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LIC plans health foray through acquisitions, net profit rises 2% to Rs 13,763 cr in Q4, to pay Rs10 dividend in Fy 24
“During the last year, we have focused on directional changes in...
Life insurance set to boom as interest rates surge, says Swiss Re
Jérôme Jean Haegeli, Group Chief Economist, Swiss Re Swiss Re...
Get used to limited access, EU tells City of London bankers & insurers
Brexit makes it “even more urgent” for the EU to develop its own capital market to cut reliance on the City of London, Europe’s biggest financial centre, Mairead McGuinness said.
Britain’s full access to the EU ends on Dec. 31 when a transition period that followed Brexit in January expires.
Many banks, asset managers and insurers in London have opened hubs in the bloc to avoid disruption to clients from limited direct access from the UK.
Value Of LIC’s equity holdings rallies 40% in h1 to Rs 5.7 lakh crore
As against this, domestic institutional investors’ holdings in the BSE-200 Index slipped to 13.6 percent in Q2 from 14 percent in Q1, as they sold shares worth Rs 63,500 crore since April. As of July-September, the value of LIC’s holdings in top 200 stocks stood at $77 billion.
During the first half of FY2021, value of LIC’s holding surged over 40 percent, or by $22 billion to $77 billion and LIC is said to have pumped Rs 55,000 crore into the equity market since April, as against Rs 32,800 crore in the year-ago period.
Approval from IRDAI on Axis Bank stake hike expected by March: Max Life CEO
“Under the revised agreements, Axis Bank will acquire up to 9.002 percent of the equity share capital of Max Life, and Axis Capital Limited and Axis Securities Limited will together acquire up to 3 percent of the share capital of Max Life.
“In addition, Axis entities will have a right to acquire an additional stake of up to 7 percent of the equity share capital of Max Life, in one or more tranches, in accordance with existing laws and regulations,” the bank had said.
On World AIDS Day, South Africa finds hope in new treatment
In her World AIDS Day message, UNAIDS executive director Winnie Byanyima lamented the fact that more than 12 million people are still waiting to get on HIV treatment, while 1.7 million people were infected with HIV in 2019 because of lack of access.
She called on companies to “openly share their technology and know-how and to waive their intellectual property rights” so that the world can produce vaccines, including for Covid-19, at the scale required. There is no vaccine for HIV.
Reliance General Insurance and Reliance Nippon Life Insurance put on block, see large PE bidders
For Reliance General Insurance, which is owned 100 per cent by RCAP, there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital.
For Reliance Nippon Life Insurance, in which RCAP owns 51 per cent controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and Multiples Asset Management among others.
Aegon to sell its Central and Eastern European business to VIG
“This transaction will simplify Aegon’s footprint and strengthen our balance sheet.We are sharpening our strategic focus and are concentrating on those countries and business lines where Aegon can create most value. I would like to thank our employees in Hungary, Poland, Romania and Turkey for their significant contribution to Aegon over the years. We believe that our businesses will benefit greatly from the vast experience of VIG, a leading insurance group in the region””, said Lard Friese, CEO of Aegon.
IRDAI approves swap of Mitsui Sumitomo’s Max Life stake with its listed parent
MFSL will now proceed for the implementation of the share swap transaction, which will entail swapping by MSI of its 20.57% stake in Max Life with a 21.87% stake in MFSL by way of issue and allotment of 7,54,58,088 equity shares of Rs. 2/- each at a price of Rs. 565.11 per equity share on a preferential allotment basis.
The share swap transaction will effectively result in MFSL’s stake in Max Life increasing to 93.10%. Presently, MFSL holds a 72.5% stake in Max Life and MSI owns 25.5% stake.
Apr-Sep FDI inflow climbs 15% to Rs 2.2 trillion; Mauritius was top source
Among the sectors, services sector continued to lead with the highest amount of FDI coming in. The sector which includes financial, banking, insurance, outsourcing, R&D among others, received 17 per cent of the FDI equity inflow during the period under review.
According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), Mauritius and Singapore were the biggest sources of FDI for India with 29 per cent and 21 per cent contribution respectively.
The US, Netherlands and Japan followed with 7 per cent contribution each.
Aviva exits Italian life insurance unit in $475-million sale
Blanc announced in August that Aviva would focus on its operations in the U.K., Ireland and Canada, signaling that underperforming units in other countries could be disposed of. The company sold control of its Singapore business in September and is also pursuing a sale of its French unit.
The deal adds to a flurry of recent insurance activity, topped by last week’s $9.6 billion takeover of RSA Insurance Group Plc in the biggest acquisition of a U.K.-listed company this year. On Friday, Zurich Insurance Group AG revealed it’s in talks to buy MetLife Inc.’s U.S. property and casualty unit.
Fintechs seen eating into market share of established insurers, EU says
Insurers and reinsurers such as AXA and Munich Re have been investing in so-called insurtech companies, considered a faster way for them to adapt to technology changes.
Stephen Catlin, chairman and chief executive of Convex, a newcomer to the insurance, told the event that fintech firms faced a learning curve to compete with established players.