US life insurers, not LIC, led the recent Adani investments

Life Insurance Corporation of India’s investment in Adani group companies may be under the spotlight, but recent data shows that some of the largest investments in entities controlled by billionaire Gautam Adani have come not from the state insurer but from major US and global insurers.

- OUR CORRESPONDENT

In June 2025, a month after USD 570 million (Rs 5,000 crore) investment by Life Insurance Corporation (LIC) in Adani Ports & SEZ, US-based Athene Insurance led a Rs 6,650 crore (USD 750 million) debt investment in Adani’s Mumbai International Airport, joined by several leading international insurance firms.

Apollo Global Management -- Athene’s parent company -- ina statement on June 23 stated that its managed funds, affiliates, and other long-term investors had completed a USD 750 million “investment grade rated financing” for Mumbai International Airport Ltd (MAIL).

‘This was Apollo's second large financing for MIAL, following its previous financing that provided operational flexibility to deleverage.