Page 19 - Insurance

ICICI Prudential Life Q2 results: Net profit rises 23% despite lower income

ICICI Prudential Life Insurance Company on Tuesday reported a 23 per cent increase in its net profit at Rs 244 crore in the quarter ended in September 2023 despite lower income. The company's net profit in the same quarter a year ago stood at Rs 199 crore. However, total income decreased by 2.4 per cent to Rs 174.36 crore from Rs 226.42 crore in the year-ago period, mainly because of fall in investment income. The net premium earned by the private sector insurer during July-September was up at Rs 100.22 crore as against Rs 95.82 crore in the same period a year ago, ICICI Pru Life said in a regulatory filing. The assets under management of the company grew by 11.3 per cent from Rs 2,44,279 crore as on September 30 last year to Rs 2,71,903 crore as on September 30, 2023. The company had a debt-equity mix of 54:46 as on September 30, 2023 and 96.4 per cent of the fixed income investments were in sovereign or AAA-rated instruments. The solvency ratio was 199.4 per cent as on Septembe

'Prior export proceeds realisation must for refund on export of services'

If you want to re-import the exported goods under the notification 158/95-Cus dated 14th November 1995 that would not be possible as the one year time limit is already over

BimaKavach receives IRDAI's approval for direct insurance broking

In 2022, the company secured $2 million in funding from WaterBridge Ventures, Blume Ventures, Arali Ventures, and Eximius Ventures

Employees' State Insurance Corporation added 194,200 new members in August

The Employees' State Insurance Corporation (ESIC) added 19.42 lakh new subscribers in August, according to provisional payroll data. "The provisional payroll data of ESIC reveals that 19.42 lakh new employees have been added in the month of August, 2023," the Ministry of Labour & Employment said in a statement on Friday. According to the data, around 24,849 new establishments have been registered and brought under the social security umbrella of the Employees' State Insurance Corporation in the month of August, 2023, thus ensuring more coverage. Data revealed that more jobs have been generated for the youth of the nation, as out of the total 19.42 lakh employees added during the month, 9.22 lakh employees up to the age group of 25 years constitute new registrations, which is 47.48 per cent of the total employees. Gender-wise analysis of payroll data indicates that net enrolment of female members has been 3.73 lakh in August, 2023. The data shows that a total 75 transgender ...

Premiums of non-life insurance companies rise by 14.86% in H1FY24

Public sector general insurers reported a 30.64 per cent surge in premium, while private insurers recorded a 21.49 per cent increase during this time

Irdai to deploy Bima Vahak in every Gram Panchayat before end of 2024

The objective of Bima Vahak continues to be a women-centric, dedicated distribution channel that will ensure accessibility and availability of insurance in every nook and corner of the country

Insurtech start-up Onsurity raises $24 million in series B funding round

The company said a portion of the latest funding will be allocated to the company's efforts to chart the path towards profitability

Insurance industry lacks human capital in administration: Irdai member

He further said that the lack of skilled professionals has affected the Assets under Management (AUM) of these companies

Shriram General to increase non-motor insurance biz this fiscal: Official

Shriram General Insurance has planned to diversify its product portfolio by focusing more on the non-motor segments like marine, fire, during the current financial year, a top official said. Motor insurance has been the core of the business for the Jaipur-based firm accounting to about 92 per cent, company Chief Underwriting Officer Shashi Kant Dahuja said. As part of the diversification plan, the company would launch new insurance products under the fire, marine, engineering segments, he said. "The idea is to double our non-motor business to around 15 per cent in two to three years from the current 7-8 per cent," Dahuja told PTI in an interaction. The non-motor business was growing at 70 per cent, he said. To strengthen its presence in the non-motor business, he said the company would launch products in cyber insurance, pay as you drive, theft and pet insurance, soon. "As a business strategy we don't want to be excessively dependent on one vertical and we also want to diversify

True North to sell 20% stake worth $325 million in Niva Bupa Insurance

Niva Bupa, a joint venture between British United Provident Association (Bupa) and India's True North, offers health insurance through more than 20 bank partners

Centre introduces 50-year bond to meet life insurance companies' demand

Increases issuances in longer tenure in second half

Strategies for saving more, buying insurance: Top personal finance stories

Our pick of best stories this week explains how get more from your salary and what your life insurance plan should do

Rajasthan tops the list in solar water pump installations: Official

More than 62,000 farmers have directly benefited from the scheme introduced by the Ashok Gehlot government four-and-a-half years ago

1.98 mn new workers enrolled under health insurance scheme ESI in July

Employees' State Insurance Corporation added 19.88 lakh new workers under its health insurance scheme ESI in July 2023. The provisional payroll data of ESIC shows that 19.88 lakh new employees were added in the month, a labour ministry statement said. Around 27,870 new establishments were registered and brought under the social security umbrella of ESIC in the month under review, thus ensuring more coverage, it said. The data shows that more jobs were generated for the youth as out of the total 19.88 lakh employees added during the month, 9.54 lakh were up to the age of 25 years, constituting the majority of new registrations. Gender-wise analysis of the payroll data indicates that net enrolment of female members was 3.82 lakh in July 2023. The data shows that total 52 transgender employees were registered under ESI (Employees State Insurance) scheme in July 2023. The payroll data is provisional since data generation is a continuous exercise.

Space technology startups want Centre to share insurance liability

Isro's risk liability on launches have been taken up by the government through a sovereign guarantee

Many Indians' intent to buy insurance doesn't lead to action: Report

Consumers spend 11% of their annual income on life insurance and 8% on health insurance, it says

IRDAI Chairman bats for more players in segment to cater India's population

As an effort to set up a conducive environment for new participants and to boost innovation in the segment, the regulatory body is said to have taken several steps

Indian insurers tweak trading strategy as bond-swap spread widens

FRAs are agreements that insurers enter into with banks to lock in rates on long-dated bonds, helping them offer guaranteed returns to policyholders

Reliance in talks with head hunters to find CEO for Jio's Insurance biz

Executives from Reliance have met several firms in recent weeks to help them map top talent across life, health and general insurance segments

Limited tailored health insurance policy options for cancer survivors

Regular plans, if offered, may permanently exclude cancer from coverage