manager in-charge, LIC Imphal Branch informed that LIC's total holding under equity and debt is Rs.35,917.31 Crores as on December 31, 2022 under Adani group of companies.
The total purchase value of equity, purchased over the last many years, under all the Adani group companies is Rs.30,127 Crores and the market value for the same as at close of market hours on January 27, 2023 was Rs.56,142 crores.
The total amount invested under Adani Group amounts to Rs.36,474.78 Crores as on date.
These investments have however been made over a period.
Further it may be appreciated that the credit rating of all of the Adani debt securities held by LIC are AA and above which is in compliance with the IRDAI investment regulations as applicable to all the Life Insurance companies.
The total Assets Under Management by LIC are over Rs.41.66 lakh crore as at September 30, 2022 .
Therefore, LIC's exposure in the Adani group, as on date, is 0.975% of LIC's Total AUM at book value.
It may be noted that LIC is a 66 year old institution of repute and standing and continues to follow a strict investment framework compliant with applicable guidelines and regulations.
The available solvency margin of LIC as at September 2022 was well above the target solvency level of 160% .
LIC Board and its management is committed to and conscious of its responsibilities towards all the stakeholders and will continue to follow appropriate principles and practices to safeguard their interests at all the times, added the release.