The insurer wants to hold a small stake in IDBI bank to grow its bancassurance business
While LIC is the giant amongst insurers, its market share (in terms of new business premium) continues to fall in recent years to 66.2 percent in September 2021 from 69 percent in March 2020. Image: Indranil Mukherjee / AFP
Life Insurance Corporation of India (LIC) – India’s largest insurer and the fifth largest globally – on Monday sought to allay concerns that had emerged around the sudden rise in the embedded value of the insurer, its product mix going ahead and the path it will take to boost profit, once listed.