Page 2 - Life Insurance Industry

After encouraging Q4, outlook positive for public sector insurer LIC

LIC has an industry leading position despite the aggressive catch up from private competitors

Hindujas' Reliance Capital buy faces further delay; matter pending in SC

Matter pending in Supreme Court; group firms to pay Rs 9,661 crore to lenders only after all the clearances

LIC gets 3-yr extension from Sebi to achieve 10% public shareholding

State-owned insurance giant now has to meet regulatory requirement on or before May 16, 2027

Base effect: Fuelled by LIC, life insurers clock 61% NBP in April

LIC's premium rose by 113 per cent to touch Rs 12,383.64 crore, while private life insurance companies reported 16.58 growth to Rs 7875.22 crore

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

SBI Life Insurance Q4 results: Net profit rises 8% to Rs 811 crore

The net premium income of the largest private life insurer rose 26.23 per cent year-on-year to Rs 25,116 crore in the reporting quarter from Rs 19,896 crore in Q4 FY23

Growth path: Premium of non-life insurance companies grew 12.78% in FY24

Private general insurers gain market share

LIC to keep offices open on March 30, 31 to facilitate tax saving

Life Insurance Corporation will keep its offices open on March 30 and March 31 to facilitate taxpayers to complete tax saving exercise before the closing of the fiscal year. LIC's measure follows the announcement by banks that their branches will remain open on Saturday and Sunday. The RBI had earlier this month directed banks to keep their designated branches open for government transactions up to the normal working hours on March 30 and March 31, 2024. In a statement, the public sector insurer said as per the advisory by the insurance regulator IRDAI, LIC has decided to extend this special measure to the policyholders. "It has been decided that the Offices under the jurisdiction of zones and divisions will be kept open for normal operations as per official working hours on 30.3.2024 and 31.3.2024, in order to avoid any hardship to the policyholders," LIC said in a statement.

Irdai retains surrender value norms, positive for life insurers: Analysts

Insurance industry leaders believed that higher surrender values could lead to the premature exit of policyholders from long-term insurance policies

Kotak Life Insurance launches non-linked par product Kotak G.A.I.N

Private sector life insurer Kotak Life Insurance on Tuesday launched a non-linked participating product Kotak G.A.I.N which offers long-term saving or income

How Ageas Federal Life Insurance MD & CEO stays mentally, physically fit

I don't think there is anything called work-life balance; it is only work-life integration, says Vignesh Shahane

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

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

Tata Digital announces appointment of Naveen Tahilyani as new CEO

Naveen replaces Pratik Pal, who was at the helm of the company since the group announced its foray into digital commerce and the creation of Tata Neu, its superapp

SBI Life Insurance Q3 results: Net profit rises 5.8% to Rs 321.75 crore

Sequentially, it is 15.37 per cent lower than the Rs 380.19 crore profit accrued in Q2 FY24

Casual labourers in BRO projects to be covered under term insurance

Defence Minister Rajnath Singh has approved a proposal to roll out a term insurance scheme for casual paid labourers engaged by the Border Roads Organisation (BRO) for various infrastructure projects. Under the scheme, a sum of Rs 10 lakh will be given to the next of kin in case of death of a labourer during project works, according to the defence ministry. "Defence Minister Rajnath Singh has approved a proposal to launch a group (term) insurance scheme for Casual Paid Labourers (CPLs) engaged by Border Roads Organisation/General Reserve Engineer Force for the ongoing project works," it said in a statement on Saturday. "This scheme will provide the insured value of Rs 10 lakh as an insurance in any kind of death to CPLs family/next of kin," it said. The ministry said the scheme will serve as a social security and welfare measure to the CPLs working in remote and far-flung areas of the nation. "Keeping in view the severe risk posed to the lives of CPLs posted in hazardous work-site

Results preview: Insurers may see compression in Q3 profit margin

Non-life insurers' premium is expected to report decent growth

Private players see 6% rise in benefits paid to Rs 1.57 trillion in FY23

LIC, while seeing a marginal decline to Rs 3.39 trillion, still accounts for a lion's share of 69% of total benefits paid

Prioritise life coverage, financial aims when delving into ULIP investments

Term plan plus MF combo offers greater flexibility and liquidity

ICICI Lombard gets GST notice of over Rs 5.66 cr for alleged short payment

ICICI Lombard on Wednesday said it received a demand notice for alleged short payment of GST of over Rs 5.66 crore. In a regulatory filing, ICICI Lombard General Insurance Company said it has received an order from the Joint Commissioner CGST & Central Excise, Bhopal, Madhya Pradesh, raising a GST demand of Rs 5,66,02,264 and levying a penalty of Rs 56,60,226. Taking into account the GST and penalty, the total demand amount is over Rs 6.22 crore. Plus, an interest u/s 50 of the GST act would be levied. "The company will be filing an appeal against the said order," it said. The GST demand has been raised on the grounds of computation of input tax credit eligible to the company and alleged undischarged tax liability due to differences between returns filed by the company, ICICI Lombard said. Shares of ICICI Lombard were trading at Rs 1413.05, down 0.22 per cent over previous close on the BSE.