LIC Turns to Wall Street Banks for Hedging Risks

Life Insurance Corp. of India (LIC) is working with some of Wall Street's largest banks to hedge its liabilities, according to people familiar with the matter.

- Bloomberg

The nation's largest insurer has entered into $1 billion worth of bond forward rate agreements (FRAs) with banks including JPMorgan Chase & Co. and Bank of America Corp. over the past two months, the people said, asking not to be identified as they are not authorized to speak publicly.