After the finalisation of the first gram panchayat for each...
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Phi Commerce to manage payment solutions for Reliance Nippon Life Insurance
Omnichannel payment solution provider Phi Commerce will manage...
PB Fintech records a net profit of Rs 60.59 crore in Q4FY24
The company, which also operates online credit marketplace...
Max Financial suffers a loss of Rs 52.45 crore in Q4FY24
Max Life Insurance achieved new business Margin (NBM) of 26.5% in FY24 and 28.6% in Q4FY24. The life insurer's value of new business (VNB) of Rs 1,973 crore, grew 1% in FY24 The life insurer reported an embedded value(EV) of Rs 19,494 crore, while the operating return...
IRDAI slaps Rs 1 cr fine on Prem Watsa promoted Digit Insurance for violating shareholding norms
``It is observed that there has been an inordinate delay in filing the particulars of JV Amendment Agreement, which among other things contains details of change in conversion ratio and total number of CCPS(convertible preference shares ) as 78,00,000 as against...
Hinduja group floats 4 new Indian cos to acquire Reliance Capital
Hinduja Group has now submitted a new plan changing the entire corporate structure of the transaction for the implementation of the resolution plan which again has been submitted to all the regulators for their fresh approvals Mumbai/Hyderabad In a bid to...
ICICI Prudential Life launches ULIP, links distributor remuneration to fund value performance
ICICI Prudential Life Insurance on Monday said it has come out with its first unit-linked product which aligns distributor payouts to their customers' fund value. Customers can choose from an array of 21 funds under this product, comprising 13 equity and four each in...
Hinduja group’s IIHL to revive health insurance company after acquiring Reliance Capital
Ashok Hinduja, chairman, IndusInd International Holdings IIHL has received clearance from Sebi, CCI (Competition Commission of India) and RBI and is awaiting the green signal from insurance sector regulator IRDAI for the Reliance Capital acquisition Mumbai: Apart from...
Global microinsurance premiums touch $5.8 billion in 2023, cover only 15% of market: Report
The 2023 Study, drawing on from 294 insurers covering 1,040 products across diverse sectors, including health, life, agriculture, and property, estimates the value of the microinsurance market across 36 countries at USD 41.4 billion. With only 15 per cent of that...
Bermuda insurer credit profiles supported by BMA regulatory reforms: Fitch
The Bermuda life insurance market has grown rapidly. Assets increased to $1.1 billion as of YE2022 from $496 million in 2018, and the number of life insurance licenses increased 10% over the same period to 180. This growth has been driven by its economic-based regime,...
ICICI Pru Life gets GST and penalty notices for over Rs 855 crore from several states
ICICI Prudential Life Insurance has received a GST and penalty order of over Rs 855 crore from tax departments of several states including Maharashtra, Bihar, West Bengal, Delhi, the company informed the exchanges on Tuesday. The insurer has received the highest...
IRDAI slaps a Rs 20 lakh fine against Edelweiss Tokio Life Insurance for violating shareholding norms
In an order signed by two members, BC Patnaik, Life and RK Sinha, Finance and Investment , the regulator has alleged that the insurer has carried out changes in the shareholding pattern of the joint venture, without its prior approval and also the company has not...
RCap lenders urge Hinduja Group arm to resolve IRDAI’s concerns early
According to the sources, the lenders expressed concerns over the slow progress towards the implementation of RCAP resolution plan, as IIHL is yet to receive the crucial IRDAI approval on the resolution plan.The IRDAI has raised multiple queries and concerns over the...