60 percent of insurance business will be with listed companies after the LIC IPO: FinMin

LIC IPO

According to Amit Agarwal, Additional Secretary in the Finance Ministry, around 60% of the insurance industry will be with listed businesses after LIC's initial public offering (IPO). The Cabinet Committee on Economic Affairs (CCEA) approved the listing of insurance behemoth Life Insurance Corporation of India in principle in July (LIC).

The government's efforts to collect Rs 1.75 lakh crore through disinvestment in the current fiscal year include the IPO of the state-owned life insurer. Agrawal, speaking at an event to commemorate Actuaries Day, stated that despite global concerns, India has continued to flourish as an emerging country with a mature, developed, and scaled financial sector.

In many ways, the demands of this growing India are different, he added, noting that the insurance market has developed in the two decades since competition and regulation were introduced, with 69 insurers today compared to only eight in 2000. "A majority of these have crossed their initial breakeven phase. Once the proposed listing of LIC happens, about 60 per cent of the insurance industry business would be with listed entities. The sector as a whole has been growing at a pace significantly higher than that of the overall economy,"he stated.

There are now four listed life insurers and two listed non-life insurers. General Insurance Corporation of India, a state-owned re-insurer, is also traded on stock exchanges. Agarwal continued, "The actuarial profession has a critical role to play in the creation of novel solutions needed by this rising India and its maturing insurance market."

According to Amit Agarwal, Additional Secretary in the Finance Ministry, around 60% of the insurance industry will be with listed businesses after LIC's initial public offering (IPO). The Cabinet Committee on Economic Affairs (CCEA) approved the listing of insurance behemoth Life Insurance Corporation of India in principle in July (LIC).

The government's efforts to collect Rs 1.75 lakh crore through disinvestment in the current fiscal year include the IPO of the state-owned life insurer. Agrawal, speaking at an event to commemorate Actuaries Day, stated that despite global concerns, India has continued to flourish as an emerging country with a mature, developed, and scaled financial sector.

 

Source:- BusinessToday

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