In order to incentivise a shift from relatively risk-free defined benefit system to relatively risky defined contribution system, minimum assurance was introduced by some countries. Minimum assured return acts as insurance for pension investors
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FinMin appoints Milliman Advisors for valuing LIC pre-IPO
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The firm was chosen from three in the race including EY Actuarial Services and Willis Towers Watson Actuarial Advisory.
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The government had invited interest for the appointment of an actuarial firm to determine the embedded value of LIC of India, taking the next step towards the public listing of the country’s largest public insurer.
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Milliman Advisors LLP India has been selected as the reporting actuary for the embedded value of Life Insurance Corporation of India.
The firm was chosen from three in the race including EY Actuarial Services and Willis Towers Watson Actuarial Advisory.
LIC IPO: Govt appoints Milliman Advisors to determine embedded value of the insurer
December 31, 2020
An Indian Embedded Value is a measure of the consolidated value of shareholders’ interest in the life insurance business. The Government on Thursday took one more step towards Initial Public Offer (IPO) of Life Insurance Corporation of India (LIC) by appointing Reporting Actuary.
“Government has selected Milliman Advisors LLP India as the Reporting Actuary for the Embedded Value of LIC,” Secretary of Department of Investment and Public Asset Management (DIPAM), Tuhin K Pandey said in a tweet. Further, he mentioned that work to start soon. Apart from Milliman, EY Actuarial Services LLP and Willis Towers Watson Actuarial Advisory LLP were in the fray.