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Life Insurance Corp of India (LIC) is planning to transfer nearly $22 billion from policy holders’ funds into a fund earmarked to pay dividends or issue bonus shares, two sources said on Friday, as the country’s largest insurer aims to shore up both its own net worth and investor confidence.
The state-owned insurer listed on Indian stock exchanges in May, but its stock has since dropped by more than 35%, wiping off nearly 2.23 trillion Indian rupees in investor wealth.
LIC is now looking to looking at steps to revive its share price, said a government official, who did not want to be named.
The company plans to transfer 1.8 trillion Indian rupees ($21.83 billion), a sixth of the 11.57 trillion rupees lying in its non-participating fund, to its shareholders’ fund, according to an official aware of the matter.
Life insurance companies primarily sell two types of products: the first are ‘participating policies’ where profits are shared with customers and second are ‘non-participating,’ or ‘non-par,’ policies that have fixed returns. LIC parks the premium it collects from the latter in a non-participating fund.
Transferring some of that into the shareholders’ fund is one way to shore up investor confidence as it would be an indicator of higher dividend payouts in the future, both the officials said.
The surplus in the non-participating fund is earmarked for shareholders and can be transferred to shareholders fund with approval from LIC’s board, which is yet to be sought, they said.
The transfer, if concluded, would boost LIC’s net worth by about 18 times from its current value of about 105 billion rupees and top the net worth chart among insurers, including SBI Life and HDFC Life, both the officials said.
LIC and finance ministry did not immediately respond to emails from Reuters seeking comment.
A bigger shareholder fund would draw the attention of new and existing investor as the amount would be used by LIC to transfer dividend or issue bonus shares in future, said Harvinder Singh, a partner at law firm DSK Legal.
LIC shares were priced at 949 a piece during listing but are currently trading below 600 rupees.
Seven of nine brokerages covering the stock have ‘buy’ or ‘strong buy’ rating, with the median price target of 840 rupees, according to Refinitiv data.
“The move would increase the book value per share and may help in improving the sentiment around LIC’s shares, but could keep the upside limited,” said Ankur Wahal, senior vice president at BOB Capital Markets. ($1 = 82.4450 Indian rupees)
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NEW DELHI: Life Insurance Corporation (LIC) will launch its initial public offering (IPO) on May 4, and close it on May 9. The price band has been set between Rs 902 and Rs 949. The issue will open to anchor investors on May 2. The government will sell 3.5 per cent stake in LIC or 22.13 crore shares in the company and raise Rs 20,557.23 crore. This is well short of earlier projection of about Rs 60,000 crore. Investors can bid for shares in a lot size of 15 shares, and multiples thereof. There is an employee reservation of 1.58 crore shares while 2.21 crore shares are reserved for policyholders. Half of the shares are reserved for qualified institutional buyers (QIB), 15 per cent of the shares will be reserved for non-institutional investors while the rest is for retail investors. The government has reserved 10% of the issue size for policyholders. They will get a discount of Rs 60, while employees and retail investors will get a discount of Rs 45. The government is expecting major participation from retail investors. Shares will be allotted to successful bidders on May 12, and the refund to unsuccessful bidders will be credited on the same day. LIC will list on the stock exchanges on May 17. Here is how you can apply for the LIC IPO under various categories: Retail investors Retail investors will be eligible to participate in 35% of the IPO issue size. These include both resident and non-resident Indians. The maximum bid of a retail investor cannot cross Rs 2 lakh. LIC policyholders Policyholders who have one or more LIC policies would be eligible to apply in the IPO under the Policyholder Reservation Portion. Policyholders must ensure that their Permanent Account Number (PAN) details are updated in the policy records of the Corporation at the earliest. Eligible policyholders will be able to apply for the “Policyholder Reservation Portion” at the cut-off price. The maximum bid amount under the policyholder reservation portion by an eligible policyholder must not exceed Rs 2,00,000. Joint LIC policyholders Under the Policyholder Reservation Portion category, only one of the two policyholders can apply for equity shares. In the insurance records, the PAN number of the applicant bidding in the offer must be amended. The applicant must have a Demat account in his or her own name. If the account is joint, the applicant must be the first/primary account holder. NRI LIC policyholders NRI policyholders and other policyholders who do not reside in India are not eligible to apply for the Policyholder Reservation Portion. According to the LIC DRHP filed with Sebi, a policyholder who did not update his/her PAN before February 28, 2022 will not be eligible to participate in its IPO under the portion reserved for policyholders. LIC employees LIC employees can apply for the Employee Reservation Portion at a discounted price. The maximum bidding amount under the employee reservation portion for an eligible employee must not exceed Rs 2,00,000. Can a retail investor apply for LIC IPO if he is a policyholder? Point to note: If you are an LIC policyholder, you are eligible to apply for the IPO in the retail category, but in that case you will not be eligible for the Rs 60 policyholder discount. You can then avail the retail investor discount. “The maximum investment limit is Rs 2 lakh distinctly for applications under retail, policyholder, and employee categories. Thus, a policyholder can apply for shares worth a maximum of Rs 2 lakh under the policyholder category and an additional Rs 2 lakh under the retail category,” said Santosh Meena, head of research, Swastika Investmart. What this implies is that an LIC policyholder can invest maximum Rs 4 lakh in an LIC IPO. He can invest Rs 2 lakh under policyholder category, and Rs 2 lakh under retail category. If you are an LIC employee, your maximum investment amount is Rs 6 lakh ( Rs 2 lakh under LIC employee category, Rs 2 lakh under policyholder category, Rs 2 lakh under retail category). Getting a Demat Account You will need a Demat account if you wish to apply for the IPO. You can open a Demat account with a depository participant (DP). A list of registered DPs is available online on the NSDL and CDSL websites. To open a Demat Account, you will have to provide your PAN, address proof, cancelled cheque, photograph, and fees as applicable.
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The Life Insurance Corporation of India (LIC) has released the exam date for Assistant Engineers & Assistant Administrative Officers (Specialist) main exam 2021. The exam will be conducted on October 31. Candidates can check the notice at the official website – licindia.in.
The LIC AE, AAO Main will have both MCQ as well as descriptive questions. It will be a 300-marks exam. Both the tests will be conducted in online mode and the candidates will have to answer descriptive test by typing on the computer.
Those who clear all the recruitment exams as well as interviews, document verification and a medical test, if any will be hired. Candidates will get a salary of Rs 57,000 per month with additional reimbursement of allowances including insurance, medi-claim, LTC, gratuity etc.
“It has been decided to capture and verify IRIS and the photograph of the candidates during the process of recruitment on the following stages — at the start of the Main examination and at end of Main examination before leaving the hall / lab, at the time of document verification before the interview, if shortlisted, and at the time of reporting for the training / joining,” the official notice reads.
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We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
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LIC Scholarship 2020 Online Application started. LIC Golden Jubilee Scholarship 2020 for Madhyamik and HS passed students. Apply Online for LIC Scholarship 2020 through licindia.in website and get the scholarship amount. Know the Online Application Process, Eligibility Criteria, Scholarship Amount & Last date of Appointment for LIC Scholarship Scheme.
