Amit Shah, Union Minister of Home Affairs and Co-operation To...
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Wipro awarded £500m deal from UK insurance giant Phoenix Group
As per the deal, Wipro’s existing FCA-regulated entity Wipro...
Federal Bank increases its stake in Ageas Federal Life Insurance by 4% to 30 %
Federal Bank has increased equity stake in Ageas Federal Life...
SBI Life net income rises 18 pc to Rs 263 crore on strong sales, margin expansion
The life insurer's Value of New Business (VNB) jumped 130 per cent to Rs 882 crore and the VNB margin soared 665 basis points to 30.4 per cent during the reporting period Mumbai: SBI Life on Thursday reported an 18 per cent growth in net profit at Rs 263 crore in the...
As credit demand grows, banks scramble for deposits
"In the next few months if the trend continues then we will have no other option but to raise deposit rates because the market conditions are also not very favourable for us to go to the market to raise growth capital," said a senior executive at a state-owned bank...
Life expectancy of South Koreans rises to 83.5 years in 2020, 3.3 longer than 10 years ago
According to OECD Health Statistics 2022, the life expectancy of Koreans was 83.5 years in 2020, which topped OECD countries' of average 80.5 years. This is 1.2 years longer than Japan's 84.7 years. It is 3.3 years more than 80.2 years in 2009. The OECD average...
ICICI Pru on course to hit new business value of Rs 2,560 crore in FY23
''We've ticked on all the four boxes in the June quarter. Our 4Ps strategy, initiated in FY19, of focusing on premium growth, products especially on the protection side, improving persistency, and enhancing productivity, are performing as planned and we're on track to...
HDFC Life’s net profit rises 21% to Rs 365 crore in Q1FY2023, to set up an IFSC Insurance Office (IIO) at GIFT city
Vibha Padalkar, MD & CEO, HDFC Life, The life insurer’s Indian embedded value(IEV) has risen by to Rs 29,709 crore in the reporting quarter. Its value of new business (VNB) has moved by 25 per cent to 510 crore in the same quarter Its new business margin for...
Australia’s Suncorp Group sells ITS banking unit to ANZ
Australian banks are grappling with rapidly rising interest rates and falling house prices that’s spurred some investors to reevaluate lenders’ outlooks. The deal hands the lender control of one of the country’s largest retail banks that’s also based in the...
Foreign insurers in Malaysia given 2023 cutoff to reduce stakes in their local ventures
AIA Group Ltd., Prudential Plc, Tokio Marine Holdings Inc. and Zurich Insurance Group AG are among the international insurers with ventures in the Southeast Asian nation Overseas insurance companies were allowed to hold a maximum 70% in local firms, but it was mostly...
Shriram Group’s non-banking financial entities to get amalgamated by Dec qtr: MD & CEO YS Chakravarti
YS Chakravarti, Managing Director and CEO, Shriram City Union Finance Shriram City Union Finance Ltd (SCUF) has received shareholders' approval for the merger and it is expected to get the nod from the Insurance Regulatory and Development Authority of India (Irdai)...
ICICI Pru life posts a net profit of Rs156 crore in Q1FY2023
For Q1-FY2023, the life insurer has registered a 31.6% growth in its Value of New Business (VNB), a measure of profitability of a life insurer. The VNB of the company stood at Rs 471 crore with a VNB margin of 31% Mumbai: ICICI Prudential Life Insurance, the fourth...
PNB MetLife announces Rs 594 crore bonus for 4.95 lakh policyholders
PNB MetLife India Insurance Company (PNB MetLife) has announced a 12% higher bonus of Rs 594 crore for 4.95 lakh policyholders of participating products for FY22. Ashish Kumar Srivastava, MD & CEO, PNB MetLife, said, “This is the highest bonus that we have ever...