The name change, which took effect on 22 September, follows efforts by UK-based joint venture partner Prudential to transition from promoter to investor status in the insurer.
The reported bid follows a series of LIC investments across India's financial sector, including moves to increase its holdings in ICICI Bank and HDFC Bank.
The move removes the requirement for prior regulatory approval to repatriate dividends and aligns intermediary rules with India's revised insurance and foreign investment framework.
The offering provides SMEs with bundled coverage tailored to their unique risk profiles, eliminating the need to purchase and manage multiple policies.
He brings more than 18 years of experience in the life insurance sector spanning risk management, actuarial science, financial risk and capital management.
The state-owned insurer plans to strengthen data infrastructure, cybersecurity and digital claims capabilities while expanding direct-to-customer insurance distribution.
Improvement in underwriting performance attributed to a lower expense ratio and operational scale expansion, though the agency noted earnings remain reliant on investment returns to offset losses
