According to Sud, MYNL had sold most of its holding in Satyam immediately after the IT major made an aborted bid to acquire Maytas Infra and Maytas Properties for $1.6 billion on December 16, 2008. MYNL still holds 6,000 equity shares of Satyam.
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.
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
The share of Life Insurance Corporation of India (LIC) in monthly new business premium (NBP) in the life insurance sector declined to 58.50 per cent in September 2023 from 68.25 per cent in September 2022 -- a drop of 975 basis points -- owing to shortcomings in the product and distribution side of business. However, the market share saw a marginal uptick from the 57.37 per cent recorded in August this year. According to the monthly business data released for September 2023 by the Life Insurance Council, the NBP of LIC up to September 2023 stood at Rs 92,462.62 crore as compared to about Rs 1.25 trillion in the same period a year ago.
Private players continued to show strong momentum in the life insurance individual new business segment during August, 2023. On an aggregate, the industry registered 14 per cent growth year-on-year (Y-o-Y) compared to 15 per cent in July '23. Private players were up 21 per cent Y-o-Y, up from 16 per cent Y-o-Y in July '23, while public insurers' growth was muted at 3 per cent.
V Viswanand, director and head, Products and Persistency Management, Max Life Insurance, will answer your queries in an online chat September 3, between 2 pm and 3 pm.
HDFC Life has a balance between traditional policies and Ulips
High-value insurance policies experienced muted growth in the first six months of the current financial year after the Centre decided to tax such products in this year's Budget. Simultaneously, there has been a marked improvement in the growth of policies with premiums of 'less than Rs 5 lakh', mainly originating from smaller cities. During this year's Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit linked insurance plans or ULIPs) with an aggregate premium exceeding Rs 5 lakh, and the maturity amount, would not be exempt from tax.
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
After reporting low numbers in new business premium, life insurance companies are resorting to special initiatives to increase business from the rural segment, which they term as emerging markets.
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
Apart from special services from banks for their wealth management needs, HNIs are now getting offers from insurance companies, too.
Max Group founder and chairman Analjit Singh has on Monday refuted the allegations made against him in a petition filed with the NCLT, terming it as "downright untruthful". Singh has said he will contest these allegations in the NCLT hearing. "Apart from being downright untruthful, what is even more anguishing is the agenda with which these reports have been encouraged and planted while the matter is sub judice," said a statement put on BSE by Max quoting Analjit Singh.
Top Indian private sector lender ICICI Bank, which owns nearly 68 percent of the insurer, is selling up to 181.34 million shares in the IPO.
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
With at least three IPOs in the offing this year, stock market investors have a lot to look forward to.
With the Insurance Laws (Amendment) Bill awaiting Parliamentary approval, Max India, Analjit Singh's flagship company, has started discussions on divesting 23 per cent out of its 74 per cent shareholding in Max New York Life Insurance to its foreign partner.
The GST to be implemented from April 1, 2016, will increase the premiums.
And here's how to avoid rejection of your insurance claim
Max New York Life, a private life insurance company requires direct sales executives.
Deal with current owner Exide may be signed next week
Life insurers are launching these again. Invest if you are conservative.
The appointment is effective from February 16, 2012, following formal approval from the Board of Vodafone India.
The merged entity will have a combined market share of 6.4 per cent in the non-life insurance industry with 308 branches in the country. The deal is subject to regulatory approvals and the entire process is expected to be completed in nine months.
'Unless it becomes really a big epidemic in India where a huge number of people are getting sick and lakhs of people dying, I do not see a major impact on the insurance sector.'
Sources say given the complexity involved in the process of creating a holding company, which will ultimately be the parent company of banking and other businesses, banks are going slow in acquiring stakes in insurance arms or mutual funds of other lenders.
The government on Thursday rolled out the internship programme on a pilot basis that will provide a total annual financial assistance of Rs 66,000 to those in the age group of 21-24 years, and aim to cover one crore youth over five years.
Irda nod to policies with flexible premium, sum assured and tenure.
Priya Nair finds out how investors of mutual funds, shares, unclaimed bank deposits, insurance policies can redeem long-forgotten investments.
Visa and 20 insurance companies in India have joined forces to make paying life and general insurance premiums "faster and easier" through a range of new payment options for Visa cardholders
HDFC and HDFC Bank's merger - touted as India's biggest-ever corporate merger - pumped up shares of the two entities on the bourses. Shares of Housing Finance Development Corporation (HDFC) skyrocketed 9 per cent while those of HDFC Bank zoomed 10 per cent. In comparison, the benchmark S&P BSESensex and the Nifty50 indices settled 2.2 per cent higher on Monday.
Max New York Life's recently launched Ulip gives you the all-equity option
Bharti will move FIPB soon for increasing Axa's stake to 49%
Anik Jain, founder and CEO at Symbo, will answer your questions on insurance -- life, health, motor, travel, etc -- on a weekly basis.
Irdai had introduced two Covid specific products in the market - Corona Kavach and Corona Rakshak - that saw huge acceptance among the consumers as these products had lower premiums.
There are few lapses in the healthy insurance proposals.
The failed deals could be the much-needed wake-up call for the M&A space.
These will help you to remain ahead of you finances and prepare for retirement...
A recent survey revealed that 99.9 per cent of households in Chennai believe they are financially at risk due to ineffective saving habits and misplaced financial optimism.
