ET Intelligence Group: At a time when state-owned banks are in the cross hairs for lending to companies that eventually failed to service the debts, not many would be aware that the Life Insurance Corporation of India ( LIC ), country’s largest life insurance company, has made investments of significant magnitude in some of these companies.LIC has been an investor in several companies which are in the list of applications admitted by National Company Law Tribunal ( NCLT ) under the Insolvency and Bankruptcy Code, 2016 (IBC). The list includes Alok Industries, ABG Shipyard, Amtek Auto, Mandhana Industries, Jaypee Infratech, Jyoti Structures, Rainbow Papers and Orchid Pharma. Stocks of most of these companies have seen more than 95 per centvalue erosions from their peaks thereby denting the overall performance of the insurance provider.Commenting on the company’s investments, Hemant Bhargava, managing director, LIC of India, said: “In the last three years, we have taken a conscious decision of investing only in the BSE200 companies. But you should know that LIC is an old institution and there are legacy investments about which there is nothing much we can do.”The state-owned insurance company has also been the largest shareholder and probably the only institutional shareholder in companies such as Gitanjali Gems Vakrangee , and Videocon Industries, which have been in the news for the wrong reasons and alleged for poor governance and lack of transparency.Other well-known names which have been great value destroyers but can be found in LIC’s portfolio include Reliance Communications, GTL Infra, Electrosteel Castings , Opto Circuits (India), Zylog Systems, Rolta India, Aban Offshore, Shree Renuka Sugars and Monnet Industries.At the end of December 2017, LIC held more than 1 per cent in 378 companies. Of these, 68 companies, or nearly one in every five companies, have a market capitalisation of less than Rs 100 crore.This is contrary to the perception that LIC invests in only large blue-chips.