The central government on December 31 selected Milliman Advisors LLP India for arriving at the embedded value of Life Insurance Corporation (LIC) ahead of its IPO.
"The government has selected Milliman Advisors LLP India as the Reporting Actuary for the Embedded Value of LIC. Work to start soon," Secretary, Department of Investment and Public Asset Management, or DIPAM, said in a tweet.
This is the first step in what is set to be a long process in public listing of the state-owned insurer. After this, transaction and legal advisors will also be selected.
Put simply, actuary only calculates the embedded value and valuation of a company. Embedded value is a common valuation measure used to estimate the consolidated value of shareholders' interest in an insurance company.
The government plans to sell minority stake in the insurance behemoth and list it on the bourses. It has already appointed Deloitte and SBI Caps as pre-IPO transaction advisors.
(This is a developing story; please check again for updates.)
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