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Public Sector General Insurance Companies (PSGICs) have achieved financial turnaround in the December quarter, posting a combined profit of Rs 1,066 crore on the back of various reforms by the finance ministry. Public sector general insurance companies (PSGICs), that historically reported losses, witnessed a major turnaround with all of them becoming profitable again, the finance ministry said in a statement on Thursday. While Oriental Insurance Company Ltd (OICL) and National Insurance Company Ltd (NICL) started posting quarterly profits from Q4 of 2023-24 and Q2 of 2024-25, respectively, United India Insurance Company Ltd (UIICL) posted profit in Q3 of 2024-25 after a gap of seven years, it said. Notably, New India Assurance Company Ltd (NIACL) has consistently maintained its position as a market leader and has been making profits regularly, it said. New India Assurance Company recorded nearly 51 per cent drop in net profit to Rs 353 crore for the third quarter of the current ...
Capital markets regulator Sebi is planning to come out with a new combo product under which mutual funds can pair investments with life insurance, its chief Madhabi Puri Buch said on Friday. She, in an event organised by ICAI, revealed that the regulator will soon come out with a consultation paper on the proposal. Currently, many financial products already bundle insurance and investment options together. Sebi is working on a new product under which investors will have an option to pair mutual fund investments with life insurance. The product is central to the regulator's mission of expanding financial access, especially in underserved areas. Buch, whose three-year term ends on February 28, explained that the initiative seeks to address the needs of investors, particularly in rural areas, where there is a significant potential to grow systematic investment plans (SIPs), but the current value of investments remains low. Through this product, she hopes to provide a more attractive,
Insurers are hopeful of a host of tax benefits, including concessions for the insurance and healthcare sectors, from the Union Budget 2025-26 to be unveiled by Finance Minister Nirmala Sitharaman on February 1. SBI General Insurance MD and CEO Naveen Chandra Jha said that as India advances toward financial inclusivity and universal healthcare, the upcoming Budget is expected to further strengthen the healthinsurance sector. Initiatives like Bima Sugam, designed to achieve the goal of 'Insurance for All' by 2047, are expected to receive regulatory and fiscal support to address the protection gap, he noted. "Additionally, the budget is likely to focus on expanding access in underserved regions through government-private partnerships, targeted subsidies, and advancements in digital infrastructure," Jha added. Bajaj Allianz Life MD and CEO Tarun Chugh said India's economic growth presents immense opportunities for the insurance sector to enhance financial resilience. "Aligning tax ...