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IDBI Federal Life Insurance
Private life insurer IDBI Federal Life Insurance on Wednesday announced the appointment of Mathivanan Balakrishnan as its Chief Financial Officer (CFO). Besides, the company also announced elevation of S P Prabhu as its Chief Investment Officer (CIO). Prabhu, who was earlier head of fixed income, will now oversee the management of the company's investment portfolio of Rs 10,000 crore, spread across various asset classes, IDBI Federal Life Insurance said in a statement. As CFO, Balakrishnan will oversee the areas of planning and budgeting, financial accounting & reporting, corporate taxation, investment operations, insurance accounting, audit and statutory compliance.
IDBI Federal Life Insurance has appointed global investment bank JPMorgan for the sale of all the stake held by its promoters -- IDBI Bank, Federal Bank and Belgian insurer Aegas."JPMorgan has started the process to find the new buyer(s)," said an insider at one of these promoters, who did not wish to be identified. IDBI Bank owns 48 per cent stake in the life insurance entity. The former has been under stress because of a rise in bad loans and negative return on assets. In May, the Reserve Bank of India invoked its rule on Prompt Corrective Action (PCA) against the bank. Following this, the latter announced it was selling off non-core assets worth Rs 5,000 crore. RBI has mandated a maximum net NPA (non-performing asset) ratio of six per cent under the PCA framework, introduced in April. Breach of this limit can result in the central bank ordering the lender in question to sell assets or cut unsecured exposure."There cannot be a better time for IDBI to monetise its investment in the ..