LIC rebuts Washington Post report as 'false, baseless, far from truth'

New Delhi, Oct 25 (IANS) The Life Insurance Corporation of India (LIC) on Saturday denied false reports by The Washington Post, reaffirming all investments are made with integrity and due diligence.

In a rebuttal to the article, LIC said the allegations leveled by The Washington Post that the investment decisions of LIC are influenced by external factors are “false, baseless, and far from truth”.

“No such document or plan as alleged in the article has ever been prepared by LIC, which creates a road map for infusing funds by LIC into Adani group of companies,” the company said in a statement.

The article had claimed that officials allegedly fast-tracked a proposal in May this year to direct approximately $3.9 billion in investments from the LIC to an Adani group firm.

LIC said that the investment decisions are taken independently as per Board approved policies after detailed due diligence.

“Department of Financial Services or any other body does not have any role in such decisions. LIC has ensured highest standards of due diligence and all its investment decisions have been undertaken in compliance with extant policies, provisions in the Acts and regulatory guidelines, in the best interest of all its stakeholders,” it further stated in the statement.

LIC said that these purported statements in the article “appear to have been made with the intentions to prejudice the well settled decision-making process of LIC and also to tarnish the reputation and image of LIC and the strong financial sector foundations in India”.

LIC, the country’s largest life insurer, reported a 3.91 per cent year-on-year (YoY) increase in its consolidated net profit for the June quarter of the current financial year (Q1 FY26).

The profit rose to Rs 10,957 crore from Rs 10,544 crore recorded in the same period previous year (Q1 FY25), according to its stock exchange filing.

--IANS

na/rad