LIC rebuts Washington Post report as ‘false, baseless, far from truth’

In a strong and unequivocal rebuttal, the Life Insurance Corporation of India (LIC) on Saturday, 25 October, has firmly rebuffed a Washington Post report as “false, baseless, and far from the truth”, asserting its investment decisions are guided solely by integrity and due diligence — not external influence — amid allegations of favouring the Adani Group.

In a detailed statement, LIC asserted that its investment operations are governed by integrity, independence, and due diligence, emphasising that no document or plan, as claimed in the report, had ever been prepared to channel funds toward the Adani conglomerate.

“No such document or plan as alleged in the article has ever been prepared by LIC which creates a road map for infusing funds by LIC into Adani group of companies,” the insurer said, calling the report’s assertions a distortion of fact.

The Washington Post report had claimed that Indian officials allegedly fast-tracked a proposal in May 2025 to channel roughly $3.9 billion (₹33,000 crore) of LIC funds into Adani firms — a claim that LIC has now categorically rejected.

LIC clarified that all investment decisions are taken independently, guided by board-approved frameworks and extensive due diligence procedures. The state-run insurer underscored that neither the Department of Financial Services nor any other external authority plays a role in determining its investment choices.

“LIC has ensured the highest standards of due diligence, and all its investment decisions are in strict compliance with its policies, governing Acts, and regulatory guidelines — always in the best interest of stakeholders,” the statement read.

The corporation went a step further, accusing the publication of attempting to “tarnish the reputation and image of LIC” and undermine confidence in India’s financial institutions.

“These purported statements appear to have been made with the intention to prejudice the well-established decision-making process of LIC and to tarnish the strong foundations of India’s financial sector,” the insurer said.

The denial comes at a time when LIC, India’s largest life insurer and a pillar of the country’s financial ecosystem, continues to post steady earnings. In its latest quarterly results (Q1 FY26), LIC reported a 3.91% year-on-year rise in consolidated net profit to ₹10,957 crore, up from ₹10,544 crore in the same period last year.

As the storm over the Washington Post report gathers political and market attention, LIC’s emphatic defense seeks to reaffirm its image as a prudent and autonomous institution — one that, it insists, stands untouched by political or corporate influence.

With IANS inputs