The Administrator, in its affidavit informed NCLT that instead of...
Category:
Life
Latest
LIC and HDFC Life relax norms for claim payments for victims of Wayanad disasters
The government has mandated the Public Sector Insurance companies...
Hong Kong slaps AIA with record fine for anti-laundering lapses
The lapses resulted in some customers who were “politically exposed...
ICICI Pru Life Insurance Company’s AUM crosses Rs 2 trillion ,no NPAs since inception
It had an AUM of approximately Rs. 100 crore in FY 2001, which grew to about Rs. 50,000 crore in FY2010 and subsequently the company was the first in the insurance industry to achieve an AUM of Rs.1 lakh crore in February 2015.
N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “We are delighted to achieve this milestone of managing Rs. 2 lakh crore of assets. As one of the largest life insurance companies in the country it is our mission to protect and provide financial security to every Indian.”
LIC allows online switching of ULIPs, goes multilingual on call centre
LIC’s policyholders can now avail of its improved customer centric initiatives including online facility for switching of funds under ULIP policies has been introduced through LIC’s Customer Portal for policyholders registered for premier services, on policies on their own life and on the lives of their minor child/children with effect from Dec 07.
Munich Re’s “Ambition 2025” sets new growth and results targets
Return on equity to increase to 12–14% by 2025
Solvency ratio to remain in the ideal corridor of 175–220%
Extensive decarbonisation strategy: Shifting away from coal, oil and natural gas“
“With our Munich Re Group Ambition 2025, we’ve created a strategy that is uniform across the Group – spanning reinsurance, primary insurance and asset management. We have committed ourselves to ambitious financial targets, and we will continue adding value for our shareholders, clients, staff and communities. The Munich Re Group Ambition 2025 will help us to elevate Munich Re to a new level of success.”said Joachim Wenning,Chairman of the Board of Management
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.