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Reliance Group moves NCLT to restrain IIHL from using ‘Reliance’ brand name
According to sources close to the development, the brand Reliance...
LIC agents earn Rs 20,446/month in Andaman & Nicobar, highest in the country
LIC has 13,90,920 agents across the country. Among the larger...
Satishwar Balakrishnan elevated as MD &CEO of Aegon Life Insurance
Balakrishnan, on his appointment, commented, ““Our pioneering foray into digital has been validated over the years and especially in the current scenario where the rest of the industry is now shifting its focus on digital processes. My focus will be on advancing our ‘Do-it-yourself’ insurance solutions and make them available at affordable costs and to make our entire insurance portfolio a one-click solution for our customers,” added Balakrishnan on his new role.”.
Life insurance policies bought by women fall in FY 2019-20
The share of women in the year 2019-20 has decreased to 32 per cent in number of policies and 34 per cent in First Year Premium compared to 36 per cent and 37 per cent respectively in the year 2018-19.
Out of 93 lakh policies bought by women, nearly one-third policies have come from three States, Maharashtra (11.98 per cent), West Bengal (10.60 per cent) and Uttar Pradesh (9.87 per cent);
Similarly, out of Rs 34,737 crore FYP contributed by women, slightly more than one-third have come from three States, namely, Maharashtra (17.05 per cent), West Bengal (9.66 per cent) and Uttar Pradesh (8.66 per cent).
The proportion of women policies in case of private life insurers was 27 per cent and that of LIC was 34 per cent
LIC’s net profit rises marginally to Rs 2,713 crore in FY 2019-20, pvt sector life insurers’ net profit falls by 13 %
Out of the 24 life insurers in operation during 2019- 20, 17 companies reported profits in 2019-20
The total profit reported by state owned Life Insurance Corporation (LIC) during 2019-20 has risen marginally from Rs 2,689 crore in 2018-29 to Rs 2,713 crore.
The net profit of the private sector fell by 13 per cent y-o-y to R 5,016 crore in 2019-20(Rs 5,747 crore in the previous year).
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.