General Insurance Corp

On Monday, shares of General Insurance Corporation hit a fresh 52-week high at Rs 182.65, up 10 per cent; New India Assurance rallied 8 per cent.

Unless the underwriting business starts looking up, brokerages are reluctant to give a buy call on the stock despite the recent rally

The obligatory cession was reduced from 5% to 4% for 2022-23. The impact of the reduction on GIC Re will be Rs 2,000 crore

While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too

These panels have been formed to look into areas of regulation, products, distribution, finance, health, finance, taxation, ease of doing business, among others

The three insurers have also been asked to raise the level of corporate governance, identify all relevant risks and promote a sound risk management culture, IRDAI said in a statement

Government-owned GIC Re has reported a consolidated net loss of Rs 497 crore in the first quarter of the current financial year as against a net profit of Rs 192 crore in Q1 FY20

Plan to merge, list three insurers scrapped for now

The offer for sale comprises 10.75 crore shares by the Union government

Will issue 124.7 mn shares comprising 14.22% of capital