“To meet modernisation needs and drive innovation, we are collaborating with both fintech and insurtech firms, which are developing numerous new solutions,” Doraiswamy mentioned in an interview with PTI.
He added, “As a significant financial institution, we invest in multiple organizations and evaluate strategic investments in specialized players to enhance returns on our policyholders’ funds.” Reflecting on the IT evolution at Life Insurance Corporation of India, he noted that the organization was among the first to adopt digital technologies.
“We have established our own core competencies in creating business applications by developing a dedicated software development center. A substantial team within our IT department is focused on generating solutions, but that doesn’t mean we can operate entirely independently. We also partner with numerous IT service providers for our infrastructure and platforms,” he explained.
Doraiswamy, who previously led the modernization of LIC’s Individual Business IT infrastructure and applications as Executive Director, stated that the Corporation requires both in-house development teams and external IT support.
“Both aspects are complementary… while we are engaging fintech players, we’re assessing various options regarding potential strategic partnerships and may be moving forward with something… our primary goal is to modernize our IT applications to become agile and responsive, ensuring we remain competitive,” he remarked.
LIC is assessing the value propositions of various available options, he added.
When asked about LIC’s readiness for further stake dilution by the Centre, Doraiswamy responded, “We have been prepared from the very beginning. As we prepared for the IPO, we anticipated these kinds of subsequent actions. The government will make decisions regarding timing and extent of further stake dilution, and when that happens, LIC will be fully equipped to collaborate closely with the government to ensure the initiative’s success.”
LIC launched an initial public offering, the largest until 2022, enabling the government to raise around ₹21,000 crore by divesting just 3.5% of its stake in the insurance giant.
Before 2022, LIC was entirely owned by the Government of India.
He further clarified that the government is concentrating on meeting listing requirements, which mandate that any listed company maintains a public float of 10% or 15% at various schedules.
The government aims to achieve this target, but given the current market volatility, it is waiting for the optimal time to initiate the next public offering, he mentioned.
Post-IPO, Doraiswamy stated that LIC has been actively rewarding its shareholders.
In the previous quarter, he reported that LIC announced a 1:1 bonus and subsequently declared a substantial dividend, which is 67% greater than the previous year’s.
The LIC board, while finalizing FY26 figures, recommended a final dividend of ₹10 per equity share of ₹10 each (equivalent to ₹20 per equity share on a pre-bonus basis), pending shareholder approval.
Earlier this month, LIC reported a 23% rise in net profit to ₹23,420 crore for the March quarter, marking the highest net profit achieved by any financial services firm in the country.
