P. Jaipuria, secretary general, Insurance Institute of India, S.N....
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Finmin asks public sector banks to monetise investments in subsidiaries via listing on bourses
For example, the country's biggest lender State Bank of India may...
Indian life insurance industry to launch its Rs 450 crore nationwide multimedia campaign on July 2
Swaminathan S Iyer, member, Life, IRDAI, will be in Mumbai along...
Max Life and Axis Bank celebrate 13 yrs of bancassurance partnership
The partnership has since inception served more than 25 lack customers with over Rs 3,81,900 Cr. worth of sum assured to cover their risks New Delhi: Max Life Insurance and Axis Bank, one of India’s largest private sector banks, celebrate the completion of thirteen...
IRDAI asks SBI Life to take over business of defunct Sahara Life
SBI Life will have take over the policy liabilities of around two lakh policies of Sahara India Life Insurance (SILIC), backed by the policyholders’ assets, said the IRDAI, The policy data of SILIC reveals that the company’s portfolio is showing run-off trend. The...
Aditya Birla Group to invest Rs 1,250 crore into its financial services arm
The board of Aditya Birla Capital Ltd (ABCL), which is into lending, asset management and insurance, on Thursday approved a preferential issuance of Rs 1,250 crore to its promoter and promoter group entity, according to a statement on Thursday Mumbai: Aditya Birla...
IRDAI issues norms for deploying `Bima Vahaks’ to enhance insurance inclusion
There can be Corporate Bima Vahak, who are legal person registered in accordance with the respective laws of India and can be engaged by an insurer and Individual Bima Vahak, who can be individuals either appointed by an insurer or appointed by a Corporate Bima Vahak...
Kotak Life announces bonus of Rs 840 crore to policy holders
Kotak Mahindra Life Insurance Company (Kotak Life) has announced a bonus of Rs 840 crore to more than 6.5 lakh eligible participating policyholders for FY 2023. This is an increase of 24% over the bonus declared for FY 2022. Mahesh Balasubramanian, Managing Director,...
`Insurance for all’ by 2047-Insurers unveil initiatives in Mizoram
Lalramsanga Sailo, secretary, Mizoram, said, "We look forward to life and general insurance companies making significant contribution to promote the cause of insurance, generate employment and promote entrepreneurship in the state of Mizoram." As part of the Insurance...
LIC shares settle nearly 2 pc higher after Q4 earnings
The surge in annual profit in FY23 was helped by a jump in the second quarter bottomline to Rs 15,952 crore. It was due to a transfer of Rs 15.03 lakh crore to shareholders' accounts at the end of September Mumbai: Shares of LIC on Thursday ended nearly 2 per cent...
Indian insurance industry to have a UPI-like moment soon: IRDAI Chief
Debasish Panda,Chairman,IRDAI ''We are working with the councils of both life and general insurance to have a UPI-like moment for the insurance sector. A conceptual framework has been contemplated,'' he said, adding that this is being proposed through the Bima trinity...
Max Life announces Rs 1,604 cr bonus for its policyholders
Max Life Insurance Company Ltd has announced its highest- ever participating (PAR) bonus of Rs. 1,604 Cr. for its approximately eligible 21 lakhs eligible participating policyholders in FY22-23. This is the Company's 21 st consecutive annual bonus; 8% higher than the...
LIC’s net profit soars nearly 5-fold to Rs13,428 crore in Q4 FY 23
The Indian Embedded Value (IEV) of the corporation has been determined as Rs.5,82,243 crore as at March 31st ,2023 as compared to Rs. 5,41,492 crore as at March 31st,2022 and Rs. 5,44,291 crore as at September 30th,2022, showing a growth of 7.53 per cent y-o-y basis....