Page 3 - Insurance Sector

LIC has edge over private insurers: Gains market share in FY23

Top private insurance firms shed 447 bps as national insurer gets aggressive in group biz

LIC's shares jump nearly 6% after July-September quarter earnings

With a 10 per cent fall in equity markets, the embedded value of LIC declines by 7 per cent

LIC sees multifold increase in Q2 net profit at Rs 15,952 crore

This is due to transfer of funds from non-par to shareholders' account

General Insurance company ICICI Lombard launches new range of products

Offers for senior citizens without an age cap

USA's Advent may leave race for Reliance Capital general insurance arm

PE firm previously submitted the highest non-binding bid for the business

RCapital lenders meet ends in stalemate over key challenge mechanism issue

CoC decides that all bidders, while submitting their resolution plans, will agree in writing to participate in the Challenge Mechanism in whatever form it is implemented by the lenders later

One-stop for insurance services 'Bima Sugam' a game changer: IRDAI Chairman

Insurance regulator IRDAI is working on Bima Sugam, which will act as a game changer in the insurance sector by providing a one-stop platform for multiple services including the sale of policy, renewal, and settlement of claims. This tech-led portal will help in expanding insurance penetration in the country by ensuring a hassle-free experience for customers across the country. Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda in an interview with PTI said Bima Sugam should be a UPI moment for the insurance industry. Unified Payments Interface (UPI) has revolutionised digital payment in the country as common people have started using it for making even small payments. The success of UPI in a short span of time has caught global attention and many countries are trying to replicate it. Launched in 2016, Payment through UPI has crossed a milestone of Rs 11 lakh crore in September this year. "Bima Sugam will be a one-stop shop for buying and sellin

Insurance regulator Irdai proposes changes to reinsurance regulations

Seeks to revise order of preference while placing reinsurance business

Life insurers' retail protection biz down YoY, seen stabilising going ahead

Max Life bucks trend with 11% YoY growth in retail protection APE in Q2

Motor insurance picked up pace, grew neck and neck with health in H1FY23

Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low

HDFC Life's net profit rises 19% to Rs 326.24 crore in Sept quarter

Value of new business (VNB) of the insurer was up 10.3 per cent YoY to Rs 748 crore in Q2FY23 compared to Rs 678 crore in the year-ago period

Committed to Axis deal; will follow earlier methodology: Max Life CEO

Max Life and Max Financial Services are committed to going ahead with the deal with Axis Bank, which will see the latter acquire another 7 per cent stake in the life insurance company, said the CEO

Administrator seeks RBI nod to restructure Reliance Capital into four CICs

Will help bidders for its insurance business to avoid Irdai's 5-year lock-in

Stock valuations factor in negatives for ICICI Lombard, say analysts

Improving topline growth but combined ratio, loss ratio key concerns

Irdai imposes Rs 3 cr penalty on Max Life, Rs 2 cr penalty on Axis Bank

Regulator Irdai has imposed a penalty of Rs 3 crore on Max Life Insurance Company for certain violations in a case pertaining to purchase and sale of shares by the Axis Bank and group companies. In another order, the Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 2 crore on Axis Bank, a corporate agent of the insurer. The penalty on Max Life Insurance is for violation of Irdai's direction, misrepresentation to obtain approval, and contravention of share transfer directions. In the order, Irdai said "it is evident that Axis Bank has sold its stake of 0.998 per cent shares of Max Life in March 2021 to MFSL and MSI at Rs 166 per share. Subsequently, in March-April 2021, Axis Bank and its Group entities acquired 12.002 per cent shares from MFSL at a price range of Rs 31.51-Rs 32.12 per share. This is not in compliance with the directions issued by the Authority (Irdai)..." MFSL is Max Financial Service Ltd and MSI is Mitsui Sumitomo ...

Indian insurance industry can be sixth largest globally: Irdai chairman

He also said that the regulator is working on Bima Sugam- a one stop shop, for all insurance products

Markets regulator to restart review of $440 mn Digit Insurance IPO: Report

SEBI has agreed with Digit's reasoning and decided to remove the IPO's "abeyance" status from Monday and restart the review process, the two sources said

ICICI Pru, 14 insurance firms evaded Rs 824 crore input tax credit

Officials said further investigation revealed that other insurance companies and NBFCs also exploited a similar route to avail of ineligible ITC

Axis Bank looks to buy near 10% stake in Go Digit Life Insurance

The development underscores private lenders' growing interest in India's lucrative and largely untapped insurance sector

Thrust on non-par products to yield desired results: LIC chief M R Kumar

We intend to sharpen the focus on bancassurance to steadily and considerably increase its volume, thereby its share in our business, said Kumar