LIC to Open Office in GIFT City for Overseas Expansion

Life Insurance Corporation (LIC) is set to expand its global presence with the establishment of a new office in Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC) in Gandhinagar, Gujarat, within the ongoing financial year. This strategic move aims to bolster LIC's international operations.

The initiative to open an office in GIFT City aligns with LIC's commitment to fostering its overseas business. Currently, LIC already maintains a global footprint, with a presence in 14 countries through a network of branch offices, subsidiaries, and joint ventures.

In a significant development on December 2, 2023, LIC announced a modification in its framework to allow the appointment of shareholders' directors to its board. This adjustment reflects the company's dedication to enhancing governance and ensuring diverse perspectives in its decision-making process.

LIC's global operations extend across various regions, including Fiji (Suva and Lautoka), Mauritius (Port Louis), and the United Kingdom (Watford), where it directly operates through branch offices. Additionally, LIC has subsidiaries such as Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal), Life Insurance Corporation (Lanka), and Life Insurance Corporation (LIC) of Bangladesh. Moreover, LIC boasts a foreign wholly-owned subsidiary, Life Insurance Corporation (Singapore).

News by Rahul Yelligetti