Page 4 - Life Insurance

LIC Q4 results: PAT rises 2% to Rs 13,763 cr, total income at Rs 2.5 trn

Insurance behemoth LIC on Monday posted a marginal 2 per cent increase in net profit at Rs 13,763 crore in the fourth quarter ended March 2024. The insurer had earned a profit of Rs 13,428 crore in the corresponding quarter a year earlier. The total income of the insurer during the reporting quarter rose to Rs 2,50,923 crore from Rs 2,00,185 crore in the same period of the previous fiscal, LIC said in a regulatory filing. LIC's income from first-year premium also improved to Rs 13,810 crore in the latest January-March quarter against Rs 12,811 crore in the same period of preceding fiscal. The income from renewal premiums in the reporting period rose to Rs 77,368 crore compared to Rs 76,009 crore a year ago. During the entire financial year ended March 2024, the insurer earned a profit of Rs 40,676 crore as compared to Rs 36,397 crore in the previous fiscal.

AIG to sell 20% stake in Corebridge to Japan's Nippon Life for $3.8 bn

J.P. Morgan Securities advised AIG on the deal, which is expected to close by the first quarter of 2025

LIC gets 3-yr extension from Sebi to achieve 10% public shareholding

State-owned insurance giant now has to meet regulatory requirement on or before May 16, 2027

HDFC Life Insurance declares bonus worth Rs 3722 cr to policyholders

In participating or 'par' policies, life insurance companies share the benefit of profit in the form of bonuses with policyholders

IndiaFirst Life Insurance names Rushabh Gandhi as its next MD & CEO

Financial services veteran will have a 5-year term; incumbent R M Vishakha to retire in June

ICICI Prudential Life pays Rs 1,867 crore towards death claims in FY24

ICICI Prudential Life Insurance on Tuesday said it has settled 99.17 per cent of death claims in just 1.27 days, with the total such payout at Rs 1,867 crore in 2023-24. In a statement, ICICI Prudential Life said the company's claim settlement ratio for the June quarter of FY24 was 97.94 per cent, for the September quarter at 98.14 per cent and for the December quarter at 98.52 per cent. "The claim settlement ratio of ICICI Prudential Life stood at 99.17% in FY2024, one of the best in the industry. Significantly, the average turnaround time taken to settle a genuine death claim was just 1.27 days," it said. For the fiscal year ended in March 2024, the company paid a total of Rs 1,867 crore in death claims, it added. The company said it has enabled its digital touchpoints such as WhatsApp and the mobile app providing convenience to claimants to lodge and track claims. Also, the company provides home pick-up of claim documents. ICICI Prudential Life Insurance Senior Executive Vice .

ICICI Prudential Life Insurance Q4 results: PAT declines 26% to Rs 174 cr

The decline in VNB margin is primarily on account of the shift in the underlying product mix towards unit-linked business, the company said in an exchange filing

LIC's total premium grows 26%, highest among listed peers in March

State-owned Life Insurance Corporation of India (LIC) reported a 26.41 per cent increase in the total premium collected in March 2024 to Rs 36,300.62 crore compared to Rs 28,716.23 crore in the same month a year ago. LIC was followed by SBI Life Insurance Company in premium collection growth at 24.76 per cent. ICICI Prudential Life Insurance Company reported a 12.58 per cent growth. Another major insurer HDFC Life Insurance Company, however, reported a decline in premium collection at 20.05 per cent. As of March 2024, LIC commands a market share of 58.87 per cent based on premium collections, the state-owned insurer said quoting figures released by Life Insurance Council. Private insurers also experienced a surge in premium collection in March due to a last-minute rush by customers to avail of tax exemptions before the April 1 deadline for non-linked policies, it said. In March 2024, LIC's Group Yearly Renewable Premium surged by 200.62 per cent, and Group Premium by 47.17 per ...

Stocks to Watch today: TCS, GIC, HAL, LIC, Anand Rathi, Aster DM, IT shares

Stocks to watch on Monday, April 15, 2024: IT shares, led by TCS, are expected to be in focus after the Tata group IT major reported better-than-expected Q4 numbers.

Insurance: High surrender charges deter exits

Policyholders are not the only sufferers. Taxpayers subsidise insurers' and banks' profits via unjustified tax concessions given to the maturity value of life policies

You can get Rs 1 cr health cover with monthly EMI option on the PhonePe app

This industry-first initiative empowers users to choose quality health insurance with flexible payment options.

Increased reinsurance capacity keeps April reinsurance renewals flat

Globally, the reinsurance contracts between primary insurers and reinsurers are renewed in January

LIC world's strongest insurance brand: Brand Finance Insurance Report

According to the report, Cathay Life Insurance is the second strongest brand, with a 9 per cent increase in brand value to $4.9 billion

Life insurance shares in focus; Max Financial, HDFC Life rally up to 6%

In a relief for life insurance company investors, regulator Irdai has retained most existing surrender charges in the revised product regulations

Keep records, communicate: Dealing with unclaimed insurance policies

In numerous instances, members are unaware of the policy's existence, let alone its details

LIC, private insurers lift new biz premium of life insurers by 48%

Among large private players, the premium of the largest private life insurer, SBI Life, grew around 32 per cent to Rs 2,648.86 crore

Working women pip men in life insurance policy ownership, says survey

They also lead in insurance ownership, homemaker women lag

Unclaimed insurance funds higher in agent-sold policies: Analysts

LIC accounted for more than 90% of total unclaimed funds in the last five years

Nagaland CM presents Budget, announces universal life insurance scheme

Nagaland Chief Minister Neiphiu Rio on Tuesday announced a fully-funded universal life insurance scheme as he presented the Budget for 2024-25 which did not propose any hike in taxes. Presenting the budget on the second day of the ongoing session of the State Assembly, Rio, who also holds the finance portfolio, said gross receipts are estimated at Rs 23,978.05 crore and the gross expenditures are pegged at Rs 23,727.88 crore. The budget estimate is an increase of Rs 644.22 crore compared to the previous financial year where the amount was at Rs 23,083.66 crore. Rio termed the budget as people centric and tax-free for the welfare of the people in general. Among significant measures, the state government announced a fully-funded universal life insurance scheme to mitigate financial hardship due to untimely demise of a family's breadwinner. The Chief Minister's Universal Life Insurance Scheme will be fully funded by the state government. A life insurance coverage of Rs 2 lakh will be

HDFC Life International launches health plan for overseas Indian students

The plan enables customers to access top private medical facilities and services while avoiding the conventional hassle of going through lengthy appointment wait times, as seen in various countries