Post LIC IPO, 60% of insurance business to be with listed entities: Finance Ministry Additional Secretary
The Cabinet Committee on Economic Affairs (CCEA) had in July given its principle approval for the listing of insurance behemoth Life Insurance Corporation of India (LIC).
The IPO of the state-owned life insurer is part of the government’s efforts to raise Rs 1.75 lakh crore through disinvestment in the current financial year.
Agrawal said amid global challenges, India has continued to develop as an emerging economy with a financial system that has matured, deepened and achieved scale.
"A majority of these have crossed their initial breakeven phase. Once the proposed listing of LIC happens, about 60 per cent of the insurance industry business would be with listed entities. The sector as a whole has been growing at a pace significantly higher than that of the overall economy,” he said.
He added, Even within traditional areas like insurance and pension, actuaries can enrich risk management if based on inclination and aptitude, individual trained actuaries consider joining other departments like finance, marketing and underwriting.
Actuaries can help raise a bountiful crop of new solutions by actively engaging with businesses and technologies to identify new opportunities, and address emerging challenges, the official added.