Hinduja owned IIHL failed to meet the deadline of July 31. On...
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HDFC Life fined Rs 2 crore by IRDAI for violating regulations
The IRDAI has asked HDFC Life to review its vendor management...
Gadkari urges FM to withdraw 18 pc GST on life and medical insurance premiums
"The 18 per cent GST on medical insurance premiums is proving to be...
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.
AIA pares coal investments, faces environment group scrutiny
The Hong Kong-based insurer said it decided to end all direct equity investments in coal mining and coal-fired power producers earlier this year, according to an emailed statement Tuesday.
HDFC Life & HDFC Ergo launch a combi protection plan with term & COVID-19 health cover in a single policy.
HDFC Life’s C2P3D Plus is one of the most flexible and customizable term plans in the market. HDFC Ergo’s Corona Kavach is an indemnity health policy that was launched earlier this year to offer cover against medical expenses incurred due to hospitalization of individuals seeking treatment for COVID-19, on a positive diagnosis for the virus, in a government authorized diagnostic centre
DIPAM looks to appoint consultant for govt share sale in banks, insurance cos
The consultant may be required to prepare background reports on the above sectors and may be assigned other role depending upon the requirements of DIPAM, the RFP said.
Experience in government accounting, government financial procedures and office procedures is desirable.
Zurich Insurance nears $4 billion deal for MetLife unit
It would also allow MetLife to exit a business in which it faces fierce competition from larger players such as State Farm, GEICO and Progressive Insurance.
LIC launches industry’s first digital tool to issue a policy through a paperless module
The digital application is a tool for the on boarding process to get the life insurance policy through a paperless module with the help of the agent / intermediary.It is built on paperless KYC process using Aadhaar based e-authentication of the life proposed
Govt approves swap of Mitsui Sumitomo’s Max Life stake with Max Financial Services
The transaction entails swapping by MSI of 20.6% stake that it holds in Max Life with a 21.9% stake in MFSL This will result in MFSL’s stake in Max Life increasing to 93.10%.
Commenting on the development, Mohit Talwar, MD, Max Financial and Vice Chairman, Max Group, said, “Once concluded post regulatory approvals, this transaction will mark an important step for Max Financial to consolidate its shareholding in Max Life paving the way for a new beginning in form of a joint venture with Axis Bank.”
Generali to step up asset management expansion
The group’s long-term ambition is to position Generali among the top five multi-boutiques in the world by profits, it said. These are usually specialized investment divisions operating under the umbrella of a larger company.
“We have 2.5 billion euros for further acquisitions,” the insurer’s general manager Frederic de Courtois said in a presentation.