Sushobhan Sarkar, MD at LIC, is the frontrunner to succeed D K Mehrotra as chairman of LIC. Mehrotra will retire by the end of May 2013. Thomas Matthew is the senior most managing director in the corporation. However, since his term comes to an end by end-June 2013, Matthew may be appointed as current in-charge until the final appointment. Sarkar, who joined LIC as direct recruit officer following an entrance exam in 1977, has a full year of service before he retires.

The Blackstone Group L.P. (NYSE:BX) is in talks with Life Insurance Corporation of India (LIC) to buy out its 14% stake in Stock Holding Corporation of India Limited (SHCIL), reported Economic Times. LIC is planning to sell its stake in the company through a bidding process. A senior official of LIC confirmed the development saying, "Some companies have evinced interest and we are doing an internal assessment. Once it's finalised, we may come up with a public disclosure." Two officials, familiar with the situation, confirmed to Economic Times that Blackstone and LIC are indeed in talks, and LIC is willing to sell its stake in SHCIL. One of the officials said, "If the valuation amount is more than the price offered by Blackstone, we will set it as the reserve price and ask for bids from all interested parties." Another official said, "If they are not interested, we will sell the shares to the highest bidder. The approval from the government shouldn't be a problem though." LIC is planning to appoint SBI Capital as financial advisor for the sale process. A spokesperson for Blackstone, however, refused to comment on the matter.

Life Insurance Corporation (LIC), has opened its wholly owned subsidiary in Singapore. LIC (Singapore) Pte Ltd. will expand the group's global footprint into South-east Asia and become its 13th international operation joining its network of offices in London, Fiji, Mauritius, Bahrain, Nepal, Sri Lanka and Kenya, among others.