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 Life Insurance Corporation of India has opened a branch in Muscat to cater to over 300,000 non-resident Indians in Oman.
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.
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.
The election of Prime Minister Narendra Modi along with the Reserve Bank of India's commitment to contain inflation have sparked the improved confidence.
Equity fundraising through initial public offerings (IPOs) rose 20 per cent during the financial year 2023-24 (FY24). During the period, 76 Indian corporates raised Rs 61,915 crore through main board IPOs, compared to Rs 52,116 crore mobilised by 37 IPOs in 2022-23, as disclosed by PRIME Database. However, if one excludes the mega Life Insurance Corporation (LIC) IPO, which came out in 2022-23, IPO mobilisation increased by 58 per cent from last year.
Roy joined the largest insurance company in the country in 1981.
Equity markets may witness a gradual up-move this week with some volatility as both election and earnings season are nearing their end, analysts said, adding that global trends and trading activity of foreign investors would hold significance in dictating investors' sentiment. Benchmark indices, which had a record-breaking rally last week, would also track global oil benchmark Brent crude and the rupee-dollar trend. The monthly derivatives expiry on Thursday may also fuel volatility in markets.
Analysts say strengthening bank's capital will boost earnings, bank needs chief with long stint to run show
Equity fundraising through initial public offerings (IPOs) rose 20 per cent during the financial year 2023-24 (FY24). During the period, 76 Indian corporates raised Rs 61,915 crore through main board IPOs, compared to Rs 52,116 crore mobilised by 37 IPOs in 2022-23, as disclosed by PRIME Database. However, if one excludes the mega Life Insurance Corporation (LIC) IPO, which came out in 2022-23, IPO mobilisation increased by 58 per cent from last year.
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
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.
With over Rs 55,000 crore debt, Air India management has been trying to pare burden by monetising non-core real estate properties.
Public sector insurance firm subsidiary LIC Housing Finance on Tuesday announced a reduction in interest rates for its existing home loan borrowers.
Public-sector insurer Life Insurance Corp (LIC), which holds 4.34 per cent in the troubled IT firm, Satyam Computer Services, on Thursday said it is assessing the situation and will take a decision on its holding accordingly.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The rider could be attached to any of the existing group insurance polices under employer-employee groups -- group insurance, employees deposit link insurance, group gratuity and group leave encashment scheme -- on their scheme renewal date, LIC of India Chairman T S Vijayan told reporters at the launch function in Chennai.
Fixed deposits can fetch 9-9.5% interest versus 3.5% to be received by Cairn, say institutions.
According to data from company sources, the Life Insurance Corporation of India (LIC) still remains the benchmark when it comes to settling death claims. However, major private players are also fast catching up.
Offloads stake in financial, auto and pharma sector companies.
'Those betting against PSUs will likely be punished in this upswing.'
In ITC, LIC has invested Rs 38,358.66 crore, according to Capitaline data.
The buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
The selection process will begin after acceptance of Roy's resignation.
'While some women allow themselves to be exploited so that they can climb up the ladder, there are many voiceless and silent people who get exploited by men in powerful positions.'
Booking profit in the recent stock market uptrend, state-run insurance giant LIC offloaded shares worth over $1 billion in half of the 30 Sensex companies, including in RIL and ICICI Bank, in last quarter.
Booking profit in the recent stock market uptrend, state-run insurance giant LIC offloaded shares worth over $1 billion in half of the 30 Sensex companies, including in RIL and ICICI Bank, in last quarter.
Life Insurance Corporation, which figures among the country's biggest institutional investors in stock market, held 4.92 per cent stake in Infosys at the beginning of the current fiscal on April 1, 2012, which has now risen to 7.24 per cent.
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.
Life Insurance Corporation of India, its foreign arm LIC International and the New India Assurance Co will join hands for setting up a joint venture company in Saudi Arabia to offer life and non-life insurance products to non resident Indians and oth
'At the policy's maturity, the total premium is refunded.'
The insurer plans to hire about 2,00,000 agents this financial year.
Life Insurance Corporation still commands 90 per cent of the insurance market despite the rush of private insurance companies in the country, LIC chairman R N Bhardwaj said on Thursday.
Life Insurance Corporation will flag off its 50th year celebrations next month, with the launch of an affordable 'Golden Jubilee policy' for the masses.
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