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March 30, 2015 4:39 PM ET

Insurance

Company Overview of Life Insurance Corporation of India

Company Overview

Life Insurance Corporation of India provides life insurance products in India and internationally. The company offers insurance, pension, unit, special, and micro insurance plans; groups schemes, withdrawn plans, and health plans. It provides its products through its branch or divisional offices, and agents. The company was founded in 1956 and is based in Mumbai, India. It has branch, divisional, zonal, and satellite offices in India.

Yogakshema

West Wing

4th floor

Jeevan Bima Marg

Mumbai,  400021

India

Founded in 1956

Phone:

91 22 2202 2151

Fax:

91 22 2202 8943

Key Executives for Life Insurance Corporation of India

Managing Director, Executive Director of Corporate Communication and Director
Age: 56
Managing Director and Executive Director
Age: 58
Managing Director, Director, Chief Executive Officer of Housing Finance and Managing Director of Housing Finance
Age: 56
Chief Executive of JBS AMC - Central Office
Chief Executive Officer of Mutual Fund
Compensation as of Fiscal Year 2014.

Life Insurance Corporation of India Key Developments

Government To Auction Stake In UTI

The government intends to auction 74% stake in UTI Mutual Fund. State Bank of India (BSE:500112), Bank of Baroda (BSE:532134), Punjab National Bank (BSE:532461) and Life Insurance Corporation of India each holds 18.5% stake in UTI. Officials in the finance ministry said that the auction route was being considered as it would not favor any shareholder. "Whoever wishes to purchase the 74% stake, including the foreign partner, can do so through this route," said an official. Industry players said that the government did not have too many options: It could allow a stake dilution through the initial public offering that T Rowe Price wants and make it a professionally managed company. Or, it could merge UTI with one of the four shareholders. The third option is to take the auction route so that the highest bidder becomes the majority shareholder.

SBI And LIC Eyes Assets Of UTI

Life Insurance Corporation of India and State Bank of India (BSE:500112) intends to acquire assets of UTI Asset Management Company (P) Ltd. SBI is understood to have said it would offer the other stakeholders shares of UTI in lieu of their holdings, while LIC, it is believed to have offered to put money on the table. Financial Express added that LIC said it had no comments to offer while an email sent to SBI did not elicit a response.

LIC Denies Selling Stake In LIC Nomura Mutual Fund And LIC Housing Finance

Life Insurance Corporation of India (LIC) denies plans of selling LIC Nomura Mutual Fund Asset Management Company Ltd. and of reducing stake in LIC Housing Finance Ltd. (BSE:500253). LIC further said in a release, "We are neither contemplating nor do we intend to review our present position in relation to LIC Nomura Mutual Fund Asset Management Company or LIC Housing Finance. The media reports yesterday to the contrary are speculative and do not represent the facts."

Recent Private Companies Transactions

Type
Date
Target
Private Placement
March 7, 2015
Bank of India
Private Placement
February 5, 2015
UCO Bank
Private Placement
December 3, 2014
Central Bank of India
 

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