Earlier Today, ACC has extended the period of LIC Chairman MR Kumar till March 13, 2022, on which he completes three years as Chairman for the insurance company. As per reports, he was about to end his period on June 30, 2021. IPO is expected to help government wide-up close to Rs. 1 Lakh for the year 2021-2022.
Kumar was appointed as LIC Chairman on March 13, 2019. Kumar had joined LIC in 1983 as a direct recruit officer. For nearly four decades, Kumar headed three zones of LIC viz Southern Zone, North Central Zone and Northern Zone. The government recently revised rules to stipulate that only Managing Directors of LIC will be entitled to apply for interviews for the position of LIC Chairman.
Recently, in the disinvestment plan the Centre which owns 100% of LIC, is looking for dismantle for up to 10% stake in the proposed IPO. Once registered, LIC will become the country’s largest company by market capitalization, says capital market observers.
Analysts at Jeffries India led by Prakhar Sharma had written in a note in February this year that, at the stock market, LIC could get a value of $261 billion when registered, based on its assets under management and private sector insurers.
During the financial year of 2020-21, LIC recorded new business premium of Rs. 1.84-lakh crore, the highest in the history of Corporation. LIC has been constantly losing market share to private players even though it has built a strong brand over the years.
