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TREND | 19 Dec 2024

CAG flags Rs 194 crore loss incurred by Oriental Insurance in FY20

Business Standard

State-owned Oriental Insurance Company Ltd incurred a loss of Rs 194 crore during FY20 for failing to properly determine bidding rates for Pradhan Mantri Fasal Bima Yojna, said a CAG report. According to report number 12 presented in Parliament earlier this week, Oriental Insurance Company Ltd determined the bidding rates for Pradhan Mantri Fasal Bima Yojna in 2019-20 by applying pricing components uniformly without specific determination as per the terms and conditions of the Agriculture Quota Share Reinsurance treaty with General Insurance Corporation of India, being Re-insurer. "This led to imposition of Loss Corridor clause of the treaty by GIC and consequent loss of Rs 194.08 crore," it said. Imprudent underwriting of Group Janta Personal Accident Policy of the Maharashtra state government by the public sector general insurance company without reinsurance cover and in violation of guidelines of Insurance Regulatory and Development Authority of India (IRDAI) in 2018-19 led to a

Insurance

TREND | 17 Dec 2024

FTSE Rejig: Bharti Hexacom, Go Digit General Insurance Join Ranks

NDTV Profit

Among the biggest inflows, major BFSI players like ICICI Bank and Kotak Mahindra Bank are expected to lead the charge.

Fear of regulatory rap keeps life insurance stocks jittery

Economic Times | 17 Dec 2024 4 more

Insurance

TREND | 16 Dec 2024

IRDAI Issues Show Cause Notice To Religare Enterprises Subsidiary

NDTV Profit

Religare Enterprises' subsidiary said it will furnish its reply to the show-cause notice along with the supporting documents.

Insurance

TREND | 16 Dec 2024

Max Financial Is Jefferies' Top Pick Post Insurance Unit's Rebrand Here's Why

NDTV Profit

The brokerage notes that Max Life's refreshed identity is expected to strengthen its brand recall.

Buy or sell: Vaishali Parekh recommends three stocks for today December 16

livemint | 16 Dec 2024 1 more

Insurance

TREND | 14 Dec 2024

Senco Gold raises Rs 459 crore via QIP, allots 4.08 mn equity shares

Business Standard

Kolkata-based jewellery retail chain Senco Gold Limited said it raised Rs 459 crore through a Qualified Institutions Placement (QIP) by allotting 40.8 lakh equity shares. The QIP committee of the company's board approved the issuance and allotment of equity shares of Rs 10 were issued at a price of Rs 1,125 per share, including a premium of Rs 1,115, Senco Gold said in a regulatory filing on Friday evening. Post the QIP, the company's paid-up equity share capital has increased to Rs 81.80 crore, comprising 8.18 crore shares, from Rs 77.72 crore (7.77 crore shares), the company added. Among the major allottees, four funds under Tata AIA Life Insurance Co. grabbed 14.49 per cent of the issue size. On a standalone basis, Tata Multicap Fund received the largest portion with 8.77 per cent of the issue size, followed by Tata AIA Life Insurance Co. Ltd's Emerging Opportunities Fund (6.40 per cent) and ICICI Prudential Life Insurance Co. Ltd (6.54 per cent). Other significant investors...

LIC reduces stake in NMDC by 2%, now stands at 5.6% through market sales

Business Standard | 13 Dec 2024

Insurance

TREND | 13 Dec 2024

Insurance Query: Key aspects of family floater health insurance plan

Business Line

A family floater covers entire family under a single policy and the sum insured is shared

Health insurance benefits: Taxpayers' guide to getting income tax rebates

Business Standard | 13 Dec 2024 2 more

Insurance

TREND | 13 Dec 2024

Max Life rebrands to Axis Max Life Insurance after regulatory approval

Business Standard

Earlier this year, Axis Bank's board of directors approved the proposal to acquire Max Life shares

Max Life Insurance Company Rebrands As Axis Max Life Insurance After Regulatory Nod

NDTV Profit | 13 Dec 2024

Insurance

TREND | 12 Dec 2024

Sentiment towards insurers to stay low amid regulatory, tax uncertainty

Business Standard

Adjustments to the new surrender regulations, uncertainties surrounding the Insurance Amendments Bill, and potential direct tax reforms in the upcoming Budget may pose short-term challenge

Insurance

TREND | 10 Dec 2024

Life Insurance industry posts 15.67 per cent growth in new business premiums at 2.42 lakh crore

Business Line

LIC leads with a 16.08% per cent rise, while private insurers see a 15.09% per cent uptick during April-November 2024, Life Insurance Council data reveals.

Non-life insurers' premiums increase 4.4% in November, shows data

Business Standard | 10 Dec 2024

Insurance

TREND | 10 Dec 2024

LIC Raises Stake In Asian Paints To 7% From 5%

NDTV Profit

Life Insurance Corp.'s shareholding in the equity shares of the paints company increased to 6.72 crore shares from approximately 4.8 crore shares.

General Insurance Premium Growth Slows In November

NDTV Profit | 10 Dec 2024 9 more