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IRDAI wants life insurers to pay Surrender Value from 1st yr, allows customers more facilities against their life insurance policies
We note that the final guidelines are somewhat more favorable than...
Lee Yuan Siong, group chief executive and president of AIA, becomes chairman of The Geneva Association
Lee Yuan Siong,group chief executive and president, AIA ``In every...
New premium of life insurance firms rises 3.7 pc to Rs 21,390 cr in Jan
The country’ largest life insurer LIC registered a fall of 2.43 per cent in new business premium during January to Rs 13,143.64 crore as against Rs 13,470.91 crore in the year-ago month.,
The remaining 23 private sector players in the life insurance sector collected Rs 8,246.06 crore as first-year premium, up by 15.30 per cent from a year ago.
U.S. insurance asset sales attract new private equity players, strategies
Insurers inked 441 deals worth $25 billion in 2020, up from 356 deals worth about $22 billion the year before, according to data from Refinitiv. That momentum continued into January which was the most active month for insurance deal-making in 20 years, according to PricewaterhouseCoopers.
Up to 10 pc of LIC IPO issue size to be reserved for policyholders: MoS Finance
“In the Finance Bill 2021-22, it has been proposed to have a reservation on a competitive basis, to an extent of up to 10 per cent of the issue size, in favour of life insurance policyholders of LIC,” Thakur said in a written reply to a query in the Rajya Sabha.
IRDAI asks insurers to promote Govt’s Digilocker for e-storing their policy documents
Digilocker is an initiative under the Digital India program by the Government of India where citizens can get authentic documents/ certificate in digital format from original issuers of these certificates.
The insurers should inform their retail policyholders about Digilocker and how to use it. Insurers are also advised to enable the process by which the policyholders can place their policies in the digilocker., said the IRDAI.
I
Budget proposals positive for insurance sector: Fitch Ratings
“Fitch expects a relaxation of foreign-ownership rules to attract international insurers and promote competition within the sector. This will, in turn, increase the insurers’ access to capital and thereby improve the industry’s solvency position,” the agency said in a statement.
Allianz to acquire full ownership of China life insurance venture
“Allianz has been pursuing the 100% ownership of our life entity since the opening up measures were announced by the government in 2019,” Sergio Balbinot, chairman of Allianz (China) Insurance Holding Co, was quoted saying in the company statement.
Allianz will leverage its global management experience, advanced digital technology and brand value, to provide professional and comprehensive life insurance for a growing number of customers in China, it said.
US insurance industry M&A deals total $4.57bn in Q4 2020:GlobalData
The US held a 56.6% share of the global insurance industry M&A deal value that totalled $8.08bn in Q4 2020.
In terms of deal activity, the US recorded 73 deals during Q4 2020, marking a rise of 46% over the previous quarter and a rise of 69.8% over the last four-quarter average.
Ping An Insurance annual profit drops for first time since 2008
The company’s total investment income from its life and health insurance businesses, which accounts for the bulk of its profits, rose 4.5% to 182.5 billion yuan, versus 175 billion yuan a year ago.
India’s more relaxed rules on investment in insurers set to attract U.S., European players
A lawyer said several insurers from Asia have also shown interest in ramping up Indian investments, and started seeking more details about Monday’s proposal hours after it was announced.
In a statement to Reuters, lobby group U.S.-India Business Council (USIBC), part of the U.S. Chamber of Commerce, said New Delhi’s decision will help American insurance companies enhance financial inclusion in India.
Aviva investors threatens to ditch top carbon emitters over climate inaction
Among the actions Aviva said it expects of the companies are that they commit to net zero carbon emissions by 2050 and ensure their plan to do so is in line with the Science-Based Targets Initiative, an NGO-led group that signs off on corporate climate plans.
The companies would need to integrate the climate goals into their business strategy, including capital expenditure plans; set short- and medium-term targets; align management pay with the goals; and ensure lobbying efforts supported the goals.