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IFSCA panel pitches for Cat Bonds and ILS in India
IFSCA can set up guidelines for the insurance-linked securities...
Govt appoints merchant bankers legal firms for managing stake sales in LIC, PSBs other fin institutions
"As far as LIC is concerned, we have completed the RFP process. The...
CCI clears Hinduja group owned entities’ acquisition of controlling stake in Reliance Capital
Reliance Capital's subsidiaries and associates are engaged in various businesses in the financial service sector including insurance New Delhi: The Competition Commission of India (CCI) has approved acquisition of controlling stake in Reliance Capital Ltd by Hinduja...
Indian life insurers’ net profit zoom 500 % to Rs 42,788 cr, lower claim settlement ratio at 98.45% in FY 2022-23
During 2022-23, the life insurance industry recorded premium income of Rs 7.83 lakh crore registering 12.98 per cent growth De-growth of 2.21 per cent in the number of new policies issued Benefits paid on account of surrenders /withdrawals increased by 25.62 per cent...
Indian insurance penetration falls marginally to 4% in FY 2022-23: Irdai report
The country’s insurance penetration has fallen as the insurance penetration of domestic life insurance sector is reduced from 3.2 per cent in 2021-22 to 3 per cent in 2022-23 and the same for non-life Insurance sector remained at 1 per cent in both these years, said...
LIC board clears proposal to setup branch office in GIFT City
Many insurers have set up operations in the GIFT City. HDFC Life International, India First Life and Tata AIA Life have already ventured into the City while SUD Life, ICICI Pru Life Insurance, Care Health and Star Health Insurance have sought licenses to operate from...
Britain and Switzerland agree wide-ranging financial services trade deal
“It is an agreement based on deference: Swiss firms can operate inside the UK under Swiss rules and UK firms can operate inside Switzerland under UK rules,” UK's Chancellor of the Exchequer Jeremy Hunt said. “This is a light-touch, progressive, future-leaning way of...
Govt grants one-time exemption to LIC to achieve 25 pc MPS in 10 yrs
LIC stock jumped over 7 per cent to reach its 52-week high in morning trade on Friday after getting a one-time exemption to achieve 25 per cent Minimum Public Shareholding (MPS) within 10 years. The stock climbed 7.25 per cent to reach its 52-week high of Rs 820.05 on...
2024: Reforms to keep Indian insurance sector buoyant
Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance One of the awaited developments of 2024 is that the government will table the Insurance Laws (Amendment) Bill as it has the potential to bring another round of positive reforms and bolster the growth prospects of...
PMJDY remains driving factor behind empowerment of unbanked; 51 cr accounts opened
More than 41 crore beneficiaries have benefited from accident insurance worth Rs 2 lakh under Pradhan Mantri Suraksha Bima Yojana New Delhi: Pradhan Mantri Jan Dhan Yojana (PMJDY) remains the driving factor behind the empowerment of countless unbanked citizens with...
Over 7.40 crore persons filed ITRs in FY23, 5.16 crore showed zero tax liability
The number of ITRs filed in the 2021-22 fiscal rose to over 6.94 crore and further to over 7.40 crore in the 2022-23 fiscal. The number of persons whose I-T returns amount to zero tax liability during the last four years increased from 2.90 crore in fiscal 2019-20 to...
LIC ropes in Kellton as its strategic HRMS partner
Kellton takes the helm in LIC's digital revolution by spearheading the implementation of state-of-the-art HR tech across an extensive network of more than 4,000 locations Gurgaon: Kellton, a global tech services player, has secured a groundbreaking multi-year project...