Government Selects Milliman Advisors To Ascertain LIC’s Embedded Value Ahead Of IPO
The government has selected actuarial firm Milliman Advisors for ascertaining the embedded value of Life Insurance Corporation of India, ahead of its initial public offer.
The government plans to sell minority stake in insurance behemoth Life Insurance Corporation and list it on the bourses, and has already appointed Deloitte and SBI Capital Markets as pre-IPO transaction advisors
In a tweet, Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said, "Government has selected Milliman Advisors LLP India as the Reporting Actuary for the Embedded Value of LIC. Work to start soon."
LIC needs to develop an Indian embedded value reporting framework for necessary disclosures for the proposed IPO.
Milliman Advisors would be required to work with LIC to develop IEV in line with the requirements of the relevant Acts and regulations, Actuarial Practice Standards and guidance notes issued by the Institute of Actuaries of India and LIC Act, 1956, and to provide support during the IPO process.
Also read: LIC IPO May Spill Over To Next Fiscal
The government has budgeted to collect Rs 2.10 lakh crore from stake sale this fiscal. This includes Rs 1.20 lakh crore from central public sector enterprises' disinvestment and Rs 90,000 crore from selling stake in financial institutions.
So far this fiscal, the government has been able to mop up Rs 12,778 crore from CPSE disinvestment.