Leading private life insurers HDFC Standard Life, Bajaj Allianz and Birla Sun Life top the list of firms against whom consumers have filed complaints with sectoral regulator Irda for indulging in unfair business practices.
HDFC Standard Life Insurance has posted a 65 per cent growth in premium income at Rs 66 crore (Rs 660 million) during the first half of this fiscal, its CEO Deepak Satwalekar said on Tuesday.
HDFC Standard Life Insurance will hike its capital base by over Rs 80 crore (Rs 800 million) to about Rs 300 crore (Rs 3,000 million) this fiscal and targets to become the leading private player in the next five years.
HDFC Standard Life Insurance Company Ltd expects a first premium income of Rs 300 crore (Rs 3 billion) from individual policies, even as it plans to raise its capital base by Rs 75-80 crore (Rs 750-800 million) in the fiscal 2003-04.
Union Bank of India has tied up with HDFC Standard Life Insurance Company Ltd to provide bank depositors an insurance cover under group policy with a target to bring in 50,000 customers under risk cover by March.
UK-based Standard Life, the joint venture partner in HDFC Standard Life Insurance and HDFC Asset Management Company, is entering the Indian private equity space. Gerry Grimstone, chairman of the British insurance major, speaks to Business Standard's Shilpy Sinha on the impact of the economic slowdown and the company's investment plans.
HDFC Life Insurance reported a 4 per cent year-on-year increase in net profit to Rs 495.6 crore for Q4FY26, while its parent, HDFC Bank, announced a Rs 1,000 crore preferential share issuance to raise its stake to 50.5 per cent.
Here's a list of life insurance companies that have the maximum number of customer complaints against them in various categories such as claim disputes and unfair business practices.
Deepak Satwalekar, managing director and CEO, HDFC Standard Life Insurance, confirmed that the company would be hitting the capital market very soon. Satwalekar said that the company was planning an IPO and its nitty gritty was yet to be sorted out.
Bupa and Axa have already declared their intention to raise stakes.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
As of March 25, life insurers have paid Rs 1,986 crore towards 25,500 Covid death claims
Mahindra & Mahindra (M&M) on Thursday said it has sold 3.53 per cent stake in RBL Bank for Rs 678 crore, representing a 62.5 per cent gain on the investment. On July 26, 2023, the Mumbai-based diversified firm had announced the acquisition of a 3.53 per cent stake in RBL Bank as a treasury investment at a cost of Rs 417 crore.
Standard Life has raised its stake in an Indian life insurance joint venture to 26 per cent ahead of a proposed flotation of the business on the Indian stock exchange in 2009.
Life insurance companies reported a 17 per cent year-on-year (YoY) drop in new business premium (NBP) in February as state-owned Life Insurance Corporation of India's premiums contracted 32 per cent during this period on account of a drop in its group single premium segment. According to data released by the Life Insurance Council, the industry earned an NBP of Rs 22,847.65 crore in February - a drop of 17 per cent from the same period a year ago.
HDFC Bank is recruiting Insurance Advisors for its branches in Mumbai.
In HDFC Life, the company has to pare 1.43 per cent, and in HDFC Ergo, it has to pare only 0.58 per cent.
Buoyancy in the equity market and the soft interest rate regime have prompted insurers like the LIC to focus on unit-linked products that provide life cover as well as tax benefits and capital appreciation to investors.
The Insurance Regulatory and Development Authority of India (Irdai) has asked at least 10 general and life insurance companies to submit a detailed road map for their listing strategies by the end of this month, according to multiple sources with direct knowledge of the matter. "The regulator met four life and six general insurers last month and asked them to provide their listing strategies by the end of February," said one of the sources.
Manipal Education and HDFC Standard Life offer a certificate programme in Insurance and Management.
Unit linked insurance plans are probably the hottest selling product for most life insurance companies today.
New India Assurance and Niva Bupa have invested in the Bima Sugam India Federation.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
Life Insurance Corporation and UTI Mutual Fund are in the fray for entering the lucrative pension business, which is slated to grow to Rs 50,000 crore (Rs 500 billion) by 2010.
Most plans offer a sum assured that reduces as your outstanding home loan comes down every year.
Paresh Parasnis, HDFC Standard Life Insurance Company's principal officer and executive director spoke to Shilpy Sinha & Sidhartha about the company's strategy.
HDFC Life has a balance between traditional policies and Ulips
The choice for the home buyer is clear - either get adequate life cover or a mortgage insurance product.
HDFC Standard Life Insurance is hiring Sales Professionals to implement strategies, manage customer relationships and achieve business targets for their Direct Sales Channel.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Amitabh Chaudhry, who will now head the merged entity, will manage assets under management of about Rs 1.10 lakh crore and an employee base of 23,620 after the completion of the deal
Contrary to expectations, the new business premium (NBP) of life insurance companies dropped 12.62 per cent year-on-year (YoY) in March 2023 due to an over 30 per cent drop in Life Insurance Corporation (LIC) of India's premiums, albeit on a high base. Data released by the Life Insurance Council shows the industry racked up NBP of Rs 52,081 crore in March 2023, compared with Rs 59,608.83 crore in the year-ago period. NBP is the premium acquired from new policies in a year. It is the sum of the first-year premium and single premium, reflecting the total premium received from new businesses.
Infosys Technologies has announced the appointment of Deepak Satwalekar, managing director & CEO of HDFC- Standard Life Insurance, as the lead independent director in line with the company's commitment to good corporate governance practices.
Bharti will move FIPB soon for increasing Axa's stake to 49%
But there are challenges, observes Tamal Bandyopadhyay.
Interoperability with other insurance companies - apart from banks, medical centres, among others - would be the eventual goal
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
