The Life Insurance Corporation of India (LIC) on Saturday firmly denied claims made by The Washington Post, saying that all its investments are carried out with honesty, care, and proper review.

Responding to the report, LIC said that the newspaper’s suggestion that its investment choices were shaped by outside influence is completely untrue. The company called the claims "false, baseless, and far from the truth".

"No such document or plan as alleged in the article has ever been prepared by LIC, which creates a road map for infusing funds by LIC into the Adani group of companies," the company said in its statement.

The Washington Post report had alleged that officials fast-tracked a proposal in May this year to channel around 3.9 billion dollars in investments from LIC to an Adani group firm.

LIC clarified that all its investment decisions are taken independently and only after thorough evaluation based on policies approved by its Board.

"Department of Financial Services or any other body does not have any role in such decisions. LIC has ensured the highest standards of due diligence and all its investment decisions have been undertaken in compliance with extant policies, provisions in the Acts and regulatory guidelines, in the best interest of all its stakeholders," the company said.

LIC added that the claims made in the article "appear to have been made with the intentions to prejudice the well-settled decision-making process of LIC and also to tarnish the reputation and image of LIC and the strong financial sector foundations in India".

The insurer, which is India’s largest life insurance company, recently reported a 3.91 per cent year-on-year rise in its consolidated net profit for the June quarter of the current financial year.

Its profit increased to Rs 10,957 crore compared to Rs 10,544 crore recorded during the same quarter last year, according to its filing with the stock exchange.