Page 6 - Aathira Varier

No insurer can ignore bancassurance channel, says India First Life MD

Will have 96 branches & 10,000 agents by year end, says Rushabh Gandhi

Outward remittances under LRS stay flat at $6.9 billion in Q1 FY26

According to RBI data, the amount remitted under LRS was up 0.5 per cent year-on-year (Y-o-Y) from $6.88 billion recorded in Q1 FY25

Top four life insurance companies covered 14 mn fewer lives in FY25

Data from insurers' annual reports show ICICI Prudential Life Insurance covered 91.74 million lives in FY25, down from 96.61 million in FY24

Muted response from large lenders hinders ULI scale up, say bankers

Bankers say Unified Lending Interface growth remains muted as large lenders stick to legacy rails and land record digitisation lags

Proper data integration required to boost MSME lending, say bankers

Bankers highlighted the need for consent-based APIs and structured data to improve MSME lending, addressing working capital, technology, and credit guarantee challenges

GST rate rationalisation likely to drive growth in life and health policies

GST reduction is expected to enhance affordability and boost life and health insurance sales, especially among price-sensitive segments, though concerns over ITC impact persist

15K hospitals to suspend cashless services for Bajaj Allianz policyholders

Hospital body issues notice to Care Health Insurance; says low rates, heavy deductions behind move

Mumbai's richest Ganesh Mandal secures record ₹474 crore insurance cover

The mandal has also taken a public liability cover of ₹30 crore along with a ₹2 crore standard fire and special perils policy for furniture, fixtures, and other items

LIC launches nationwide campaign to revive lapsed insurance policies

LIC has launched a campaign from August 18 to October 17 to revive lapsed individual policies, offering up to 30 per cent concession on late fees with caps based on premium size

More organisers opt for event insurance before major festive season

The Dahi Handi festival saw 160,000 participants insured for ₹10 lakh each, with the Maharashtra government bearing the cost for 150,000 Govindas

Insurers hopeful of reduction in GST on health and life premiums

Insurers hope for a reduction in GST on health and life insurance premiums, following PM Modi's announcement of GST relaxations, aiming to boost insurance penetration and make coverage more affordable

Life insurers bet on participating products to diversify portfolio mix

Many players in the industry have rebalanced their portfolios, shifting towards par products after a period of being ULIP-heavy and relying on non-par products to drive topline and margins

Muthoot Microfin targets ₹20,000 crore AUM by FY27: CEO Sadaf Sayeed

Muthoot Microfin plans to grow AUM from ₹12,253 cr to ₹20,000 cr by FY27, raising secured loan share to 35% through LAP, gold co-lending and individual lending products

Irdai asks insurers to complete QIS 2 under RBC framework by October 15

Irdai has directed insurers to conduct the Second Quantitative Impact Study using March 31, 2025 data and submit results under the Risk Based Capital framework by October 15

MFIN seeks ₹20,000-cr credit guarantee from govt to boost NBFC-MFIs

MFIN seeks a ₹15,000-₹20,000 crore government-backed credit guarantee to encourage banks to lend to NBFC-MFIs, citing improved collection efficiency and liquidity needs

LIC targets sales growth in double digits for FY26: MD & CEO R Doraiswamy

The 64 per cent market share is on a composite basis, in which group insurance plays a major role, says Dowaiswamy

Axis Max Life Insurance likely to grow 3-5% more than industry in FY26

Axis Max Life Insurance targets 3-5% growth above industry levels in FY26, backed by strong Q1 performance. The company aims to become the third-largest private life insurer in India

Credit growth rose to 10% in July 25 fortnight, deposit growth at 10.2%

Retail credit moderation and rising bond yields impact bank lending growth, as credit rises 10 per cent and deposits grow 10.2 per cent in the fortnight ended 25 July

Life insurers' new business premium rises 22% to ₹38,958 cr in July

Driven by LIC's group single premiums and private sector's individual policies, life insurers posted 22.4% YoY NBP growth in July despite a dip in total policy count

LIC Q1 net profit rises 5% to nearly ₹11K cr due to tepid premium growth

LIC posts 5 per cent YoY profit growth in Q1FY26 on muted premium rise; Non-Par share climbs to 30 per cent, VNB margin expands by 150 basis points