India’s biggest life insurer, Life Insurance Corporation (LIC), is planning to open an office in GIFT International Financial Services Centre in Gujarat during the current fiscal year ending 31 March 2024 to further its overseas operations.
LIC’s presence in the Gujarat International Finance Tec (GIFT) City — International Financial Services Centre (IFSC) will enable the company to expand its global business.
“We are going to open our branch very soon in the GIFT City. It should happen during the current financial year itself. This will enhance our foreign operations,” LIC chairman Siddhartha Mohanty told Press Trust of India in an interview.
He said LIC has a presence in 14 countries through branch offices, subsidiaries and joint ventures.
The corporation operates directly through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and the United Kingdom (Watford). It also has subsidiaries namely, Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal), Life Insurance Corporation (Lanka), Life Insurance Corporation of Bangladesh and Life Insurance Corporation (Singapore).
Mr Mohanty said that the goal is to consolidate and strengthen those operations so that they generate greater returns for the corporation.
