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Mar 03, 2020

Govt will remain majority shareholder in LIC, says Finance Minister

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Finance Minister Nirmala Sitharaman made it clear that the government will remain the majority shareholder in Life Insurance Corporation and will continue to retain the management control safeguarding the interest of policyholders. Giving this information in a written reply in the Rajya Sabha today, she clarified that the Corporation is not losing its market share. She said, it had a market share of 74.71 percent in a number of policies and 66.24 percent in first-year premium income as on 31st of March 2019. She said, the Corporation has a market share of 77.61 percent in a number of policies and 70.02 percent in first-year premium income.

In her Budget speech 2020-21, the government proposed to sell a part of its holding in LIC through Initial Public Offer. The IPO would be brought out after the necessary legislative changes and regulatory approvals. It was announced that the listing of companies on stock exchanges disciplines a company and provides access to financial markets and unlocks its value. It also gives the opportunity to retail investors to participate in wealth creation.

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