The bench, led by Chief Justice Manmohan and Justice Tushar Rao...
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Bharat Panchal appointed as chief risk, security, and stakeholder management officer of Bima Sugam
In another key appointment, Bima Sugam India Federation has...
Cloud investments: Majority of banks and insurers struggle to maximize the value
“Cloud adoption should be viewed as the start of a transformative...
Neeraj Chopra signs first brand endorsement with Tata AIA Life
This association also marks the very first brand partnership to be signed with the champion javelin thrower, post his historic Olympic win.Over the next few years, Neeraj will support Tata AIA’s efforts in offering best in class life protection and health & wellness solutions to its consumers across the country.
India Inc resorted to salary cuts in Q1, will be drag on economic recovery: Report
The “weak” wage growth will prove to be a drag on the overall economic recovery in the medium term as it will affect household consumption, the report by India Ratings and Research said.
An environment of pandemic-led uncertainty and elevated inflation could impact the level of spending and hence the overall demand. Resuscitating wages will be critical for a revival of the overall economy and Capex cycle, which has been languishing even before the COVID-19 outbreak, it said., it said.
HDFC Life seeks shareholders approval to share issue to Exide Industries
Last Friday, HDFC Life announced the deal to acquire 100 per cent stake, representing 185 crore shares in Exide Life by way of cash and preference issue of shares to Exide Industries.
LIC deploys IDBI Intech’s Anti Money Laundering solution
IDBI Intech has made steady investments in the latest industry solutions for the BFSI sector, with cutting-edge technology, customer satisfaction and market demands as top priorities. The next generation technologies currently being leveraged include Blockchain, Cybersecurity, Artificial Intelligence and Machine Learning.
‘Hiving off insurance biz to reinforce focus on core activity in battery segment’:Exide
One in every two families paid over Rs 750 for COVID antibody test in India: Survey
According to the survey, 29 per cent of the respondents said they paid Rs 1,000 or more during their COVID antibody test. Further, 21 per cent said they paid between Rs 750-1000 and 14 per cent said they paid between Rs 500-750.
While, 24 per cent said they paid Rs 250-500 and 7 per cent said they paid less than Rs 250. 5 per cent respondents did not say anything. “On an aggregate basis, 50 per cent of citizens who got a COVID antibody test done paid over Rs 750 for it,” said LocalCircles release.
Govt invites bids for second time from law firms for LIC IPO
The government is also mulling allowing foreign investors to pick up stakes in the country’s largest insurer. As per Sebi rules, foreign portfolio investors (FPIs) are permitted to buy shares in a public offer.However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed LIC IPO with Sebi norms regarding foreign investor participation.
LIC picks up nearly 4 pc stake in Bank of India through open market transaction
LIC has picked up nearly 3.9 per cent (15,90,07,791 shares) of the bank through open market acquisition on September 2, 2021, Bank of India said in a regulatory filing.
Before the latest acquisition of shares in the bank, LIC held over a 3.17 per cent stake in the state-owned bank.
Indian insurance sector: Shakeout or promoter exits to happen?
According to Exide Industries, it has invested a total of Rs 1,679.59 crore in Exide Life, a wholly-owned subsidiary and in turn, gets a value of Rs 6,687 crore on the sale.
Exide Life is the second life insurance company to be sold after AMP Sanmar Life Insurance was sold to Reliance Life Insurance, now Reliance Nippon Life Insurance.
The general insurance sector saw stake sale/purchase last year. Paytm acquired Raheja QBE, HDFC Ergo acquired Apollo Munich, Sachin Bansal bought DHFL General Insurance, and Bharti Axa General was acquired by ICICI Lombard.
HDFC Life to acquire Exide Life for Rs 6,687 crore
The embedded value of Exide Life, as on 30th June 2021, is Rs. 2,711 crore will augment the existing embedded value of HDFC Life by approximately 10% Proposed transaction will accelerate the growth of Agency business of HDFC Life as well as strengthen other distribution channels including Broker, Direct and Co-operative Banks Complementary geographical presence with a strong foothold in South India, especially in Tier 2 and Tier 3 locations
Customers to benefit from stronger product suite, wider distribution network and more service touch points
▪ Synergies to enhance shareholder value with potential to improve new business margins via operating leverage and
product mix optimisation