Page 4 - Life Insurance Corporation Of India Lic

LIC amends norms for inclusion of shareholders' directors on its board

State-owned insurer LIC on Saturday said it has amended a framework to allow the induction of shareholders' directors on its board. LIC was listed on bourses following the largest initial public offering in the Indian capital market last year. The government raised Rs 20,557 crore by diluting its 3.5 per cent stake in the insurer. Life Insurance Corporation of India (shareholders' director) Regulations, 2023, was notified in the Gazette of India on December 1, 2023, LIC said in a regulatory filing. The corporation would, upon notice of not less than one thousand shareholders or one-tenth of the total number of shareholders, whichever is lower, elect a shareholders' director through a general meeting of such shareholders, the regulation said. The person elected as a shareholders' director would be appointed by the board for a term of 4 years and eligible for re-election and re-appointment for another term of 4 years, it added. At present, LIC has five executive directors, including

LIC exploring possibility of setting up fintech arm says, Chairman Mohanty

As part of its digital transformation exercise, insurance behemoth Life Insurance Corporation (LIC) is exploring the possibility of setting up a fintech unit. LIC has initiated a total digital transformation project DIVE (Digital Innovation and Value Enhancement) and appointed a consultant to steer the project, LIC Chairman Siddhartha Mohanty told PTI in an interview. "Our objective is to get best in class digital initiatives for all our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE," he said. In the first phase, the customer acquisition part is going to be transformed, he said. Customer acquisition is done through three modes--agent, bancassurance and direct sale. LIC gets most of its new customers through its agents. Subsequently, other areas would see transformation, he said, adding, services like claims settlement, loan and other services will be made available at the click of a button. "Customers need not come to the office

LIC targets double-digit growth, plans 3-4 products for FY24: Chairman

Insurance behemoth Life Insurance Corporation (LIC) has lined up 3-4 product launches in the coming months with a view to achieve double-digit growth in new business premium in the current financial year. "We are projecting double-digit growth over the last year. We are going to achieve that because a recent trend is showing uptick in individual retail business. In order to further reinforce our commitment, we are going to launch some new attractive products," LIC Chairman Siddhartha Mohanty told PTI in an interview. LIC is going to launch one product in the first week of December, he said, hoping that it will attract a lot of traction in the market. Sharing some features of the new product, Mohanty said it will provide assured returns and after maturity, the policyholder will get 10 per cent of the sum assured life long. He exuded confidence that the new product will create disruption in the market as everybody wants to know how much he or she is paying and the returns one would g

Demand for 50-year government bond seen firm from insurance firms

Rupee and bond gain post dovish stance by FOMC

LIC's sops for agents could price out smaller life insurance companies

The new benefits incentivise 1.35 million agents to continue with LIC, India's largest life insurer, but raise the heat on smaller firms in an expanding but difficult business

LIC to challenge Rs 290 cr GST bill issued by Bihar tax authority

LIC gears up to appeal against a hefty GST demand exceeding Rs 290 cr, encompassing penalties and interest

Govt appoints R Doraiswamy as LIC MD effective Sept 1, in place of Ipe Mini

Life Insurance Corporation of India (LIC) on Monday said the government has appointed R Doraiswamy as the managing director. Doraiswamy is currently executive director at the central office in Mumbai. He has been appointed as managing director of LIC in place of Ipe Mini with effect from the date of assumption of charge of office on or after September 1, 2023 and up to the date of his superannuation August 31, 2026, or until further orders, whichever is earlier, a regulatory filing said. The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, in June had recommended the name of Doraiswamy as MD. The FSIB is headed by Bhanu Pratap Sharma, former secretary, Department of Personnel and Training (DoPT). Other members of the headhunter are the secretary, Department of Financial Services, secretary, Department of Public Enterprises, IRDAI Chairman Debasish Panda, former LIC managing director Usha Sangwan and former

LIC increases its shareholding in Hindustan Petroleum by over 5%

LIC's shares closed at Rs 557.35 apiece on BSE, down 0.93 per cent

Godrej Properties, Amber Enterprises hit 52-week lows; LIC at life-time low

LIC hit a life-time low of Rs 562.35, falling below its previous low of Rs 566 touched on February 27, and was down 9% in three weeks.

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

60% private insurers register significant rise in fraud: Deloitte survey

About 60 per cent of Indian private insurers believe there has been a significant rise in insurance-related frauds, and as risks lurk there is an immediate need to consider a proactive fraud risk management framework, a Deloitte survey said on Thursday. Insurance companies in India have experienced a rise in fraud instances in life and health insurance, and increased digitisation, remote working post pandemic and weakened controls are key factors contributing to frauds, according to Deloitte's Insurance Fraud Survey 2023. "About 60 per cent of survey respondents believe that there has been a significant rise in fraud, while further 10 per cent experienced a marginal increase," the survey said. The survey, conducted in the second quarter of FY2023, was based on interviews with key C-suite stakeholders/senior management responsible for compliance across leading private insurers in India. Technology-led innovation in the insurance sector has brought agility, speed, superior customer .

Govt made Rs 31,106 cr in FY23 through disinvestment, reports DIPAM

The sale of 3.5 per cent of its stake in the LIC through an IPO brought the govt Rs 20,516.12 crore as receipts

Life insurers' new biz premium growth eases to 10% as LIC loses pace

LIC witnessed a moderation in premia because of a decline in group single premia. LIC is the largest player in the group single premium market

2022 in review: IPOs that doubled your money or made holes in your pocket

After a stellar run last year, the IPO market seemed to have lost some momentum this year. Here are the IPOs that doubled your money or made holes in your pocket

7.4% interest rate locked in for 10 years: Who should buy LIC's PMVVY

SCSS, which offers 80C benefit, allows you to lock in at 7.6% for five years

LIC raises stake in HDFC to over 5% post acquiring shares from open market

Life Insurance Corporation of India (LIC), the country's largest insurer, has increased its stake in HDFC Ltd to over 5 per cent following the acquisition of shares from the open market. LIC purchased 1.2 lakh shares from the open market hiking its stake in the company to 5.003 per cent, mortgage lender HDFC Ltd said in a regulatory filing on Monday. LIC in a separate filing said the holding increased from 4.991 per cent to 5.003 per cent, an increase of 0.012 per cent at an average cost of Rs 2,673.84 per unit. The insurer made the purchase on December 2, 2022, it added. LIC purchased additional shares at a total cost of about Rs 57.2 crore. Shares of the HDFC closed at Rs 2,674.95, up by 0.35 per cent on the BSE. Before the acquisition, LIC held over 9.09 crore shares representing 4.991 per cent stake in the company. Earlier in April, HDFC Ltd decided to merge with its banking subsidiary HDFC Bank. Touted as the biggest transaction in India's corporate history, HDFC Bank on April

LIC trims stake in large-caps: Check how Sun Pharma, Maruti look on charts

The technical outlook for Sun Pharma and Maruti remains bullish, while the trend for Bajaj Auto is looking weak on charts. Power Grid, meanwhile, needs to overcome the hurdle of Rs 240 level

LIC aims to reach a mix of 75:25 between par and non-par in individual biz

The corporation has launched only non-par products this year, which cater to specific segments in its drive to increase the non-par business

Investors react positively to LIC's good showing in second quarter

LIC posted a record rise in the Q2 profit after tax (PAT) to Rs 15,950 crore, up 10x year-on-year (YoY) compared to Rs 1,433.71 crore a year ago

Stocks to Watch: Hinduja Group, RIL, SBI, LIC, M&M, Hindalco, KRBL, NDTV

Stocks to Watch Today: Shares of Apollo Tyres, Bharat Forge, Grasim, Indiabulls Housing Finance, IRCTC , MMTC, MTNL, SpiceJet and Strides Pharma are likely to see some action owing to Q2 results.