We are buying in this market on a daily basis, says LIC MD Vipin Anand
The Economic Times 08/04/2020
NEW DELHI: LIC Managing Director Vipin Anand says he does not see any major shift in the public sector insurance behemoth’s IPO plan following the virus outbreak.
In an interview with ETNOW, he said the life insurer has been net buyer of equities in last 10 days.
“The IPO is a time-consuming thing, which is going to be there," Anand said, adding that the progress will entirely depend on when LIC starts operations full time.
“If it happens soon enough, which we hope will happen, it may not impact (IPO plans). But if it goes on for a long time, nobody can say anything,” he said.
Anand said that LIC has over Rs 33 lakh crore of assets at this point of time, which is one of its biggest advantage. He said a large amount of LIC's liquidity comes through renewal premiums, as well as maturity of some of the investments.
Because of this, Anand said, his insurance company has been able to pay policyholders and ensure that all the liabilities are cleared in this difficult period.
"We paid Rs 5,000 crore to one insurance customer in the last week of March. Despite this, we have been net buyer in the market in last 10 days. On a daily basis almost, we are investing, because there is still an opportunity. When shares are available at good valuations, we are trying to see whatever best we can pick up," he said.