Excelsior Correspondent
JAMMU, Jan 30: The Life Insurance Corporation of India (LIC) has cleared the air on the alleged exposure to Adani Group of Companies.
In a press statement, an LIC spokesperson said: “In the ordinary course of business, LIC doesn’t share details of its company and industrial group specific investments. However, given that certain information is being circulated in the various articles in media and video channels about LIC’s exposure to the Adani Group of companies, we are releasing this information to share the factual position regarding our exposure in Adani group of companies in the equity and debt segments”.
“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 27th, 2023 was Rs 56, 142 crores.
“Teh 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 spokesperson said.
“A total asset under management by LIC is over Rs 41.66 lakh crore as on 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,” the official LIC statement read.
“LIC follows a robust procedure of valuation of its liabilities and determination of solvency margin in order to ensure its financial soundness on continued basis. 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,” it further said.
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