LIC board clears proposal to setup branch office in GIFT City

The Life Insurance Corporation of India (LIC) has announced its plans to set up a branch office in the International Financial Services Centre (IFSC) in GIFT City, Gujarat. This move is aimed at expanding LIC’s global business and will be its first office in India’s maiden international financial services centre. LIC currently has a presence in 14 countries through branch offices, subsidiaries, and joint ventures.

The Chairman of LIC, Siddhartha Mohanty, believes that this expansion will enhance the company’s foreign operations. LIC already operates directly through branch offices in Fiji, Mauritius, and the UK, and has subsidiaries in Bahrain, Nepal, Sri Lanka, and Bangladesh. Additionally, LIC also has a wholly-owned subsidiary in Singapore. This move to establish a branch office in the IFSC will further strengthen LIC’s position in the international market and enable it to better serve its global customer base. Tap for more at Bfsi