LIC Says Exposure In Adani Group Less Than 1 Per Cent Of Total Assets Under Management

India's largest insurer LIC on Monday (30 January) said that its exposure in the Adani Group is just 0.975 per cent of its total assets under management (AUM) at book value.

The statement by LIC comes amid reports about LIC's exposure to Adani Group, which is mired in controversy after US-based short seller Hindenburg Research released a report.

"LIC's total holding under equity and debt is Rs 35,917.31 crores as on 31.12.2022 under Adani group of companies," the insurer said.

"The total amount invested under Adani Group amounts to Rs 36,474.78 crores as on date", the company said, adding that these investments have however been made over a period.

The insurer further highlighted that the credit rating of all of the Adani debt securities held by LIC are "AA and above, which is in compliance with the IRDAI investment regulations as applicable to all the Life Insurance companies".

"The total Assets Under Management by LIC are over Rs 41.66 lakh crore as at September 30, 2022. Therefore, LIC's exposure in the Adani group, as on date, is 0.975 per cent of LIC's Total AUM at book value," it said.