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Demat of insurance policies: LIC mulls creating its own repository

Dematerialisation of insurance policies is being promoted by the regulator to ensure robust electronic mode of policy solicitation, servicing, and storage

Rs 7K-crore NPA sale to NARCL by Q4: IDBI Bank MD & CEO Rakesh Sharma

'We have identified accounts worth Rs 11,000 crore, of which Rs 4,000 crore is technically written off', said Sharma

LIC taking steps to transform corporate governance: DIPAM Secretary

Some of these steps include improving LIC's 13th month and 25th persistency ratio, which is less than its peers

PSU general insurers recommend 12% wage hike, unions dissatisfied

The unions had earlier warned the management of the five companies not to vitiate the industrial relations (IR) environment by a unilateral action

Govt asks Sebi to ease public shareholding norms for IDBI Bank: Report

The Centre has reached out to Sebi seeking a relaxation period of two years in the minimum public shareholding norms for IDBI Bank after its privatisation

Ombudsmen disposed of 32% more complaints against insurers in 2021-22

Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19

Stocks to watch: Adani Enterprises, UPL, Zee Ent, Hero Moto, Tata Motors

Stocks to watch today: Adani Enterprises is set to enter the NSE Nifty50 index from September 30, replacing Shree Cement at the exchange; UPL promoted Mike Frank to Chief Executive Officer.

LIC intends to raise market share in non-participating biz: Chairman

Country's largest insurer LIC intends to raise its market share in non-participating insurance products as well as diversify the channel mix, a top company official said. Having a market share of 65 per cent, the state-owned life insurer offers 17 individual participating products, 17 individual non-participating products, 11 group products and 7 products with rider benefits. Non-participating life insurance products do not offer any bonuses or add-ons such as dividends to the policyholders. A pure term life insurance policy is non-participating product offering a fixed cover against payment of the policy premium. "We intend to increase our market share of non-par business as well as diversify the channel mix while ensuring that our agents stay as the main distribution pillars of our products," LIC chairman M R Kumar told shareholders in company's annual report for FY22. With its agency count of 13.3 lakh, the insurer has a large section of them working in rural areas of the ...

RBI ready to relax norms to facilitate LIC, government stake sale in IDBI

The largest stake in IDBI is currently held by the LIC. It holds 49.2 per cent of all the shares in the bank. It is followed by the govt, which holds 45.5 per cent

With Rs 4.4-trn m-cap, Adani Transmission is India's 8th most valued firm

Adani Transmission surpassed HDFC, LIC, Bajaj Finance and Bharti Airtel in market cap ranking on Tuesday

India-Pakistan clash at Asia Cup draws huge interest from advertisers

From Dream11, Big Basket, Samsung, LIC, Mondelez and Thumps Up, a cross-spectrum of advertisers have signed up for the big match and tournament

Can the new Irdai chief bring in much-awaited reforms in insurance sector?

For Irdai Chairman Debasis Panda, LIC's fortune and reforms in health insurance sector will be the two most difficult tests to pass

Stocks to watch: L&T, Adani Power, Ambuja Cements, LIC, Paytm, JSW Steel

Stocks to watch today: L&T commissioned a new green hydrogen plant at Hazira in Gujarat; Future Enterprises defaults on payments of interest of two non-convertible debentures (NCDs) of Rs 12.6 crore.

LIC sees 20% decline in death claims in Q1 FY23 as Covid impact ebbs

Insurance behemoth LIC witnessed a decline of nearly 20 per cent in death claims in the first quarter of this fiscal with the COVID impact seen to be ebbing, though the amount is still higher than pre-2020 levels, officials said. In the June quarter of the previous fiscal, settlement of death claims was to the tune of Rs 7,111 crore, which for Q1 of this year was Rs 5,743 crore, LIC Chairman M R Kumar said in a post-earnings call with analysts. "So there is quite a decrease, and it's quite obvious that whatever decrease was there based on COVID... going away now, Q1 to Q1 of the previous year," Kumar said. The claim rates had been very stable before the pandemic, said Dinesh Pant, Executive Director and Appointed Actuary, Life Insurance Corporation (LIC). He added that there was a spike in claims in the last two years due to COVID. "Now, from the current quarter (ending September 30, 2022), we see it settling down towards more normal. It is still not back to pre-2020 figures becau

Life Insurance Corp launches special campaign to revive lapsed policies

The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed

Stocks to Watch: LIC, ONGC, Max Health, Hero Moto, Zee Entertainment, M&M

State-owned insurance behemoth Life Insurance Corporation (LIC) reported a net profit of Rs 682.88 crore in the April-June quarter (Q1) of FY23, driven by its non-par business.

Q1 results: LIC registers multifold jump in profit at Rs 683 crore

Net NPAs in the policyholders' fund saw a substantial decline to Rs 9 crore as of Q1FY23 versus Rs 194 crore in Q1FY22

Q1 results: LIC's net profit jumps multifold to Rs 682.89 crore

The first-year premium for the reporting quarter came at Rs 7,429 crore as against Rs 5,088 crore in the year-ago period, it said in an exchange filing after its board meeting.

LIC cuts stake in M&M to 6.42% from 8.43%, garners Rs 2,222 crore

Life Insurance Corporation (LIC) on Wednesday said it has sold 2 per cent of its shareholding in automaker Mahindra & Mahindra for about Rs 2,222.49 crore. The shares were sold through open market transactions during the period from December 21, 2020, to August 8, 2022, according to a regulatory filing. After the sale, the LIC holding in the passenger cars and utility vehicles company decreased from 8.430 per cent to 6.421 per cent, it said. The average cost of 2,49,73,233 shares sold, it said, was Rs 889.95 crore. Under Sebi norms, listed companies are required to intimate the stock exchanges when their shareholding in an entity changes by 2 per cent or more. On the BSE, shares of LIC rose 0.39 per cent to close at Rs 682.65 apiece while that of Mahindra and Mahindra fell 0.46 per cent to Rs 1,269 apiece.

New business premiums of life insurance companies jump 91% in July

This is thanks to strong premium growth by LIC