Insurance behemoth Life Insurance Corporation (LIC) has decided to open a branch office at GIFT City, the country’s sole operational International Financial Services Centre.
A proposal to this effect was approved by the Board of LIC at its meeting on Tuesday, this life insurer said, in a filing with the stock exchanges.
This LIC decision is expected to enable the life insurance major further expand its overseas offerings (GIFT City being treated as foreign jurisdiction).
Already LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures. LIC directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford).
Besides it has subsidiaries in Bahrain, Nepal, Sri Lanka and Bangladesh.
LIC is now joining a select club of Indian life insurance companies who have established presence in GIFT City in Gujarat. IndiaFirst Life Insurance Company was the first life insurer to obtain registration for opening office in GIFT City.
In GIFT City, already 23 general insurance companies and intermediaries have presence. The gross premium booked by GIFT City IFSC Insurance Office stood at $ 202 million (FY 2023) and re-insurance premium arranged by insurance intermediaries stood at $682 million (FY 2023), official data showed.
GIFT City aspires to become a financial powerhouse, comparable to prominent global financial centres like London, New York, and Singapore. Its vision is to propel India onto the global financial map, attracting international investors and businesses while retaining the competitive edge of Indian talent.