Siddhartha Mohanty, CEO & MD, LIC One Man Office (OMO), offered...
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Aviva India fined $7.5 million by Income Tax authorities for fake invoice scheme
After hearing Aviva's defence, joint tax commissioner Aditya Singh...
Bima Vahak’s portal is ready for soft launch in April, says IRDAI
The implementation of Bima Sugam is going as planned and is now...
Indian insurance industry providing a higher return on equity than developed markets: IRDAI Chairman
Debasish Panda,chairman,IRDAI ``Indian insurance companies on an average have provided a return of 23 per cent while US insurance industry’s return has been at 13 per cent, a point to note for our American counterparts,’’ said Panda, while addressing a webinar...
IRDAI forms Mamta Suri panel on implementation of Ind AS/ IFRS in insurance sector
Among other things, the panel will recommend steps as may be taken towards effective implementation of Ind AS/IFRS along with phase-wise timelines, recommendations on key interpretations (best practices) while implementing, Ind AS/IFRSc,recommendation on proforma...
LIC sees 20 pc decline in death claims in Q1 FY23 as COVID impact ebbs
M R Kumar,Chairman,LIC In the June quarter of the previous fiscal, settlement of death claims was to the tune of Rs 7,111 crore, which for Q1 of this year was Rs 5,743 crore, LIC Chairman M R Kumar said in a post-earnings call with analysts ''So there is quite a...
Munich Re retains its top position, Asian reinsurers lose rankings in AM Best’s 2022 global list
All the top three Asian reinsurers, China Re, Korean Re and GIC Re, have lost their global rankings in 2022. Korean Re, which have been in the 10th place in 2020, fell off to 13th this year owing to currency position. Despite premium growth of around 7 per cent, China...
Canara HSBC Life Insurance launches Customer Mobile App
Canara HSBC Life Insurance launched customer mobile App ‘Canara HSBC Life Insurance App’ available on android, iOS devices and web portal on the 75th Independence Day of India. Anuj Mathur, MD & CEO, Canara HSBC Life Insurance said, “The launch of the App will...
LIC launches special campaign to revive lapsed policies
All policies except ULIP (Unit linked Insurance Plan) can be revived within 5 years from date of the first unpaid premium subject to policy conditions, LIC said in a statement Mumbai: Insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday announced...
LIC keen on entering mediclaim segment, awaiting regulatory clarity: Chairman
M R Kumar,Chairman, LIC Recently, the new Irdai Chairman Debasish Panda had said it was time life insurers re-entered the health vertical as he had given a mandate to the industry to ensure that every citizen has a health insurance policy by 2030. However, Panda later...
LIC net profit rises multifold to Rs 682.88 crore in Q1FY23
M.R. Kumar, chairperson, LIC The corporation's VNB margins for the period Q1FY23 are 13.6% (Net). The Gross VNB of the Individual business was Rs 1277 crore and for group business was Rs 583 crore for the reporting quarter The gross VNB margins for the Individual and...
LIC sells 2% of its shareholding in M&M
After the sale, the LIC holding in the passenger cars and utility vehicles company decreased from 8.430 per cent to 6.421 per cent, it said. Mumbai: Life Insurance Corporation (LIC) on Wednesday said it has sold 2 per cent of its shareholding in automaker Mahindra...
Aviva India appoints Sumithasri Eranti Venkataramagupta as chairperson
New Delhi: Aviva India announced the appointment of Sumithasri Eranti Venkataramagupta as chairperson of Aviva Life Insurance Company India. She succeeds Mohit Burman, who served as the Chairperson for over 14 years and will continue to be a non-executive Director on...