Page 14 - Insurance Sector

SBI General Insurance result: Net profit jumps 30.4% to Rs 240 cr in FY24

SBI General Insurance on Thursday reported a 27.6 per cent rise in net profit at Rs 240 crore for the financial year ended March 2024. The non-life subsidiary of State Bank of India had recorded a net profit of Rs 188 crore in the previous financial year. The company also demonstrated strong growth in overall business clocking a Gross Written Premium (GWP) of Rs 12,731 crore, registering a growth of 17 per cent over the previous year, SBI General Insurance said in a statement. The diverse product portfolio, distribution reach, brand and cost optimization has helped deliver these numbers, it said. "The retail business led by Motor and Health have shown strong growth. SBI General Insurance continues to be No. 1 in the Personal Accident segment in the private market, along with its strong presence in various lines of business including Health, Home, Crop, Commercial and Motor," it claimed. Its solvency ratio stood at 2.25, signifying its strong financial position against the minimum

ICICI Pru Life Q4 results: Net profit drops 26% to Rs 173.76 crore

The management said that the change in commission structure led to the increase in expenses

Professional Indemnity Insurance: All you need to know

Professional Indemnity Insurance safeguards professionals and businesses from financial liabilities arising from errors or omissions in their services

Pricing key challenge for health insurance of older citizens: Experts

Most companies had an internal policy which did not allow them to sell health insurance products to persons of more than 65 years

Centre plans to extend PMSBY claims deadline for informal workers

Between August 2021 and March 2022, close to 270 million workers had registered on the e-Shram portal

Life insurers log 15.6% growth in new biz premium in March, shows data

In the financial year ended March 31, 2024, NBP grew 2 per cent, mainly due to LIC, which saw a decline of 4 per cent. Private sector players reported a growth of 12 percent in FY24

HDFC Life Q4 results: Net profit up 15% at Rs 411 cr on back book gain

One of the key factors is our back book profits and our costs which have been in control, said HDFC Life Insurance MD

Wealth management, entertainment, health spends grow in FY24: Razorpay

Spending on dieticians has more than doubled during the same time, while health coaching recorded a 45 per cent increase in transactions

Fada commences dealer satisfaction study with finance, insurance firms

Automotive dealers' body FADA on Monday said it has commenced a dealer satisfaction study with a focus on finance and insurance firms. The Federation of Automobile Dealers Associations (FADA) will undertake the study at dealerships in association with Singapore-based PremonAsia. The study will look at key factors and attributes impacting the business relationship of dealerships with finance and insurance organisations, FADA said in a statement. It is expected that the results of the study will help finance and insurance companies to design newer products, services and processes to help dealers and end-consumers, it added. "The study will focus on key aspects of the relationship between dealers and finance and insurance companies and therefore, provide a platform to understand the nuances of this relationship," FADA President Manish Raj Singhania said.

Govt unlikely to privatise GIC Re at this stage: CMD Ramaswamy Narayanan

Narayanan says the company's business from Gift City will substantially increase in the coming days

Target Rs 6K cr gross written premium for FY25: Future Generali MD & CEO

Rau discusses plans to focus on the underpenetrated non-motor, non-health space to support growth

Insurance surrender value; voice as career: Top personal finance stories

This week learn about the implications for insurance policyholders as surrender values are revised; in a separate story we write about training your voice

ICICI Lombard ties up with Policybazaar to offer insurance products

The partnership will significantly augment insurance distribution, ensuring that comprehensive coverage reaches every corner of the nation through the convenience of a seamless digital platform

Increased reinsurance capacity keeps April reinsurance renewals flat

Globally, the reinsurance contracts between primary insurers and reinsurers are renewed in January

Fishers Coop allege income loss amid inability to operate insurance scheme

In India much of the fisheries sector is dominated by cooperatives who number around 28,000

Life insurance shares in focus; Max Financial, HDFC Life rally up to 6%

In a relief for life insurance company investors, regulator Irdai has retained most existing surrender charges in the revised product regulations

Bima Sugam likely to reduce dependence on intermediaries for insurers

According to IRDAI's annual report for FY23, the online sales channel of life insurers contributed to 0.84 per cent of the individual new business premium (NBP)

Will end FY24 with growth rate of over 30%: CEO Shriram Life Insurance

In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that Casparus JH Kromhout, managing director and chief executive officer said

96.55% claims under PM Suraksha Bima Yojana settled, says official

PM Suraksha Bima Yojana is a scheme offering insurance coverage on account of death or disability due to an accident

IRDAI approves Bima Sugam, 7 other regulations in 125th board meet

The board of the insurance regulator approved the 'Bima Sugam' platform where the policyholders can compare premiums and purchase a wide array of insurance products