LIC keen to keep part of its stake in IDBI Bank to reap benefit of bancassurance
State-owned LIC, promoter of IDBI Bank, has said it plans to retain a part of its stake in the lender to harness the benefits of the bancassurance. Along with the government, Life Insurance Corporation (LIC) will also divest its stake in IDBI Bank but may not exit completely, LIC Chairman Siddhartha Mohanty told PTI in an interview.

Post Covid, health segment seeing the maximum amount of growth: Ramaswamy Narayanan, GIC RE
Ramaswamy Narayanan, CMD, GIC RE, says, “our business has been doing well. We have managed to post very good results for 2022-2023 and we are continuing that forward in the current year for the last two quarters as well. Further, we have also got a credit rating boost from US credit rating agency, AM Best, since we are an international company doing business in over 150 countries we need a credit rating from an international agency. In our case, it is AM Best and they have boosted our credit rating as well.”

Miffed Irdai questions Care top brass on Saluja Esops
Mumbai : The insurance regulator has asked top executives of Care Health Insurance Ltd to explain the issue of stock options to non-executive chairperson Rashmi Saluja despite being told not to do so, two people aware of the matter said.

PB Fintech makes further investment of ₹350 crore in Policybazaar
PB Fintech Ltd, a financial services platform, has made a further investment of ₹350 crore in its wholly-owned subsidiary, Policybazaar Insurance Brokers Pvt Ltd (Policybazaar). The present investment would allow the company to strengthen the financial health of Policybazaar to meet general operating expenses and enhance brand awareness, office presence, and strategic initiatives, PB Fintech said in a filing with the stock exchanges. Against the investment of ₹350 crore, Policybazaar has allotted 58.04 lakh shares of ₹10 each at a premium of ₹593 per share to PB Fintech, the regulatory filing showed.

‘AI can help insurance industry with risk management, improving consumer experience’, Rajesh Krishnan, Chief Operations Officer, Bajaj Allianz Life
When the private insurance sector found its feet in India, the players were following LIC because that was the only example in the country. And LIC did all the processes manually. Hence, in India the insurance sector started to invest in technologies quickly. Companies started investing in core systems, core applications, then came Web applications, portals, mobile applications, etc.

HDFC Life’s ‘Insure India’ campaign bags Guinness World Record title
HDFC Life said it has officially set a new Guinness World Records title for creating the largestonline selfie mosaic made from 19,097 photos clicked by individuals for the ‘Insure India’ campaign.

LIC glare on top appointments
 

Life Insurance Corporation weighs fintech foray under bid for digital transformation
 

You can now register claim complaints of Rs 50 lakh with insurance ombudsman

On November 10, 2023,  the finance ministry amended the insurance ombudsman rules to increase the maximum compensation amount to Rs 50 lakh.

Breakout Stocks: Trade setup for The New India Assurance, General Insurance and SPARC which hit 52-week highs

Indian market closed flat with a negative bias for the second consecutive day in a row on Friday. The Nifty50 closed below 19800 levels.

Can you be denied health insurance cover for pollution induced hospitalisation?
Pankaj Vashishtha, CEO & Co-Founder, Policy Ensure, says “group mediclaims are generally taken by the companies which are taken for their employees where normally, a sum insured is very less for each employee depending on what is the kind of role it is there and kind of a designation it is there. So, it is advisable for every individual to take an individual health policy which can cover most of the medical expenses which has got a higher sum insured.”

Burman family-Religare takeover tussle: Kedaara Capital backs CARE Health Insurance Management
New Delhi: Private equity firm Kedaara Capital said on Monday it will continue to support the current management at CARE Health Insurance, and asserted that it stands by the decisions made by the company’s Board. This stance of Kedaara is significant as it comes on the heels of a controversy around the Employee Stock Option Plans (ESOPs) issued to Religare Enterprises Ltd (REL) Executive Chairman Rashmi Saluja. 

SEBI approves regulatory framework for index providers

The regulations will provide a framework for registration of Index Providers which license ‘Significant Indices’ that shall be notified by SEBI based on objective criteria, the market regulator said in a release on Saturday.

Bajaj Finserv Balanced Advantage NFO: Is this hybrid fund different?
Mutual fund investors are preferring hybrid funds amidst volatility in equity markets. One of the key categories in hybrid fund arena is the balanced advantage/dynamic asset allocation space, and this club has a new entrant: Bajaj Finserv Balanced Advantage Fund (BAF). Bajaj Finserv Asset Management has launched a new open-ended dynamic asset allocation fund for investors seeking hybrid portfolios i.e. equity and equity related instruments, including derivatives, and fixed income instruments.

Insider trading norms for MFs hang fire a year after notification
Mumbai: A year after market regulator brought mutual funds under the ambit of insider trading regulations, the norms are yet to get enforced. There are operational hurdles in setting up common industry standards, even as the Association of Mutual Funds in India has held several talks with SEBI on the matter, said two people in the know. There could be issues at the exchange’s end as well.

India learns about financial savings while funds are hoping for mutual benefits

Mutual funds are conducting investor awareness programmes (IAP) across the country as they seek to encourage more savers to put money into financial assets. Data from industry body, the Association of Mutual Funds in India (AMFI), showed that last financial year, 34 asset management companies (AMCs) have conducted 10,364 programmes covering more than half a million participants.

Invesco under Sebi lens for alleged violation of rules

Mumbai: The Securities and Exchange Board of India (Sebi) has issued a show-cause notice to the local unit of Invesco, a US-based asset manager, for possible violations of mutual fund rules that potentially risked investor money, people familiar with the development told ET. Invesco is reportedly found to have shuffled securities between schemes in alleged violation of rules.

Long-term funds 'stick' to D-St's hot equity show

Long-term sticky funds, which include the corpus owned by sovereigns, pension managers, global central banks, and majority state-owned foreign entities, continue to put money into Indian equities despite the circumspect approach toward local risk assets by a section of investors based at global financial hubs.

PE firm True North forays into private credit, raises ₹1,000-crore fund
Mumbai: Homegrown private equity fund True North has announced a foray into private credit, joining a slew of other entities which have started dabbling in this space. The firm said it had set up a fund in 2022 and has already raised over ₹1,000 crore. It intends to close the fund by the end of the year, as per a statement. The business christened "True North Private Credit" will build on the capabilities of the firm over the last two decades. “A favourable risk-reward equation and a good regulatory framework make private credit a robust business,” the statement said. The business will offer agile capital solutions to well-governed and profitable enterprises and deliver risk-adjusted returns to its investors.

PE firm True North forays into Pvt credit, raises Rs 1,000-cr fund
Homegrown private equity fund True North on Monday announced a foray into private credit, joining a slew of other entities which have started dabbling in this space. The firm said it had set up a fund in 2022, and has already raised over Rs 1,000 crore. It intends to close the fund by the end of the year, as per a statement.

RBI, BoE closer to settling CCIL issue in boost for Bond Street

Mumbai: The Reserve Bank of India and regulators in the UK have made significant headway in crafting a new agreement to govern the treatment of the Clearing Corporation of India (CCIL), with both sides moving closer to swiftly removing a hurdle that had threatened to stall British banks' activity in Indian government bonds and derivatives.

Eight years later, SGB-I returns glitter

Mumbai: Investors in the first tranche of sovereign gold bonds (SGB), launched in November 2015, have made an annualised return of 10.87%. The Reserve Bank of India (RBI) announced a final redemption price of ₹6,132 per gram of gold when these bonds mature on November 30.

IIFL Samasta aims to raise Rs 1,000 crore in public bonds

Kolkata: IIFL Finance's microfinance subsidiary IIFL Samasta Finance is all set to hit the market with to raise Rs 1000 crore in its maiden public bond issue at 9.6-10.5% interest rate.