LIC to leverage ₹45K-cr real estate portfolio

LIFE INSURANCE CORPORATION of India (LIC) is planning to monetise its real estate holdings, including large land parcels and premium commercial buildings across key cities, valued at over ₹45,000 crore.

- NARAYANAN V

“Real estate has always been a major area of focus for us. We have already created a strategic business unit for this. We would like to take it forward in a big way so that we can look at how that can also be leveraged for the overall good of policyholders,” R Doraiswamy, CEO & MD, said on Thursday.

He was addressing a virtual press conference to announce the company’s third-quarter earnings. LIC reported a 17% year-on-year rise in its net profit to ₹12,958 crore.

Doraiswamy said the corporation is reviewing every part of its real estate portfolio to see how returns on investments can be enhanced and contribute to higher returns for policyholders, terming the move as leveraging and not “monetising”.

LIC is the third-largest landlord in the country, with marquee properties in prime locations across cities, including the Jeevan Bharti building in Delhi’s Connaught Place, the LIC building on Chittaranjan Avenue in Kolkata, and buildings housing the Asiatic Society and Akbarally’s in Mumbai.