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Ex-LIC chief MR Kumar joins Bank of India as non-executive chairman

Bank of India on Tuesday announced the appointment of MR Kumar, former chairman of LIC, as the non-executive chairman and Rajiv Mishra as an executive director. Kumar, a science graduate from the University of Madras, also serves on the board of Ambuja Cements. He joined Life Insurance Corporation in 1983 and was its chairman from 2019 to March 2023. Kumar had also served as a director on the boards of Kenindia Assurance, Kenya, and ACC India. His other leadership roles include the chairmanship of the governing board of National Insurance Academy, president of Insurance Institute of India, and as chairman of Council of Insurance Ombudsman. The bank also announced appointment of Mishra as an executive director. An MBA, Mishra led Union Bank of India's digital transformation, highlighted by the launch of the Vyom mobile app. He had also served on the boards of Kashi Gomti Samyut Gramin Bank in Varanasi, and UBI Services.

TMS Ep631: Paytm Payments Bank, electric cars, LIC stock, permacrisis

Can Paytm Payments Bank be rescued? Will price cuts make electric cars zoom? Is the rally in LIC stock nearing its end? What is a 'permacrisis'? All answers here

LIC launches a non-participating product 'Amritbaal' for children

The Minimum Sum Assured is Rs. 2,00,000, with no limit for the Maximum Basic Sum Assured

LIC employee unions refuse 14% salary hike offer by management

LIC has a five-year wage revision policy and last raise was given to employees in 2017

Life insurers ask Irdai to charge surrender value on accumulated premia

The exposure draft by Irdai in December 2023 outlined the introduction of a defined premium threshold for each product, beyond which no surrender charges will be levied

LIC's VNB margin growth higher than private life insurers in Q3 FY24

VNB is a measure of the economic value of the profits expected to emerge from new business. VNB margin is the profit margin of the companies

Stocks to Watch today, Feb 9: LIC, Zomato, Airtel, Paytm, Hero Moto, ZEE

Stocks to Watch on Friday, February 9, 2024: LIC of India reported a 49.10 per cent year-on- year (Y-o-Y) growth in net profit, at Rs 9,444.4 crore, during Q3FY24

LIC Q3FY24 results: Net profit rises 49.1% to Rs 9,444.42 crore

During the July-September quarter of FY24, the insurer had reported a net profit of Rs 7925.015 crore

LIC Q3 results: Profit rises 49% to Rs 9,444 cr, total income at Rs 2 trn

State-owned insurer LIC on Thursday reported a 49 per cent jump in net profit at Rs 9,444 crore for the third quarter ended December 2023. The country's biggest insurer had a net profit of Rs 6,334 crore in the year-ago period, according to a regulatory filing. Its net premium income rose to Rs 1,17,017 crore in the third quarter of the current fiscal from Rs 1,11,788 crore in the same period a year ago. LIC's total income increased to Rs 2,12,447 crore in the latest December quarter compared to Rs 1,96,891 crore in the year-ago period.

LIC Mutual Fund Asset Management appoints Ravi Kumar Jha as MD & CEO

LIC Mutual Fund Asset Management on Tuesday announced the appointment of Ravi Kumar Jha as its Management Director and Chief Executive. Jha has worked for over 30 years with LIC and has handled diverse positions. He was serving as executive of corporate strategy till December 2023 at the company. The 57-year-old Jha holds a bachelor's degree in commerce from Ranchi University.

RBI approves HDFC Bank Group's proposal to acquire 9.5% in IndusInd Bank

The RBI has said that HDFC Bank needs to acquire major shareholding within one year from February 5, 2024, failing which the approval shall stand cancelled

LIC Housing Finance expects to report 15% improvement in FY25 loan book

The disbursements in third quarter of FY24 was at Rs 15184 crore 5 per cent lower from Rs 16100 crore in the year ago period

Life insurance policy terms, premium amounts detailed in one table

Such coverage is a necessary part of financial planning and companies have a range of products

HDFC Bank gains 2% as LIC gets RBI nod to raise stake in lender to 9.99%

LIC has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year that is by January 24, 2025

LIC becomes most valuable PSU firm, surpasses SBI in market valuation

Life Insurance Corporation of India (LIC) surpassed State Bank of India (SBI) to become the country's most valued PSU firm by market valuation on Wednesday. Shares of LIC climbed 3 per cent to reach its 52-week high of Rs 919.45 in intra-day trade on the BSE. However, later it pared the gains and ended 0.63 per cent lower at Rs 886.90. The stock of SBI fell by 1.67 per cent to Rs 626.15 apiece. The market capitalisation of LIC stood at Rs 5,60,964.05 crore, which is Rs 2,149.47 crore more than SBI's Rs 5,58,814.58 crore valuation. LIC stood at the ninth place in the ranking of top ten most valued firms. Reliance Industries is the country's most valued firm with a market valuation of Rs 18,42,160.54 crore followed by TCS (Rs 14,21,230.44 crore), HDFC Bank (Rs 11,66,888.98 crore), ICICI Bank (Rs 6,87,740.99 crore), Infosys (Rs 6,80,631.89 crore), Bharti Airtel (Rs 6,10,389.59 crore), Hindustan Unilever (Rs 6,02,388.21 crore), ITC (Rs 5,82,423.61 crore), LIC (Rs 5,60,964.05 crore) an

LIC at 20-mth high, nears listing day-lifetime high; up 69% from March low

LIC hit a 20-month high of Rs 895. It has recovered 69 per cent from its 52-week low level of Rs 530.20 touched on March 29, 2023

LIC receives notification for tax refund of Rs 25,464 crore for 7 AYs

The insurer noted that it will file an appeal with the before Commissioner (Appeals) against all the tax notices

LIC receives another Income Tax demand notice worth Rs 1,370.60 crore

The state-owned insurer received a demand order worth Rs 1,370.60 crore from the Income Tax authorities in Mumbai

LIC gets 2 tax demand notices worth Rs 3,529 crore from Mumbai officials

Life Insurance Corporation of India (LIC) on Thursday said tax authorities have slapped two demand notices aggregating to about Rs 3,529 crore on it. The corporation has received orders from Income Tax authorities regarding Income Tax demand issued by Assistant Commissioner of Income Tax, Mumbai, LIC said in a regulatory filing. LIC would file an appeal before the Commissioner (Appeals), Mumbai, against the said orders within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, according to LIC.

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

Life insurance sector collects 44% higher premium