Private insurer Liberty General Insurance (LGI) on Friday said its promoters have infused ₹100 crore in the company. The company also denied rumours and speculation of stake sale.
“With a further infusion of additional capital of ₹100 crore made in July 2020 by its promoters, the total invested capital, including share premium, is now ₹1,834 crore. This fresh infusion of capital by the promoters amid the prevailing difficult economic situation in the country indicates their commitment and confidence in Liberty General’s ability to grow profitably for many years to come,” said Roopam Asthana, CEO and Whole Time Director, Liberty General Insurance.
Liberty Mutual Insurance Group, Enam Securities, and DP Jindal Group are the promoter of the private sector non-life insurer.
The insurer had undergone a shareholding change in February 2018 and consequently the current promoters are subject to a lock in period of 5 years as stipulated by the regulator.
Liberty General Insurance is financially strong with solvency ratio of 2.65 (as on June 30, 2020) as against required regulatory solvency ratio of 1.5 indicating adequate capital support for planned growth, the company said in a statement.
Overall, the company registered year-on-year growth of over 36% for the fiscal ended March 31, 2020.
The company has recently launched a new product Liberty Critical Connect – and an innovative offering Liberty Assure under the regulatory sandbox mechanism.
Liberty General Insurance Ltd. (LGI) is a joint venture between Liberty Citystate holdings PTE Ltd, Enam Securities, and Diamond Dealtrade. Started in 2013, the company has an over 1,100 employees with presence across more than locations in the country.