LIC in negotiations with banks to accelerate partnerships, says MD Jagannath

13 Nov 2023 , 10:44 AM

The Life Insurance Corporation of India (LIC), India’s largest insurer, is in negotiations with banks to expand its bancassurance channel business, according to Managing Director M Jagannath.

‘We are planning to expand partnerships to enhance our bancassurance channel, and talks are ongoing with some banks,’ Jagannath stated at a press conference following the company’s Q2FY24 results.

The country’s largest insurer teamed with two new banks in the April-June FY24 quarter: J&K Bank and Saraswat Urban Cooperative Bank.

Jagannath further stated that LIC’s existing collaborations with several institutions had yielded extremely positive outcomes. ‘Our existing bank partnerships have yielded positive results. We will improve these as well,’ he added.

On November 10, the insurer reported a 50% drop in net profit to Rs 7,925 crore for the quarter ended September 30, 2023. In the previous fiscal year, the insurance behemoth reported a net profit of Rs 15,952 crore.

At around 10.38 AM, LIC was trading 0.70% lower at Rs 603.60, against the previous close of Rs 607.85 on NSE. The counter touched an intraday high and low of Rs 605 and Rs 598.25, respectively.

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