Life insurance giant Life Insurance Corporation of India (LIC) on Monday said its exposure in the Adani Group, as on date, is 0.975 per cent of its total assets under management (AUM) at book value.
In a regulatory filing on Monday, the LIC said that its total AUM are over Rs 41.66 lakh crore as at September 30, 2022. Therefore, its exposure in the Adani group, as on date, is 0.975 per cent of its AUM at book value.
The life insurer said the total amount invested under Adani Group amounts to Rs 36,474.78 crore as on date. These investments have, however, been made over a period.
Further it may be appreciated that the credit rating of all of the Adani debt securities held by LIC are AA and above which is in compliance with the IRDAI investment regulations as applicable to all the life insurance companies, the LIC said.
According to the LIC, its total holding under equity and debt is Rs 35,917.31 crore, as on December 31, 2022, under Adani Group of companies.
"The total purchase value of equity, purchased over the last many years, under all the Adani group companies is Rs 30,127 crore and the market value for the same as at close of market hours on January 27, 2023 was Rs 56,142 crore," it said.
According to the LIC, its available solvency margin of as at September 2022 was well above the target solvency level of 160 per cent.
The life insurer also said it does not share details of its company and industrial group specific investments in ordinary course of business.
"However, given that certain information is being circulated in the various articles in media and video channels about LIC's exposure to Adani Group of companies, we are releasing this information to share the factual position regarding our exposure in Adani group of companies in the equity and debt segments," the LIC said.