US insurers have bigger bets on Adani than LIC
What's the story
Despite the scrutiny over Life Insurance Corporation of India's (LIC) investments in the Adani Group, data shows that US and global insurers have made larger investments in companies controlled by billionaire Gautam Adani. In June, LIC made a ₹5,000 crore investment in Adani Ports & SEZ, while US-based Athene Insurance led a ₹6,650 crore debt investment into Adani's Mumbai International Airport.
Investment details
Apollo led $750M financing for MIAL
Apollo Global Management, Athene's parent company, announced on June 23 that its managed funds, affiliates and other long-term investors had completed a $750 million "investment grade rated financing" for Mumbai International Airport Ltd (MAIL). This was Apollo's second major financing for MIAL after the previous one provided operational flexibility to deleverage.
Fundraising efforts
Adani Group secured $250M from global lenders
The Adani Group also secured about $250 million from a consortium of global lenders, including DBS Bank, DZ Bank, Rabobank, and Bank SinoPac Co Ltd. According to an August report by S&P Global Ratings, the group signed credit facilities worth $10 billion in H1 2025 across its port division (APSEZ), renewable energy arm (AGEL), flagship company (Adani Enterprises Ltd), and power transmission unit (Adani Energy Solutions Ltd).
Investment independence
LIC calls Washington Post report 'false, baseless'
Responding to The Washington Post's report, LIC called the claims "false, baseless and far from the truth." The insurer said its investments in Adani Group companies were made independently and as per its board-approved policies after detailed due diligence. Despite scrutiny over its exposure to Adani Group, LIC's investment value in India's top 500 companies has grown tenfold since 2014.
Distribution
LIC's exposure to Adani Group less than 2%
LIC's exposure to the Adani Group is less than 2% of the ₹2.6 lakh crore total debt of the conglomerate. The insurer's largest holdings are in Reliance Industries Ltd, ITC, and Tata Group, not Adani. LIC holds a 4% stake (worth ₹60,000 crore) in Adani stocks compared to a larger stake in other companies such as Reliance (6.94%), ITC Ltd (15.86%), HDFC Bank (4.89%), and SBI (9.59%).