Daijiworld Media Network - New Delhi
New Delhi, Oct 25: The Life Insurance Corporation of India (LIC) on Saturday strongly refuted allegations made by The Washington Post, asserting that all its investment decisions are made independently, transparently, and with due diligence.
In a formal statement, the state-run insurer dismissed the report’s claims that LIC’s investments were influenced by external pressure, calling them “false, baseless, and far from the truth.”
“No such document or plan, as alleged in the article, has ever been prepared by LIC which outlines a roadmap for infusing funds into Adani Group companies,” the corporation clarified.
The Washington Post report had claimed that officials had fast-tracked a proposal earlier this year to channel nearly $3.9 billion of LIC’s investments into a company belonging to the Adani Group.
LIC categorically denied this, emphasizing that all investment decisions are taken independently, in accordance with Board-approved policies and after thorough due diligence.
“The Department of Financial Services or any other external body has no role in our investment decisions,” LIC said.
“We follow the highest standards of due diligence, and all decisions are made in compliance with existing policies, laws, and regulatory guidelines, keeping in mind the interests of our policyholders and stakeholders.”
The insurer further alleged that the statements in the foreign publication appeared to be “intended to undermine LIC’s decision-making process and tarnish its reputation.”
“Such claims seek to cast unwarranted doubts on the integrity of LIC and the strength of India’s financial sector,” the statement added.
LIC, the country’s largest life insurer, also highlighted its strong financial performance. The company recorded a 3.91% year-on-year increase in consolidated net profit for the June quarter (Q1 FY26), rising to Rs 10,957 crore from Rs 10,544 crore in the same quarter of the previous fiscal year (Q1 FY25), according to its stock exchange filing.
With this rebuttal, LIC reaffirmed its commitment to transparency and prudent financial management, reiterating that its investment strategy is guided solely by policyholder interests and regulatory compliance.