Revision in the context of an ongoing global review affecting financial institutions: Moody's
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Chairman of insurance giant says it has invested Rs 16,000 cr in equity till Oct.
The insurance company has formed a four-member committee headed by LIC chairman TS Vijayan to decide the valuation of LIC Mutual Fund.
Life Insurance Corporation plans to forge a joint venture for foraying into Australia and New Zealand markets.
Immediately after Reserve Bank hiked key short-term interest rates by 0.25 per cent on Tuesday, LIC Housing Finance announced that it will raise home loan rates.
The primary market will remain abuzz with more than half a dozen companies, including Hyundai Motor India, Swiggy, and NTPC Green Energy, lined up initial public offerings over the next two months to raise around Rs 60,000 crore, merchant bankers said. Apart from these three firms, Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are among the companies planning to launch initial public offerings (IPOs) during October-November, they added. Together, these firms are looking to raise Rs 60,000 crore through their IPOs.
LIC, the country's largest insurer, on Friday ruled out an initial public offer to raise capital, as it has made separate provisions worth about Rs 17,000 crore (Rs 170 billion) in the last few years to meet IRDA's norms.
Private life insurers experienced reasonable growth in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24), and the October data is also encouraging. The individual weighted received premium (WRP) for private players grew by 19.8 per cent year-on-year (Y-o-Y) in October. However, Life Insurance Corporation (LIC) of India had slower growth, pulling the industry growth rate down to 13 per cent Y-o-Y.
The total benefits paid by private life insurance companies to policyholders rose by 5.98 per cent to Rs 1.57 trillion during 2022-23. This figure stood at Rs 1.49 trillion in the corresponding year-ago period. On the other hand, Life Insurance Corporation of India (LIC) paid out 4 per cent fewer benefits at Rs 3.39 trillion from Rs 3.53 trillion in 2021-22.
A major section of Life Insurance Corporation employees went on strike on Thursday to press for higher pay package even as the country's largest insurer kept its offices open.
India's second-largest passenger vehicles firm will be valued at Rs 1.59 trillion at the top-end of the price band of Rs 1,865-Rs 1,960.
Just ahead of its mega FPO opening to public investors, Vodafone Idea (VIL) has announced closure of its anchor book allocation, raising about Rs 5,400 crore from marquee global as well as domestic investors, according to a statutory filing by the telco. This could be the third-largest anchor book after One 97 Communications and Life Insurance Corporation (LIC). One 97 Communications and LIC had raised Rs 8,235 crore and Rs 5,627 crore in the anchor round, respectively.
Union Finance minister P Chidambaram on Tuesday announced enhancement of bonus for policy holders of the Life Insurance Corporation of India.
Private life insurers are expected to deliver decent growth in the first quarter of the 2023-24 financial year (Q1FY24) on the back of stronger group business performance and easing supply-side constraints on individual protection. Life Insurance Corporation (LIC), though, is likely to see a decline. Healthy 12 per cent year-on-year (YoY) retail annual premium equivalent (APE) growth for private players, coupled with 11 per cent year-on-year (YoY) decline in LIC, will pull retail APE growth to a mere 3 per cent YoY in June 2023.
Public-sector LIC for the first time witnessed its market share slipping below 80 per cent mark in November-end 2004 as competition intensified in the life insurance market with the entry of Sahara Life.
'Margins will be an outcome of that. They will likely remain somewhat range-bound.'
Endowment Plus is a unit-linked product that offers investment-cum-insurance during the term of the policy.
Conceding the long-pending demand from around 11 lakh agents, the Life Insurance Corporation of India (LIC) has revised the gratuity payable to agents to Rs 2 lakh from Rs 1 lakh earlier. The revised rates will be applicable retrospectively from April 1, 2007.
If the index is unable to sustain above 24,500 levels, technically it can then slip to its 200-DMA placed at 23,365 levels.
Indian government expects LIC to have better business this year.
Life insurers in India registered a 22 per cent growth, collecting Rs 9,713 crore (Rs 97.13 billion) in premium income from new business till December, with private players gaining more ground from LIC.
A number of non-banking financial companies (NBFCs) have tapped into the debt capital market ahead of the festival season to meet increasing credit demand as bank funding slows. On Tuesday, Aptus Value Housing Finance secured Rs 300 crore at an interest rate of 8.75 per cent through bonds maturing in five years. ICICI Home Finance Company turned to the market to raise Rs 275 crore at 7.94 per cent, alongside another Rs 300 crore at 7.95 per cent, through bonds maturing in five and three years, respectively.
The judge orally observed that the obtaining of this kind of benefit by any such nominee-director raised an important question of morality and, equally, of law.
Life Insurance Corporation (LIC) of India, which is conducting an internal probe into the bribe-for-loan scam that surfaced at LIC Housing Finance (LICHF) in November, has not detected any aberration as yet.
LIC's product will be a hospital cash product (that is for major listed surgeries and procedures, LIC will pay the insured a predetermined lump sum amount, depending on his premium payment). LIC's product will also be a long-term product of over 10 years. For claim payouts, the public sector behemoth has tied by with Axis Bank, Syndicate Bank and Bank of America.
Life Insurance Corporation of India has said the Insurance Regulatory and Development Authority's requirement that extra 50 per cent solvency margins above regulatory norms be maintained was unfair and unwarranted.
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The government sold 63.16 crore shares or 10 per cent stake in Coal India through an offer for sale (OFS) on January 30.
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"We may rope in a consultant for our proposed foray into banking business, if that is required. This will happen after the final guidelines on banking license is out by the Reserve Bank of India (RBI)," Director and Chief Executive of LIC Housing Finance, V K Sharma said.
Life Insurance Corporation of India has hiked its stake in Anil Ambani Group company Reliance Communications to 7.02 per cent after buying fresh shares worth Rs 1,274.4 crore through an open market transaction.
