The Life Insurance Corporation of India (LIC) is expected to start filing the draft papers for its public issue with the Securities and Exchange Board of India (SEBI) by the third week of January, the Times of India reported.
Sources told the paper that top LIC officials hinted at the date to global investors during interactions. It added that finance ministry officials have for months maintained that the listing would be completed before FY22 ends, it said.
Moneycontrol could not independently verify the report.
The life insurer’s IPO is poised to be the biggest equity offering in India at around Rs 1 lakh crore.
LIC officials also told investors the company is increasing its focus on non-participating products such as pension, annuity, health insurance and ULIPS as part of its plan to diversify the product mix, increase sales of existing non-participating and launch new non-participating products, sources added.
Other focus area is bancassurance, official said. LIC wants to increase its market share of the bancassurance channel and is tying up with more partners for this. The state-run insurer is also pushing digital adoption to improve productivity for bancassurance partners, it said.
LIC wants to increase cross-selling and selling to individuals to step up the productivity of intermediaries and expand its average ticket size.
The insurance giant is also looking to hire more millennial agents to keep up with the changing demographics. Around 67 percent of India’s population is in the 15-64 years age group and the median age is nine years.
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