Money & Banking

Promoters infuse ₹100 cr in Liberty General Insurance

Our Bureau Mumbai | Updated on August 28, 2020

Liberty General Insurance, on Friday, said it has recently received fund infusion of ₹100 crore from its promoters.

“With a further infusion of additional capital of ₹100 crore made in July 2020 by its promoters, the total invested capital, including share premium, is now ₹1,834 crore. This fresh infusion of capital by the promoters amid the prevailing difficult economic situation in the country indicates their commitment and confidence in Liberty General’s ability to grow profitably for many years to come,” said Roopam Asthana, CEO and Whole Time Director, Liberty General Insurance.

The promoters of the private sector life insurer include Liberty Mutual Insurance Group, Enam Securities, and DP Jindal Group.

The insurer had undergone a shareholding change in February 2018, following which the current promoters are subject to a lock-in period of five years as stipulated by the regulator, it said in a statement.

The company has undergone several rounds of capitalisation since then, and as of June 30, it has a solvency ratio of 2.65 against required regulatory solvency ratio of 1.5

In 2019-20, it registered a year on year growth of over 36 per cent.

Published on August 28, 2020

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