Core retail segments like motor and health continue to report strong growth of 19-20 per cent with competitive intensity still visible in the motor OD (owner driven) segment. Commercial lines reported muted growth. Group health remains a key driver. Among the listed companies, ICICI Lombard continues to trail in the motor section while Star Health has lost its Y-o-Y retail market share although its better on a sequential basis.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
Under the agreement, SBI would hold a 74 per cent stake in the new entity that would be set up for providing the business, while the Australian partner would hold the remaining, SBI said in a filing to the Bombay Stock Exchange. In May this year, both parties had said they would enter into an agreement to form a new company for the proposed insurance business. However, the JV is subject to regulatory approvals, it added.
Recurring natural calamities along the east coast, especially Vizag and Chennai, to increase insurance premium rates in the region, reports T E Narasimhan.
In the June quarter, growth in the segment stood at around 4 per cent, with premium collection at Rs 15,724 crore against Rs 15,074 crore in the same period of FY19. This was the lowest growth in the last five quarters, starting from Q1FY19.
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.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
A nationwide strike called by trade unions to protest against the central government's labor policies had a mixed impact across India. While normal life remained largely unaffected in most parts of the country, some sectors like banking, transport, and insurance experienced disruptions. Sporadic incidents of violence were reported in West Bengal.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines that will allow car dealers to become Motor Insurance Service Providers (MISP) and offer the policies of multiple general insurers, says Sanjay Kumar Singh.
Mutual funds' largecap investment universe is expected to see seven changes in the upcoming stock reclassification exercise by the Association of Mutual Funds in India (Amfi). According to a report by IIFL Securities, Hero MotoCorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals, Bosch and Samvardhana Motherson are expected to earn upgrades in the revised list of largecap, midcap and smallcap stocks set to be released in the first week of July. Amfi revises the list at the start of January and July every year based on the previous six-month performance of the stock.
The government and financial sector regulators have prevailed on Insurance Australia Group (IAG) to route its investment in a general insurance venture with State Bank of India through Singapore, instead of the original proposal to bring the money through a Mauritian subsidiary.
The life insurance industry reported a 25.28 per cent decline in new business premium income in November 2023 to Rs 26,494.83 crore from Rs 34,588.8 crore recorded a year ago. The fall in group premium and change in taxation norms for policies with a higher ticket size dragged the premiums of the state-run Life Insurance Corporation of India (LIC) and private insurers, respectively. According to the data released by the Life Insurance Council, the premium of private insurers slipped 9.33 per cent Y-o-Y to Rs 10,360.29 crore from Rs 11,426.73 crore as a result of a change in product mix due to the measures taken to counter the impact of tax imposed on the premiums of Rs 5 lakh.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
Advait Rao Palepu reports how a recent Supreme Court order will impact motor vehicles insurance policies.
Expect premiums to go up or introduction of a co-pay option for third-party damage
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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.
Buy comprehensive motor insurance policy to guard against natural calamities.
With at least three IPOs in the offing this year, stock market investors have a lot to look forward to.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
According to the plan made by the lenders and RIL, all Future group listed companies will be merged into Future Enterprises. RIL will then invest Rs 8,500 crore in the merged entity which will include the retail business.
Bharti will move FIPB soon for increasing Axa's stake to 49%
'When we look at the quality of our retail loan book, the non-performing asset percentage is low.'
Did you know that your home insurance covers valuables in bank locker?
Irdai to allow 12 minor changes including expansion of critical illness and day care procedure lists, premium payment in instalments, change sum assured, etc.
For the vehicle-owner, the overall cost of buying a car can go up by 2% to 3$%. For two-wheelers, the cost can rise by 1% to 1.5%
SBI Life Insurance reported a weak performance in Q2FY25. The annual premium equivalent or APE grew 3 per cent year-on-year (Y-o-Y) to Rs 5,390 crore. For the first half of financial year 2025 (H1FY25), it grew 9 per cent Y-o-Y to Rs 9,030 crore.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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.
rediffGURU Rohit Gupta, co-founder and COO of College Vidya, provides a list of competitive exams that can help you land a job in the public sector.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.
You will be much better off buying the required plans directly from life and general insurers, experts tell Chirag Madia
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
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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.
The country's largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
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