The old ways of doing business are no longer enough. Brokers are...
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Whole-time directors’ vigilance matters of PSU banks, insurers to be reported promptly:FinMin
The directive from the Department of Financial Services (DFS) under...
LIC collaborates with Sahaj Insurance Services to reach rural and semi urban areas
The Life Insurance Corporation of India (LIC) on Friday announced...
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 states, Uttar Pradesh had the maximum number of LIC agents at over 1.84 lakh with an average monthly income of Rs 11,887. Maharashtra had more than 1.61 lakh LIC agents with an average monthly income of Rs...
MCA notifies new accounting standard, Ind AS 117, for insurance industry
The insurance regulator IRDAI can now announce the date of adoption of the new standards by the Indian insurance industry. The new framework would require domestic insurers to further bolster their disclosure needs, leading to greater transparency and informed...
Axis Bank-Max Life deal: Delhi HC rejects Subramanian Swamy’s PIL
On Monday, the high court bench led by Acting Chief Justice Manmohan and Justice Tushar Rao Gedela declined to admit the PIL In February, Swamy filed an PIL before the Delhi High Court seeking a comprehensive probe into the alleged fraud in Axis Bank involving undue...
Life insurers’ new business premium rises 14% to Rs 31,823 crore in July
Life Insurance Corporation of India (LIC) saw a 19.78 per cent jump in its new business premium to Rs 18,431 crore from Rs 15,387 crore in July 2023.The premium growth for the private life insurance industry slowed down and grew by 7 per cent, reaching Rs 13,392 crore...
India’s population expected to reach 152.2 cr, sex ratio can increase from 943 in 2011 to 952 by 2036
By 2036, population of India is expected to reach 152.2 crore, with a slightly improved female percentage of 48.8% as compared to 48.5 percent in 2011. The proportion of individuals under 15 years is projected to decrease from 2011 to 2036, likely due to declining...
NCLT orders RBI, DIPP to expedite RCap resolution plan
The tribunal was hearing a petition filed by the Hindujas, seeking modification of its July 23 order and an 'extension to complete the obligations' for implementing the resolution plan Mumbai: The National Company Law Tribunal on Monday directed the Reserve Bank and...
Hinduja led IIHL deposits Rs 2,750 crore in escrow account, provides term sheet for funding Rs9,750 cr RCap deal
IIHL, after transferring the funds ,has asked the CoC and administrator to implement the approved resolution plan for Reliance Capital Mumbai: Complying with the National Company Law Tribunal (NCLT), Hinduja owned IndusInd International Holdings Limited (IIHL), the...
PhonePe launches pre-approved term life insurance
PhonePe on Friday announced the launch of a ‘pre-approved term life insurance’ feature on its platform. The company has partnered with leading insurers to enable this feature on its platform. In fact, the company is focused on scaling up this offer tremendously and...
GIC Re’s net profit jumps 42% to Rs1036 cr in Q1FY25
N Ramaswamy, CMD, GIC Re GIC Re has expanded its premium income by almost 40 per cent y-o-y to Rs 12,406 crore during the quarter ending in June 2024 `We now plan to push growth both in top line and bottom line. Of course, we are closely...
LIC eyes majority stake in a health insurance company: CEO
Siddarth Mohanty, MD& CEO, LIC, said the work has already started for finding a suitable buy in the health insurance space and the corporation is waiting for the change of regulations by the government to facilitate composite licenses in the Indian insurance...