Life Insurance Corporation
LIC can be converted into composite insurer merging 4 PSU general insurers with it
The amendments proposed are: allowing composite insurers -- one insurer selling life and non-life insurance policies; enabling the insurance regulator to fix the minimum capital required and scrapping the statutory limits; changes in the investment norms; allowing different kinds of insurers including captives and others.
Basic structure of insurance laws to be altered with proposed amendments: Experts
Scrapping of the statutory Rs 100 crore startup capital for life and general insurance business and Rs 200 crore for reinsurance business, allowing different kinds of insurers including captives, changing the investment provisions are some of the major amendments proposed by the Indian government to the insurance laws.
'LIC drove industry's growth in Oct, performance of pvt players lacklustre'
The life insurance sector registered new business premium (NBP) and annualised premium equivalent (APE) growth of 15.3 per cent and 10.3 per cent year-on-year (YoY), respectively, while the month on month (MoM) got moderated, Axis Securities said.
Accounting policy change boosts LIC, net up by Rs 14,271 cr to Rs 15,952 cr
According to LIC, for the period under review (July to September), the company earned a net premium of Rs 132,104.13 crore, as compared to the corresponding period the previous year, which stoot at 104,331.53 crore, and a net profit of Rs 15,952.49 crore, as compared to Rs 1,433.71 crore in the year-ago period. According to LIC, the net profit increased by Rs 14,271.80 crore owing to change in accounting policy.
HDFC Life logs Rs 326.23 crore profit in Q2
The company said it had earned a net premium of Rs 13,110 crore (Rs 11,443 crore in Q2FY22) and an after tax profit of Rs 326.24 crore (Rs 274.16 crore) for Q2FY23. During the period under review, the company's net investment income stood at Rs 9,782.62 crore (Rs.8,873.38 crore).
Government invites bids for strategic disinvestment in IDBI Bank
As per the bid details issued by the Department of Investment and Public Asset Management (DIPAM), LIC will cut its stake in IDBI Bank to 19 per cent from 49.2 per cent, while the government will cut its share to 15 per cent from 45.5 per cent at present. According to the conditions of the EoI, private sector banks, non-banking finance companies (NBFCs), foreign banks and even alternative investment funds registered by SEBI can bid for IDBI Bank.
LIC Housing Finance increases lending rate by 50 bps
Commenting on this lending rate revision, MD & CEO Y. Viswanatha Gowd said: "Interest rate hike is in line with the prevailing market condition. We expect this trend to stabilise soon. We are taking care to price our products adequately so that the EMI outgo for our customers remains reasonable.
Govt-owned general insurers shun their offspring, favour private TPAs
Even after floating a health insurance claims processing company, Health Insurance TPA of India Ltd (HITPA), the four non-life insurance companies palm out their health insurance claims processing work to others - including to a company whose licence was revoked by the sectoral regulator - and not to their own. The strange ways of the four government-owned insurers - The Oriental Insurance Company Ltd, National Insurance Company Ltd, The New India Assurance Company Ltd and United India Insurance Company Ltd - have been frowned upon by the Comptroller and Auditor General of India (CAG).
LIC Mutual Fund's large and mid cap funds offer 12.49% CAGR since inception
As on July 31, 2022, the compounded annual growth returns performance of LIC MF large and mid cap fund under regular (G) option, for different periods -- 5 years, 3 years and 1 year -- stood at 11.44 per cent, 18.83 per cent and 9.16 per cent, respectively. The funds have Rs 1.17 lakh crore of net assets under management as on July 31, 2022. While LIC MF large and mid cap funds AUM stood at Rs 1,831.26 crore.
LIC posts Rs 682 cr PAT, ranks 98 in Fortune 500 list
According to LIC, it closed the three months period ending June 30, with a net profit of Rs 682.88 crore on a total premium income of Rs 98,352 crore (previous year Q1 Rs 81,721 crore). The company said its overall market share by First Year Premium Income increased to 65.42 per cent for the quarter ended June 30, as compared to full year market share of 63.25 per cent for FY 2021-22. The market share by First Year Premium Income for the quarter ended June 30, 2021 was 67.52 per cent.
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