Adani Group exposure of Public Sector Insurance companies: The total exposure of public sector insurance companies, including LIC and GIC, to Adani Group companies, is less than 1% of their total asset under management (AUM), according to official data.
In a written reply to a query in Lok Sabha on Monday (February 13, 2023), Union Minister of State for Finance Dr Bhagwat Karad said that the total exposure of public sector General Insurance companies to Adani Group is Rs 347.64 crore (as of 31st January 2023). This amounts to 0.14% of the total AUM of these companies.
The public sector General Insurance Companies include New India Assurance Company Limited, United India Insurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited and General Insurance Corporation of India (GIC).
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Earlier, Life Insurance Corporation of India (LIC) had said that its exposure to Adani Group was equivalent to 0.974% of its total AUM at book value.
| Company | Total Exposure (% of AUM) |
| LIC | 0.975 |
| Other Public Sector General Insurance companies | 0.14 |
“The Life Insurance Corporation of India (LIC), as per it’s press release dated 30.01.2023, has stated, inter alia, that LIC’s total holding under equity and debt is Rs. 35,917.31 crores as on 31.12.2022 under Adani group of companies. LIC has also informed that the total Assets Under Management (AUM) by LIC are over Rs. 41.66 lakh crore as at 30.09.2022 and the existing LIC’s exposure in the Adani group is 0.975% of LIC’s total AUM at book value,” Dr Karad said.
“As per data received from Public Sector General Insurance companies, namely New India Assurance Company Limited, United India Insurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited and General Insurance Corporation of India, total exposure in Adani Group of Companies as on 31.1.2023 is Rs 347.64 crore which is 0.14% of the total AUM of all the five companies,” he added.
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LIC had said the total purchase value of equity, purchased over the last many years, under all the Adani group companies was Rs. 30,127 crores and the market value for the same as at close of market hours on 27.01.2023 was Rs. 56,142 crores. It further said that the total AUM by LIC is over Rs. 41.66 lakh crore as of 30.09.2022.