Insurance Companies

Insurance companies have made a request to the Reserve Bank of India, which has then discussed the matter with the Finance Ministry of the government

Digital platform will allow consumers to compare, purchase and manage life, health, general insurance products

Shriram General Insurance Company Ltd announced plans to re-enter the crop insurance portfolio as part of its diversification strategy. Shriram General Insurance, jointly owned by the diversified Shriram Group and Africa-based Sanlam Ltd, offers a range of general insurance products. In a statement on Tuesday, the company reported its financial performance for the July-September 2024 quarter, stating it achieved a 15 per cent year-on-year increase in Gross Written Premium (GWP), rising to Rs 861 crore from Rs 750 crore in the same quarter of the previous financial year. The company plans to add 20,000 financial agents during the current financial year, bringing the total to 90,000. For the six-month period ending September 30, 2024, the Gross Written Premium grew to Rs 1,594 crore, up from Rs 1,310 crore in the same period last year. Net profit for the six-month period ending September 30, 2024, increased to Rs 254 crore, compared to Rs 217 crore in the same period the previous ..

HDFC Standard Life Insurance Co on Tuesday bought shares of PNB Housing Finance worth Rs 90 crore through an open market transaction. According to the block deal data available on the BSE, HDFC Standard Life Insurance Company Ltd purchased a little over 10 lakh shares or 0.4 per cent stake in PNB Housing Finance. The shares were picked up at an average price of Rs 900 apiece, taking the transaction value to Rs 90 crore. Meanwhile, a foreign investor Asia Opportunities V (Mauritius) Ltd trimmed its stake by offloading shares of PNB Housing at the same price. After the transaction, Asia Opportunities V holding in PNB Housing has come down to 0.94 per cent from 1.34 per cent. Shares of PNB Housing Finance rose 2.33 per cent to close at Rs 922.80 apiece. In August this year, Asia Opportunities V (Mauritius) offloaded a 3 per cent stake in PNB Housing Finance for over Rs 676 crore. Before that, in May, Asia Opportunities V (Mauritius) and General Atlantic divested a cumulative 4.46 p

In Q2 FY25, the solvency ratio of SBI Life stood at 204 per cent, compared to 212 per cent in the year-ago period

Companies' tech spending sees marked rise to meet evolving consumer demands

According to the circular, both life and general insurers are mandated to provide an essential summary of important information at different stages of the insurance contract

LIC's VNB margins improved by 20 basis points (bps) to 13.90 per cent in Q1 FY25 over the same period last year due to a change in the business mix of the insurer

The motor insurance and health insurance segments have been driving the growth in the non-life insurance industry so far in FY25, industry experts suggested

Life insurance companies have called for tax deductions on annuity products as well as lower goods and services tax (GST) on their products

Non-life insurers include general insurance companies, standalone health insurance companies, and specialised PSU insurers

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular barring the promotion of Unit Linked Insurance Plans (ULIPs) as 'investment products'. Unit-linked or index-linked insurance products shall not be advertised as 'investment products', IRDAI said in a master circular dated June 19. Insurers will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks. Likewise, participating (with bonus) endowment policies will have to state upfront that the bonuses projected in benefit illustrations are not guaranteed. All the advertisements of linked insurance products and annuity products with variable annuity payout option shall disclose the risk factors, it said. "All insurers shall advertise the launch of unit-linked funds or index-linked funds under existing insurance products or new insurance products, only with reference to the underlying life insurance coverage and the ...

The Insurance Regulatory and Development Authority of India (Irdai) in its 'Master Circular on Life Insurance Products' issued on Wednesday prescribed enhanced Special Surrender Value (SSV)

Bima Vahak, a part of Irdai's Bima Trinity, is a women-centric, dedicated distribution channel to sell insurance products

Private sector City Union Bank expects significant growth in the income contributed from the insurance vertical during the current financial year, a top official has said. The Tamil Nadu-based bank was on track to reach pre-Covid level in slippages and recovery, the bank's Chairman and Managing Director and CEO N Kamakodi said. "As we have onboarded six insurance companies covering life, general, and non-life during FY'23, our insurance income contribution has also doubled to Rs 55 crore in FY'24 as compared to Rs 27 crore in FY'23," he said. "We expect significant growth in insurance income in the current financial year," he told analysts in an earnings call. On the outlook, Kamakodi said the bank opened its 800th branch in Ayodhya last financial year and this year has planned to open about 50-75 branches. The digital lending process targeted to serve the micro, small, and medium enterprises segment was also reaching the 'last leg' and should be launched before mid-June, he said.

Company 'targeting gain in market share', says MD and CEO Prashant Tripathy

The conglomerate has also invested in other businesses in the insurance industry. Berkshire owns a stake in Aon Plc, a major broker, and has previously bet on rivals including Marsh & McLennan Cos

Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, is set to launch its initial public offering on May 15. The initial share sale will conclude on May 17 and the bidding for anchor investors will open for a day on May 14, according to the Red Herring Prospectus (RHP). Go Digit's proposed IPO comprises fresh issuance of equity shares worth Rs 1,125 crore and an Offer For Sale (OFS) of 5.47 crore equity shares by a promoter Go Digit Infoworks Services and existing shareholders. At present, Go Digit Infoworks Services owns an 83.3 percent stake in the company. Proceeds from the fresh issuance have been proposed to be utilised for the augmentation of the company's capital base and maintenance of solvency levels and general corporate purposes. Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm. They are not selling any shares in the IPO. In March, Go Digit secured approval from the Securities and Exchange Board of

It is an integration of preventive and comprehensive healthcare plans that includes infertility treatment, stem cell storage, nursing care, senior care and more

It aims to address the dissatisfaction of policyholders during claim settlement arising due to lack of understanding, intricate details and fine print of the insurance policy