Page 9 - Life Insurance

Irdai issues exposure draft on EoM for insurers based on RRC suggestions

The exposure draft has upheld and continues to propose a 30 per cent and 35 per cent limit on EoM for general insurers and standalone health insurers, respectively

Life Insurance companies reports 7.64% YoY rise in new business premiums

ICICI Prudential Life Insurance inched up by 2.00 per cent YoY to Rs 8739.05 crore while Max Life Insurance recorded 27.87 per cent growth to Rs 5004.1 crore

Life insurance a sunrise sector poised for lift-off: CEOs at BS BFSI Summit

This capital gap alone shows the growth opportunity available in the life insurance industry over the next 10 to 15 years according to Naveen

Technology can help reach more customers in life insurance sector: LIC MD

Companies are focusing on digital boarding which can help focus on improving persistence in this sector, says R Doraiswamy

BS BFSI Summit: From Doraiswamy to Tahilyani, meet life insurance experts

Life Insurance CEOs Panel's theme on October 31: Is life insurance the new sunrise sector?

HDFC Life Insurance Q2 profit rises 15.5% on strong premium growth

The Mumbai-based insurer's profit after tax rose to 3.77 billion rupees ($45.30 million) for the quarter ended Sept. 30, from 3.26 billion rupees a year ago, it said in an exchange filing

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

LIC's market share drops to 58.5% till September from 68.2% in a year

As a result, the life insurance industry's new business premium declined almost 13 per cent during the first six months, to Rs 1,58,376.81 crore

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

Increases issuances in longer tenure in second half

Terms, bonus, sum assured: Making sense of life insurance policies

Insurers' products are complex; investors must have a rational expectation about the returns they will get

State-owned LIC presents dividend cheque of Rs 1,831 crore to FM Sitharaman

Life Insurance Corporation of India (LIC) on Thursday presented a dividend cheque of Rs 1,831.09 crore to Finance Minister Nirmala Sitharaman. LIC Chairman Siddhartha Mohanty presented the dividend cheque as the government's share of dividend in the presence of Department of Financial Services Additional Secretary MP Tangirala, the insurer said in a statement. The dividend was approved by the shareholders in the annual general meeting held on August 22, it said. LIC has completed 67 years since its incorporation and beginning with an initial capital of Rs 5 crore in 1956, LIC as of March 31, 2023, has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore, it noted. Despite two decades of opening up of the insurance sector, LIC continues to be the market leader in the Indian life insurance market, the statement claimed.

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

General insurance companies' premium up 12% to Rs 19,290 crore in August

Life Insurers NBP continue to decline

LIC offloads over 2% shares in Bajaj Auto via open market transactions

LIC decreased its shareholding from 5.2% to 3.17% in Bajaj Auto Ltd

LIC jumps 5% on 14x profit growth in Q1; stock up 21% in 3 months

The company's assets under management (AUM) increased 12.41 per cent YoY to Rs 46.11 trillion as on June 30, compared to Rs 41.02 trillion a year ago

Life insurers' Q1 new business premium collections decline 0.9%: Report

Life insurers collectively witnessed a 0.9 per cent decline in the first quarter new business premium collections to Rs 73,004.9 crore, mainly due to a massive drop in group premium mop-up led by the market leader LIC, according to a report. Life insurance companies had reported a massive 39.7 per cent growth to Rs 73,674.5 crore in the first quarter of the previous fiscal, it added. During the April-June quarter, the national insurer saw its total collections contracting by 7 per cent to Rs 44,837.2 crore against a 35.4 per cent jump in the year-ago period at Rs 48,201 crore. LIC's individual single premium mop-up declined by 1.4 per cent to Rs 4,568.3 crore from Rs 4,633.2 crore in Q1 FY23, when it had grown by 38.1 per cent, Care Ratings said in the report. Similarly, individual non-single premiums fell 6.6 per cent year-on-year to Rs 5,870.9 crore from Rs 6,283.4, when it had jumped by 35 per cent. Group single premium also declined by 7.4 per cent to Rs 33,465.6 crore from Rs

Unaffordable and complex: Why Indians stay away from health insurance

The study, titled 'How India Buys Insurance', reveals that high premiums are preventing individuals from obtaining insurance cover, or in some cases, adequate insurance coverage. benefits

Canara HSBC Life Insurance posts 9-fold jump in profit at Rs 91 cr in FY23

Canara HSBC Life Insurance on Thursday reported a nearly 9-fold increase in net profit at 91.2 crore during the 2022-23 financial year. The insurance company had earned a profit after tax of Rs 10.2 crore in the preceding fiscal. The company in the last fiscal recorded profit for the 11th year in a row, with PBT (Profit Before Tax) of Rs 100 crore for 2022-23, Canara HSBC Life Insurance managing director Anuj Mathur said. The company's gross written premium in the last fiscal increased 22 per cent to Rs 7,197 crore from Rs 5,890 crore in FY22, while assets under management (AUM) grew15 per cent to Rs 30,204 crore from Rs 26,294 crore as on March 31, 2022. The company proposed and declared a final dividend of 3 per cent of paid equity to its shareholders, he said, adding that last year too, the dividend was the same. Indian embedded value of the company stood at Rs 4,272 crore, and the solvency margin at 252 per cent as of March 31, 2023. At the same time, the insurer declared a b

LIC launches close-ended plan Dhan Vridhhi; offers protection, savings

National insurer Life Insurance Corporation on Friday launched a new close-ended plan Dhan Vridhhi. The new plan will be on sale from June 23 through September 30, the insurer said in a statement. LIC said Dhan Vriddhi is a non-linked, non-participating, individual, savings, single premium life plan, offering a combination of protection and savings. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the assured. The plan comes with two options to choose from wherein the sum assured on death can either be 1.25 times or 10 times in the second option. The plan is available for 10, 15 and 18 years and the minimum age at entry varies from 90 days to 8 years, depending on the term selected, and the maximum age at entry varies from 32 to 60 years, depending upon the term and option selected. The plan offers a minimum basic assured sum of Rs ..

Tata AIA Life Insurance to pay Rs 1,183 cr in dividend to policyholders

The higher payout is due to the company reporting a multi-fold increase in net income at Rs 506 crore in FY23, up from Rs 71 crore in the previous fiscal