The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
With the lockdown being eased gradually, providing more and more digital solutions, for service delivery and procurement of new policies, is what the corporation is focussing on.
In absolute terms, the outstanding book value of NPAs of LIC in the debt portfolio across life, pension and unit-linked funds is to the tune of Rs 32,685.39 crore at the end of December 2019.
The combined market valuation of eight of the top-10 most valued firms surged Rs 1,21,270.83 crore last week, with Reliance Industries becoming the biggest gainer, in line with an outstanding rally in benchmark equity indices. Last week, the BSE benchmark jumped 1,027.54 points or 1.21 per cent. The BSE Sensex hit its record high of 85,978.25 on Friday.
Investors in LIC's insurance and other schemes are receiving a lower rate of return because LIC is subsidising incompetence at best and malfeasance at worst in institutions such as IDBI Bank and IL&FS, says Jaimini Bhagwati.
Insurance companies reported nearly 23 per cent growth in first year premium in the first quarter of financial year 2024-25, when compared to the same period last year, with market leader LIC leading the charge with 28 per cent growth. According to the data released by the Life Insurance Council, the new business premium (NBP) increased by 22.91 per cent year-on-year (Y-o-Y) to ~89,726.7 crore in Q1FY25 from ~73,004.87 crore in Q1 FY24, reflecting a robust demand for insurance policies in the country.
Arathy, daughter of N Ramachandran who was killed in a terror attack in Kashmir's Pahalgam, welcomed the Indian Army's "Operation Sindoor" and said it was a reply from the women of India. She said the loss cannot be compensated, but the operation is a kind of relief from the government and the army. Arathy's father was killed by terrorists in front of her while holidaying in Kashmir's Pahalgam on April 22.
The data for individual weighted received premium (WRP) showed divergent trends for life insurers in December 2024. Overall, the industry's individual WRP grew 4.8 per cent year-on-year (Y-o-Y); LIC's individual WRP declined 13 per cent while private players saw 11.4 per cent growth.
The years of sacrifice and hard work is finally paying dividends. The iconic Vellamal School, which is the alma mater of World champion Gukesh, now has another international player of repute to boast about. After all, Aravindh is Gukesh's senior.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
This is despite the private sector companies outperforming their public sector counterparts, reports Sachin P Mampatta.
The National Commission indicted LIC for working in cahoots with doctors for baseless certificates to repudiate claims and held this to be an unfair practice.
State-un insurer LIC has pared its stake in Infosys to 5.96 per cent, reducing its holding in the IT major in the last quarter with an estimated sale of shares worth over Rs 2,000 crore.
Life insurers shifted their focus to selling high-value policies in October as the transition to new surrender value norms, effective October 1, limited their ability to roll out all products in their portfolio. This led to a 40 per cent year-on-year (Y-o-Y) drop in the number of policies sold in October. Additionally, distributors engaged in a fire sale of policies in September due to uncertainty about the impact of the new norms on their commission structures.
Life Insurance Corporation of India (LIC) on Friday got its first female managing director and another new MD.
Children's plans contribute close to 10 per cent to the total premium collected through the 50-odd life insurance products across the country.
'LIC's proposed investment will come out of what is technically called the 'policyholders funds'.' 'As the name implies, these monies belong to policyholders; that is, you, me and 25 crore others who have taken a total of 30 crore policies from LIC.' 'It is not the government's or LIC's money to play poker with,' says S Muralidharan, former managing director, BNP Paribas.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
While IDBI Bank's 140 million customers and 1800-odd branches will come in handy for LIC to hawk insurance, the bank can use LIC's massive agent network to sell its retail loans. But if it is run the same way it had been in the past and LIC is a proxy of the government, then it has no future, says Tamal Bandyopadhyay.
RBI's interest rate decision, quarterly earnings and global cues would be the major driving factors for equity markets this week, analysts said adding that the impact of the Union Budget could linger on this week. Trading activity of foreign investors will also be a key driver for the markets, experts noted. "US and India's manufacturing PMI for January to be released on Monday, will be the key macro data to watch out for.
The exposure, which is for the period ended September 2019, is across various platforms such as life funds, pension funds, and unit-linked funds.
The Government is likely to stand guarantee to Life Insurance Corporation for risk management losses instead of amending LIC Act to allow it to tap the market or infuse fresh capital.
Insurer has also made fresh investments since December 2015 quarter when RBI told banks to recognise bad loans
The next step for the Life Insurance Corporation of India is to approach market regulator Sebi, as the bank, which is also state-owned, is a listed entity.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
According to sources, in a January 6 letter to the department of financial services under the finance ministry, LIC said it wanted to stop sponsoring LIC Nomura Mutual Fund, and might offer some of its stake in LIC Housing Finance to other shareholders.
The Reserve Bank of India (RBI) has announced a dollar-rupee two-year sell-buy swap auction for $5 billion on March 8, which will suck out rupee liquidity from the system. The swap will be in the nature of a simple sell/buy foreign exchange from the RBI side, in which a bank will buy US dollars from the central bank and simultaneously agree to sell the same amount of US dollars at the end of the swap period. "With a view to elongating the maturity profile of its forward book and smoothen the receivables relating to forward assets, it has been decided to undertake sell/buy swap auction of $5 billion on March 8, 2022," the RBI said in a statement. The auction cut-off will be based on the premium amount in paisa terms up to two decimal points.
The Life Insurance Corporation of India has opened a branch in Muscat to cater to over 300,000 non-resident Indians in Oman.
Insurer likely to support Ratan Tata; reduction in stake might have been profit booking.
DIIs owned equities worth Rs 73.5 trillion, just 1.9 per cent less than FPIs. This marks a significant change from a decade ago.
India's biggest life insurer and financial institution has turned to its 'turnaround man' to restore credibility to prime subsidiary LIC Housing Finance (LICHF). Vijay Kumar Sharma, 52, formally took over as its CEO on Wednesday. Sharma comes from Chennai, where over the past one year he turned LIC's south zone into the best performer after a 20-month slowdown.
LIC Chairman T S Vijayan on Friday said that V K Sharma will take over as the CEO of its housing finance arm, early next week. Sharma has been chosen to replace LIC Housing Finance CEO Ramachandran Nair, who was arrested by the CBI on charges of involvement in housing-loan bribery case on Wednesday.
The election of Prime Minister Narendra Modi along with the Reserve Bank of India's commitment to contain inflation have sparked the improved confidence.
Roy joined the largest insurance company in the country in 1981.
The Life Insurance Corporation of India has sold more than 15.46 mn individual policies during the current financial year with a collection of more than Rs 68,254.3 million (Rs 6825. 43 crore), posting a growth rate of more than 35 per cent as on Feb
Public sector insurance firm subsidiary LIC Housing Finance on Tuesday announced a reduction in interest rates for its existing home loan borrowers.
rediffGURU T S Khurana answers readers' personal income tax queries.
