The government has selected actuarial company Milliman Advisors for ascertaining the embedded value of Life Insurance Corporation, ahead of its initial public offer (IPO).
The government plans to sell a minority stake in insurance behemoth Life Insurance Corporation (LIC) and list it on the Stock Exchanges and has already appointed Deloitte and SBI Caps as pre-IPO transaction advisors. In a tweet, Department of Investment and Public Asset Management (DIPAM) 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 (IEV) reporting framework for necessary disclosures for the proposed initial public offer.
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.
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