NEW DELHI | MUMBAI: The country’s largest insurer, Life Insurance Corporation of India, said it would not allow embattled Infrastructure Leasing & Financial Services (IL&FS) to collapse, promising to offer all support to the lender.“We will ensure IL&FS does not collapse. The minister said he had nothing more to add to what the LIC chairman said. LIC is now likely to subscribe to the rights issue that the company is likely to offer. LIC had total assets under management of over Rs 30 lakh crore, including around rs 5.74 lakh crore in equities and Rs 19 lakh crore in debt. Of its total investment of Rs 4 lakh crore in corporate bonds, LIC has gross NPAs of 5.75% and net NPAs of 1.6%.

Source: Economic Times September 26, 2018 02:15 UTC