LIC Denies Washington Post, Affirms Independent $3.9B Adani Investments

The Life Insurance Corporation of India (LIC) has strongly denied allegations reported by The Washington Post that it invested ₹33,000 crore in Adani Group companies under pressure from Indian officials. LIC emphasized that all investment decisions are made independently, following board-approved policies and after detailed due diligence, with no involvement from the Department of Financial Services or any external bodies. The insurer highlighted its commitment to the highest standards of due diligence and compliance with regulatory guidelines to protect the interests of its stakeholders. The Congress party has called for a parliamentary probe into the alleged misuse of policyholders' funds to support Adani Group amidst accusations of a "Modani MegaScam." LIC also noted its substantial growth in assets under management and defended the strong fundamentals of its investments in India’s top companies, including Adani Ports & SEZ, which holds a 'AAA' credit rating. Overall, LIC maintains its stance that investment decisions are based on sound financial management rather than political influence or external pressure.