The life insurer’s Value of New Business (VoNB) stood at Rs 970...
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Budget 2024: TDS reduced on life insurance policy payout from 5% to 2%, receives positive responses from insurers
The introduction of a clause pertaining to non-deductible expenses...
ICICI Pru Life Q1 PAT up 9% to Rs 224.34 cr
Anup Bagchi, Managing Director and Chief Executive , ICICI Pru Life...
Global InsurTech sector sees record investment, surges 180 % to $2.55 billion in Q1 2021
Eight companies accounted for more than $1.13 billion in funding during the quarter, 44% of the total raised. That marks a new quarterly high for the number of mega-round fundraisings of $100 million or more.
India’s LIC emerges as the 3rd strongest and 10th most valuable global insurance brand in 2021
According to the latest report released by Brand Finance the total value of the world’s top 100 most valuable insurance brands has declined by 6 per cent, decreasing from $462.4 billion in 2020 to $433.0 billion in 2021
12 Chinese brands in ranking account for 30% of total brand value as brands leverage significant volume premium of Chinese market
US brands buck negative sector trends – 26 brands featured record 14% cumulative brand value growth year-on-year
EU asks if Aon rival Gallagher, others are right buyers for assets -sources
Earlier this month, Aon offered to sell assets in five European Union countries, Willis’ reinsurance arm and its German retirement benefits and consulting business, people with direct knowledge of the matter had told Reuters.
The package of concessions to the European Commission also included Willis’ insurance broking activities in France, including French unit Gras Savoye, as well as in Germany, Spain and the Netherlands.
India adds over 3.60 lakh fresh COVID-19 cases in single day
Maharashtra, Delhi, and Uttar Pradesh are among the 10 states that account for 78.53 percent of the new COVID-19 deaths reported in a day, the Union Health Ministry said on Wednesday
Chhattisgarh, Karnataka, Gujarat, Jharkhand, Rajasthan, Punjab, Madhya Pradesh are the other states in the list of 10.
Maharashtra saw the maximum casualties (895). Delhi follows with 381 daily deaths. The fatalities further include 264 from Uttar Pradesh, 246 from Chhattisgarh, 180 from Karnataka, 170 from Gujarat, 131 from Jharkhand, 121 from Rajasthan, and 100 from Punjab.
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HDFC Life Insurance net profit grows 2.3% to Rs 319 crore in FY Q4 2020-21
Vibha Padalkar, MD & CEO, HDFC Life said, “Over the course of the year, we have settled over 2.9 lakh death claims resulting in payouts in excess of Rs.3,000 crore . Based on our actual experience in FY21 and after factoring in aspects such as latest mortality trends across business and customer segments and geographic spread of Covid 2.0, we have provided for a Covid reserve of Rs. 165 cr. for FY22. We will continue to review the adequacy of this reserve through the course of FY22. Despite logistical challenges through the year, we have insured close to 40 million lives in FY21.”
World’s fastest recovery outlook at risk as coronavirus sweeps India
That uncertainty doesn’t look to be going away in a hurry, with India adding more than 300,000 cases daily for at least three consecutive days last week, pushing the total infections to more than 16.5 million. While the outbreak has overwhelmed the nation’s hospitals and crematoriums, it’s also hit consumer confidence in an economy that was only beginning to recover from an unprecedented recession last year.
Govt to provide free food grains to around 80 crore beneficiaries under PM Garib Kalyan Ann Yojana for May, June
The Government of India would spend more than Rs 26,000 crore on this initiative. This government’s initiative comes as India has seen a record surge in COVID-19 cases in the past few days. India recorded 3,32,730 new COVID-19 cases in the last 24 hours, the highest single-day spike since the pandemic broke out last year. India has crossed the mark of 3 lakh COVID-19 cases for two consecutive days now.
India’s daily COVID-19 cases rise by record 346,786 – health ministry
Ten states, including Maharashtra, Uttar Pradesh, and Delhi, reported 74.15 percent of the new COVID-19 cases reported in a day, the Union health ministry said on Saturday.
“The situation in India is a devastating reminder of what the virus can do,” World Health Organization chief Tedros Adhanom Ghebreyesus told a virtual briefing in Geneva.
Insurers prefer private equity investments over Hedge Funds: Goldman Sachs Survey
Private equity was the most-favored asset class for insurers seeking to increase investment returns, followed by middle market corporate loans and infrastructure debt, the survey said.
Private equity returns in the past 10 years “have been strong and have outperformed other asset classes,” Michael Siegel, global head of insurance asset management at GSA, told a media briefing, which he said helped explain consistent insurer interest in the asset class in recent years.
Why India is shattering global infection records
Despite warnings and advice that precautions were needed, authorities were unprepared for the magnitude of the surge, said K Srinath Reddy, president of the Public Health Foundation of India.
Critics have pointed to the government deciding to not pause Hindu religious festivals or elections, and experts say that these may have exacerbated the surge.
“Authorities across India, without exception, put public health priorities on the back burner,” Reddy said.