Page 14 - Insurance Sector

LIC's group yearly renewable premium rises by 137% in Apr-Jan FY24

In January 2024, LIC saw an increase of 36.51 per cent in Group Premium and 41.04 per cent growth in Group Yearly Renewable Premium from January 2023

Temasek Holdings exits PB Fintech, sells entire 5.4% stake for Rs 2,425 cr

Singaporean sovereign wealth fund Temasek Holdings on Thursday sold its entire 5.42 per cent stake in Policybazaar's parent firm PB Fintech for Rs 2,425 crore through open market transactions. Temasek Holdings' wholly-owned subsidiary Claymore Investments (Mauritius) Pte Ltd sold the shares of PB Fintech in three tranches on the BSE. According to the block deal data, Claymore Investments (Mauritius) Pte offloaded a total of 2,44,30,015 shares, representing a 5.42 per cent stake in PB Fintech. The shares were disposed of at an average price of Rs 992.8 apiece, taking the combined deal value to Rs 2,425.41 crore. Meanwhile, US-based financial services company Capital Group, through its various affiliates, acquired the shares of PB Fintech in seven tranches. The stock of PB Fintech fell 0.59 per cent to close at Rs 996.90 apiece on the BSE. PB Fintech was co-founded by Yashish Dahiya and Alok Bansal in 2008. The company operates online insurance aggregator Policybazaar and credit ..

Irdai notifies a consolidated regulation on expenses of management

The RRC recommended the IRDAI (EoM, including commission, of insurers) Regulations 2023, after repealing three separate regulations

Hedge funds bring in record profits betting on 'catastrophe' bonds

Behind those record returns were bold bets on catastrophe bonds and other insurance-linked securities

LIC launches non-participating product Jeevan Dhara-II: Check details here

According to the exchange filing, the product, which will be available from 22 January 2023, is a non-linked, non-participating, individual savings deferred annuity plan

PhonePe sells over 9 mn digital insurance policies, 4 mn in one year

Walmart-backed payments firm PhonePe on Thursday said it has sold over 90 lakh insurance policies since entering the market in September 2021, of which 40 lakh were in just one year in 2023. PhonePe had entered the insurance space in 2020 with a corporate agency licence, before acquiring a full-fledged insurance broking licence. It currently distributes life, health, motor and car insurance with partners such as Acko, among others, and allows users to pay in monthly subscriptions through UPI. "PhonePe started offering insurance on its platform in September 2021, and since then has sold over 9 million overall policies, with over 4 million being sold in the last year alone. The digital insurance market is growing at a CAGR of 24 per cent, with a large part of this growth coming from PhonePe," the fintech firm said in a statement. The fintech giant announced that it has contributed to over 65 per cent growth for two-wheeler digital insurance in India, over the last 2 years. The company

ICICI Prudential Life Q3 results: Net profit flat at Rs 227 crore

ICICI Prudential Life Insurance on Wednesday reported a flat net profit of Rs 227 crore for the third quarter ended December 2023. The company had posted a profit of Rs 221 crore in the same quarter a year ago. During the third quarter of this fiscal the net premium income increased to Rs 9,929 crore, as against Rs 9,465 crore in the same period a year ago, ICICI Prudential Life said in a regulatory filing. The assets under management of the company increased to Rs 2,86,676 crore as against Rs 2,51,884 crore at the end of third quarter of previous fiscal, it said. The company's net worth was Rs 11,075 crore on December 31, 2023 while the solvency ratio was 196.5 per cent against the regulatory requirement of 150 per cent.

Insurance sector may see further listing, M&A in coming months: Moody's

Having raised Rs 1,930 crore in FY23, the insurance sector may witness further capital transactions, including stock market listings and M&A, to improve the sector's capital adequacy and financial flexibility in the months ahead, a report said. Indian insurers' favourable growth prospects have encouraged the sector to raise capital, outweighing the adverse impact of their weak underwriting profitability, Moody's said in a report. In FY23, the sector's paid capital rose to Rs 75,300 crore from Rs 73,400 crore a year earlier, an increase of 2.6 per cent. "We expect more such transactions, as well as more merger and acquisition (M&A) deals and initial public offerings (IPOs), to improve the Indian insurance sector's capital adequacy and financial flexibility in the months ahead," it said. The report said foreign insurers would continue investing in the Indian insurance market and many foreign companies already present in the country through joint ventures could seek to increase ..

India insurance sector growth pegged at 7.1% in 2024-28: Swiss Re

The expanding economy, growing middle class, innovation and regulatory support are driving the insurance market growth in India

Insurance sector's premium income to double by FY34 to $450 bn: Report

The domestic insurance sector is on course to log in over 7 per cent annual growth over the next decade and the premium income is likely to double to around USD 450 billion by financial year 2033-34, an industry report said on Tuesday. The total premium income will more than double over the next decade (2024-34) from the present USD 224 billion, and insurance penetration will increase from 3.8 per cent currently to 4.5 per cent by FY34, Swiss Re Institute said in a report. The report further said over the next five years (2024-28), the total insurance premium income of domestic insurer are likely to grow 7.1 per cent annually in real terms, which is well above the global average growth of 2.4 per cent, 5.1 per cent in emerging markets and 1.7 per cent in advanced markets, the report said. The more than double of the global average growth of the domestic industry is on the back of a resilient domestic economy which will remain the fastest growing large GDP for the next five years, ..

Lower growth estimates likely to keep HDFC Life stock under pressure

HDFC Life reported Q3FY24 annual premium equivalent (APE) at Rs 3,190 crore which was more than 10 percent below consensus and down 4.5 percent Y-o-Y

Budget 2024-25: Insurers hope for tax reliefs, provisions for uncertainties

Insurers have suggested introduction of a separate tax deduction limit for life insurance, waiver of taxation on annuity and pension products

E-booking co EaseMyTrip ventures into insurance sector with new subsidiary

Online travel booking platform EaseMyTrip.com on Wednesday announced venturing into the insurance sector with the launch of its subsidiary EaseMyTrip Insurance Broker Pvt Ltd. The company termed it a "strategic move" to diversify its service portfolio and tap into the insurance market by creating a specialised product to solve customer needs. "The new venture is expected to solidify EaseMyTrip's position in the industry and cater to a Rs 7.9 trillion market with EaseMyTrip's own 20 million userbase," the company said in a regulatory filing. The company's insurance foray comes days after it made headlines for suspending flight bookings to the Maldives in the wake of diplomatic tensions between India and the island nation.

LIC drives new business premium growth in December 2023, shows data

Life insurance sector collects 44% higher premium

Red Sea crisis: No claims yet, but insurance cost may rise if tensions grow

Insurers are keeping a close eye on the developments and have made an upward revision to their risk perception with companies turning cautious of the tense geopolitical scenario

Narayana Health gets Irdai nod to launch health insurance business

The company runs one of the largest hospital chains under the brand name of Narayana Hospital

After 4 yrs of decline, insurers ramp up presence in smaller cities in FY23

According to the latest data released by the Insurance Regulatory and Development Authority of India (IRDAI), during 2022-23, the presence of life insurers rose by nearly 3.5 per cent year-on-year

Future Generali life insurance aims to grow upto 18% CAGR by FY26: Rungta

The New Business Premium (NBP) of the company declined by 35.48 per cent in April-November 2023 to Rs 257.75 crore from Rs 399.51 crore in the year ago period

Employer sponsored health insurance cost to rise 11% in 2024: Report

The report is based on responses from 223 insurers across 58 countries, analysing the key trends that are shaping the future of health care provided by employers

Insurance broking startup Finhaat raises $3 mn for business expansion

Company says technology-driven platform will improve accessibility to insurance