Move to strengthen market share and become more profitable.
Battered by the financial meltdown, AIG had received billions of dollars from the US government last year to tide over the turmoil. The leading insurer has also shed assets worldwide to streamline its operations.
'Gursharan came and helped me reach my hundred and I got selected to play for India after that.'
A day after Prudential bought out AIG's Asia arm, AIA, top executives of both AIG and Tata AIG met the Insurance Regulatory & Development Authority to keep the latter abreast of developments.Sources at Tata Sons told Business Standard they had decided to buy out AIG's stake in the life insurance business. And, would consider inducting a partner at a later stage.
The government cleared Department of Post initiative on Wednesday to invest the interest earned by postal life insurance scheme to invest in the equity market, IT and Telecom Minister Dayanidhi Maran said in New Delhi.
For the first time since the sector was opened up in 2000, the life insurance industry is expected to see a drop in premiums from the sale of new policies. Companies are, however, seeing a growth in overall premium income as policyholders are paying their premium to keep policies active before the current financial year concludes.
HDFC Life, which posted a consolidated net profit of Rs 281.83 crore (Rs 2.81 billion) for the quarter ended June compared with Rs 11.92 crore (Rs 119.2 million) in corresponding period last year (according to HDFC's first quarter results), has diversified its distribution mix.
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.
For patients, the immediate impact is a reduction in the final cost of therapies that often run into lakhs per month.
While initially, the claim amount was high, it has now moderated with many states prescribing a standard treatment rate for Covid-19. Of the total claims received, nearly 66,000 claims amounting to Rs 628.95 crore have been settled so far.
Victory wrested from regime that only listens when forced, the TMC said on GST exemption on insurance.
A 10-part series that explains all you want to know about how India's EPF turns a slice of your monthly salary into long-term savings, pension, and life insurance.
The government is likely to introduce a bill seeking amendments to the Insurance Act, 1938, during the upcoming Budget session to achieve 'Insurance for All by 2047'. Some of the provisions, which could be part of the amendment bill, include composite license, differential capital, reduction in solvency norms, issuing captive license, change in investment regulations, one-time registration for intermediaries and allowing insurers to distribute other financial products, sources said.
Here's what you must know about the premiums that you pay to service your insurance policies.
The human cost of rat-hole mining falls disproportionately on migrant labourers.
Sebi had in October last year given the go-ahead to insurance companies for coming out with IPOs.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
Bajaj Finserv - the holding company of Bajaj group's financial services business - has laid out plans for the next five years. During this period, it is eyeing 18-22 per cent compound annual growth rate (CAGR) in net profit at Rs 21,000-24,000 crore on a consolidated basis.
The share of life insurance policies sold by top private insurers in the rural areas declined in the financial year 2023-24 (FY24) compared to previous year. SBI Life, HDFC Life, ICICI Prudential Life Insurance -- the top three players from the private sector-- have seen the share of insurance policies sold in rural areas drop in FY24 as compared to the previous financial year. Max Life Insurance's share of rural policies recorded an increase in FY24.
'The world is heading into a period of serious problems, and gold and silver are among the few ways to protect oneself.'
The unclaimed funds within the life insurance sector are higher from policies sold by agents as against other channels like bancassurance or a digital platform, said analysts and officials from insurance companies. Unclaimed life insurance funds refer to the proceeds of insurance policies including death or survival benefits not claimed by the beneficiary or the policyholder. Bancassurance means selling an insurance product through banks.
Insurance and investment are two different aspect of your personal finance. However, you will be the loser if you mix the two.
This would be done either through strategic sale or initial public offering, ADAG chairman Anil Ambani told shareholders at the company's annual general meeting in Mumbai.
Many life insurance companies are yet to see a sharp spike in the sale of high-value policies as was widely expected in the aftermath of the government's decision to tax income from insurance policies having an aggregate premium above Rs 5 lakh in a year.
Though very popular, these harm the policyholder's long-term insurance objectives
Insurance behemoth Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence. The state-owned insurer is ranked after Allianz SE, China Life Insurance Company, and Nippon Life Insurance Company. According to the report, LIC's reserves stood at $503.7 billion. Germany's Allianz SE ($750.20 billion), China Life Insurance Company ($616.90 billion) and Nippon Life Insurance Company ($536.80 billion) are the top three insurance companies in the world.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Full exemption for all health insurance premiums and reinsurance or a reduction in the GST rate from 18% to 5% on health insurance services is likely.
Kunal Varma, CEO, Freo, explains what Hospicash and Day Care Insurance covers are and how they help manage financial and mental stress.
The Maharashtra municipal elections showed a troubling shift, where votes were traded for cash, convictions no longer mattered, and ideology became an afterthought, observes Ramesh Menon.
For long-term financial security, millennials must not only provide social security for their young families but also ensure that their financial burdens are not passed down to their families, says Casparus Kromhout.
Indrani Mukerjea, in pure white, sporting dancing pearl jhumkas, bobbed about the accused box, occasionally floating up front to whisper urgent suggestions to her lawyer Ranjeet Sangle as retired cop and prosecution witness Dinesh Kadam gave her a long look. Vaihayasi Pande Daniel returns to cover the Sheena Bora murder trial after 18 months.
'They take care of the problem: How can I ensure my child's education and other goals are not compromised, even if I am not around?'
Equity market investors would track global trends, foreign fund movement and quarterly earnings in a holiday-shortened week ahead, analysts said. Stock exchanges BSE and NSE will conduct a special Muhurat trading session on Tuesday, October 21.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
'I'm totally focussed on finding the right energies around me. A lot of the treatment is psychosomatic, as my mother keeps reiterating, if you think positive, positive things will happen to you.'
'Investment by insurers in the Bima Sugam India Federation is illegal as it is a private limited company.'
'This will be our first large-size bank partner, and hence, the partnership will be a game-changer for us.'
Let's decode how EPS works, who qualifies, and how pensions are calculated, using simple examples for different salary levels.
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
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