LIC unions reject Washington Post report, call it misleading

The unions affiliated with the Life Insurance Corporation (LIC) of India have strongly refuted a report by The Washington Post, describing it as misleading and intended to advance the interests of American insurance corporations.

LIC Employees Union (Kadapa division) general secretary A. Raghunatha Reddy said the report sought to undermine the credibility of LIC and create a pretext for U.S. corporate entry into India’s life insurance sector.

“LIC is a long-term investor in the stock market, and its decision to invest in the Adani Group was a conscious one taken by the LIC Board—not under any external pressure as alleged in the story. The LIC management has already clarified this point,” Mr. Reddy said in a statement, calling the article “malafide in intent.”

He further recalled that the U.S. Trade Representative (USTR), in an earlier report, had made similar baseless allegations about LIC’s sovereign guarantee, adding that such mudslinging campaigns by American entities were not new.