Page 2 - Life Insuracnce

LIC offloads 2.09% stake in Hindustan Copper for Rs 447 cr via open market

Life Insurance Corporation of India (LIC) on Monday said it has sold a 2.09 per cent stake in state-owned Hindustan Copper for Rs 447 crore through an open market transaction. The insurance behemoth has sold a total of 2,01,62,682 shares, or 2.085 per cent stake, in Hindustan Copper, according to a regulatory filing. The shares of Hindustan Copper were sold at an average cost of Rs 221.64 apiece, taking the transaction value to Rs 446.8 crore. With this, LIC's stake in the state-owned company has reduced to 6.09 per cent from 8.17 per cent. "Holding decreased from 8.171 per cent to 6.086 per cent, a decrease of 2.085 per cent during the period from September 27, 2023, to August 16, 2024, at an average cost of Rs 221.64," the filing said. Hindustan Copper Ltd (HCL) is under the administrative control of the Ministry of Mines. It is the only company in the country engaged in mining of copper ore and owns all the operating mining lease of Copper ore and also the only integrated produ

LIC Jeevan Shanti plan: Know investment age limit and other key details

LIC's Jeevan Shanti is an annuity plan that offers deferred annuity options, available through a one-time lump sum payment

LIC Q1 results: PAT up 10% at Rs 10,461 cr, total income at Rs 2.1 trn

Life Insurance Corporation of India (LIC) on Thursday reported a 10 rise in its net profit to Rs 10,461 crore in the June 2024 quarter. The state-owned life insurance behemoth had a net profit of Rs 9,544 crore in the year-ago period. The total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period, LIC said in a regulatory filing. During the quarter under review, the first-year premium rose to Rs 7,470 crore as against Rs 6,811 crore in the year-ago period, it said. The insurer earned Rs 56,429 crore from renewal premiums as against Rs 53,638 crore a year ago. Net income from investments during the quarter rose to Rs 96,183 crore as compared to Rs 90,309 crore in the April-June period of previous fiscal. Solvency margin of LIC increased to 1.99 per cent as compared to 1.89 per cent in the same quarter a year ago.

ICICI Prudential Life Insurance's AUM touch Rs 3.14 trn mark in July

ICICI Prudential Life Insurance Company on Wednesday said that its assets under management have crossed a significant milestone and touched Rs 3.14 lakh crore as on July 31. The company has covered 9.84 crore lives and the total in-force sum assured exceeds Rs 35 lakh crore, as per an official statement. ********************************** * Sourav Ganguly appointed on the board of Blue Ocean Corporation Former cricketer Sourav Ganguly was on Wednesday appointed on the board of Blue Ocean Corporation. The corporation, which is into supply chain management consulting and training, is aiming to grow its business in the UK, Middle East and India, as per an official statement. ********************************** * Axis Bank integrates with GST portal to help commercial card clients Axis Bank on Thursday said it has integrated with the Goods and Services Tax portal, which will help its commercial card clients to make GST payments easily. The clients will also benefit by optimizing th

LIC to enter health insurance market via private health insurer: Report

Earlier, LIC Chairman Siddhartha Mohanty had spoken about exploring "inorganic" options for the company's foray into the health insurance segment

Dixon Tech, Indus Towers among top bets of insurance companies in April 2024

Indian life insurance industry, excluding LIC of India, Nuvama said, commands an impressive aggregate equity assets under management (AUM) of nearly Rs 4.5 trillion, Nuvama said

Early in the tenure of non-linked policy you don't like? Surrender it

But if you have held it for long, run the numbers; continuing may be prudent

2023: A landmark year with new policies, regulations for life insurers

The IRDAI's flagship BIMA Trinity comprising Bima Vistaar, Bima Vahak and Bima Sugam is considered to be a key game changer for the sector

Over 40 crore in India don't have health insurance: Report

The report found that the lack of health insurance was due to lower penetration, coverage inadequacy, and rising healthcare costs

Product mix, distribution strategies to help regain market share: LIC chief

Mohanty discusses a range of issues from product launches to the digital transformation journey that it has embarked upon

Buy minimum Rs 20 lakh indemnity cover for protection against cancer

Supplement this with a fixed-benefit plan to manage ancillary expenses

LIC HFC Q1 net profit rises 43% YoY at Rs 1,323.6 crore; NII up 39%

Net interest income sees an increase of 39 per cent, despite disbursements markedly declining in Q1 FY24

LIC pares 2% stake in NMDC for Rs 649 cr; brings down holding to 9.62%

Life Insurance Corporation (LIC) has reduced its stake in iron ore producer NMDC to 9.62 per cent by selling a little over 2 per cent stake for about Rs 649 crore. The state-owned insurer sold over 6.06 crore shares or 2.07 per cent stake in NMDC between March 14 and June 20 at an average price of Rs 107.59 a share via open market sale. At this price, over 6.06 crore shares would be valued at around Rs 649 crore. In a regulatory filing, LIC said its shareholding in NMDC has decreased from 11.69 per cent to 9.62 per cent.

Increase in premium amount of life insurance a big concern for customers

'Company does not keep in touch' is cited as the potential reason for customers leaving, according to 22 per cent of the people, suggests the report

FSIB to soon start selection process for new LIC chairman this month

The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, may select a new chairman of insurance behemoth LIC this month. The chairman will be selected from the four managing directors of the company, sources said. According to sources, the bureau may conduct an interview for the position towards the end of next week if all members of the committee are available. FSIB is likely to make a selection this month, subject to the availability of members due to Parliament's Budget session, sources said. The final decision on the FSIB recommendation will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. It can be noted that one of the managing directors BC Patnaik retires on March 31. The government has already appointed Tablesh Pandey as his replacement. Currently, Siddhartha Mohanty, managing director of LIC, is acting chairman of the country's biggest life insurance firm

Budget 2023: Tax on high-premium policy may hit life insurers' top line

The stocks of life insurance companies reacted sharply to the announcement of the finance minister on Wednesday, with most scrip witnessing around 10 per cent fall in a day

Analysts hopeful of ICICI insurance twins despite Q3 disappointment

Fair value targets of brokerages suggest there is some upside in the two stocks

Reasonable growth, attractive valuations for life insurers' stocks

Analysts positive on most of the stocks, especially SBI Life, HDFC Life and LIC

Higher claims pushed up non-life insurers' underwriting losses: Report

Life insurers paid benefits to the tune of Rs 5.02 trillion in FY22, says regulator's annual report

BS BFSI Insight Summit 2022: Meet industry leaders of life insurance sector

Here is the list of industry leaders from life insurance sector on panel for the BS BFSI Insight Summit 2022