Page 6 - Life Insurance

Time to review insurance cover; and buy art: Top personal finance stories

Our best stories this week explain how to review a key component of your financial portfolio and how to invest in art

Non-par products haven't really picked up much: Bajaj Allianz Life MD & CEO

Tarun discusses strategies to boost sales in the remaining months of this financial year, with introduction of new products

LIC amends norms for inclusion of shareholders' directors on its board

State-owned insurer LIC on Saturday said it has amended a framework to allow the induction of shareholders' directors on its board. LIC was listed on bourses following the largest initial public offering in the Indian capital market last year. The government raised Rs 20,557 crore by diluting its 3.5 per cent stake in the insurer. Life Insurance Corporation of India (shareholders' director) Regulations, 2023, was notified in the Gazette of India on December 1, 2023, LIC said in a regulatory filing. The corporation would, upon notice of not less than one thousand shareholders or one-tenth of the total number of shareholders, whichever is lower, elect a shareholders' director through a general meeting of such shareholders, the regulation said. The person elected as a shareholders' director would be appointed by the board for a term of 4 years and eligible for re-election and re-appointment for another term of 4 years, it added. At present, LIC has five executive directors, including

We will grow above 28% this fiscal: Shriram Life MD Casparus J H Kromhout

The rural population in India is around 65-70 percent. It is much more difficult to reach rural customers, said Kromhout

Irdai issues exposure draft on EoM for insurers based on RRC suggestions

The exposure draft has upheld and continues to propose a 30 per cent and 35 per cent limit on EoM for general insurers and standalone health insurers, respectively

Life Insurance companies reports 7.64% YoY rise in new business premiums

ICICI Prudential Life Insurance inched up by 2.00 per cent YoY to Rs 8739.05 crore while Max Life Insurance recorded 27.87 per cent growth to Rs 5004.1 crore

Life insurance a sunrise sector poised for lift-off: CEOs at BS BFSI Summit

This capital gap alone shows the growth opportunity available in the life insurance industry over the next 10 to 15 years according to Naveen

Technology can help reach more customers in life insurance sector: LIC MD

Companies are focusing on digital boarding which can help focus on improving persistence in this sector, says R Doraiswamy

BS BFSI Summit: From Doraiswamy to Tahilyani, meet life insurance experts

Life Insurance CEOs Panel's theme on October 31: Is life insurance the new sunrise sector?

HDFC Life Insurance Q2 profit rises 15.5% on strong premium growth

The Mumbai-based insurer's profit after tax rose to 3.77 billion rupees ($45.30 million) for the quarter ended Sept. 30, from 3.26 billion rupees a year ago, it said in an exchange filing

Premiums of non-life insurance companies rise by 14.86% in H1FY24

Public sector general insurers reported a 30.64 per cent surge in premium, while private insurers recorded a 21.49 per cent increase during this time

LIC's market share drops to 58.5% till September from 68.2% in a year

As a result, the life insurance industry's new business premium declined almost 13 per cent during the first six months, to Rs 1,58,376.81 crore

Centre introduces 50-year bond to meet life insurance companies' demand

Increases issuances in longer tenure in second half

Terms, bonus, sum assured: Making sense of life insurance policies

Insurers' products are complex; investors must have a rational expectation about the returns they will get

State-owned LIC presents dividend cheque of Rs 1,831 crore to FM Sitharaman

Life Insurance Corporation of India (LIC) on Thursday presented a dividend cheque of Rs 1,831.09 crore to Finance Minister Nirmala Sitharaman. LIC Chairman Siddhartha Mohanty presented the dividend cheque as the government's share of dividend in the presence of Department of Financial Services Additional Secretary MP Tangirala, the insurer said in a statement. The dividend was approved by the shareholders in the annual general meeting held on August 22, it said. LIC has completed 67 years since its incorporation and beginning with an initial capital of Rs 5 crore in 1956, LIC as of March 31, 2023, has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore, it noted. Despite two decades of opening up of the insurance sector, LIC continues to be the market leader in the Indian life insurance market, the statement claimed.

Many Indians' intent to buy insurance doesn't lead to action: Report

Consumers spend 11% of their annual income on life insurance and 8% on health insurance, it says

General insurance companies' premium up 12% to Rs 19,290 crore in August

Life Insurers NBP continue to decline

LIC offloads over 2% shares in Bajaj Auto via open market transactions

LIC decreased its shareholding from 5.2% to 3.17% in Bajaj Auto Ltd

LIC jumps 5% on 14x profit growth in Q1; stock up 21% in 3 months

The company's assets under management (AUM) increased 12.41 per cent YoY to Rs 46.11 trillion as on June 30, compared to Rs 41.02 trillion a year ago

Life insurers' Q1 new business premium collections decline 0.9%: Report

Life insurers collectively witnessed a 0.9 per cent decline in the first quarter new business premium collections to Rs 73,004.9 crore, mainly due to a massive drop in group premium mop-up led by the market leader LIC, according to a report. Life insurance companies had reported a massive 39.7 per cent growth to Rs 73,674.5 crore in the first quarter of the previous fiscal, it added. During the April-June quarter, the national insurer saw its total collections contracting by 7 per cent to Rs 44,837.2 crore against a 35.4 per cent jump in the year-ago period at Rs 48,201 crore. LIC's individual single premium mop-up declined by 1.4 per cent to Rs 4,568.3 crore from Rs 4,633.2 crore in Q1 FY23, when it had grown by 38.1 per cent, Care Ratings said in the report. Similarly, individual non-single premiums fell 6.6 per cent year-on-year to Rs 5,870.9 crore from Rs 6,283.4, when it had jumped by 35 per cent. Group single premium also declined by 7.4 per cent to Rs 33,465.6 crore from Rs