Life Insurance Corporation (LIC) Chairman MR Kumar has stated that the country’s largest insurer could list an initial public offering (IPO) by March 2022.
He also indicated that LIC is aiming for ‘heightened compliance’ and answerability to all shareholders following its listing.
LIC currently maintains a 65 per cent market share domestic insurance industry, but it is targeting expanding the same with its digital initiatives and an increased focus on the bancassurance channel.
Kumar stated that the sector will keep on being highly competitive and assured that LIC is ready for the same.
He reportedly seemed to be a bit cautious regarding the equity markets despite the fact that LIC continues to be deeply invested in the market.
Kumar insisted that LIC invests for the long haul and is hence not pursuing short-term gains as such.
The LIC Chairman added that the stake sale of IDBI Bank is the other big task for the insurance behemoth.
“Strategic investment in IDBI Bank has paid off,” MR Kumar was quoted in a report by the Moneycontrol. He even elaborated on seeing value in the bank going ahead and how LIC would like to continue maintaining its relationship with IDBI even after the stake sale is completed.
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