Top Indian Insurance Industry News & Updates - 09 Feb 2024,Friday
🏭 Industry
Govt launches SARATHI portal to help insurance companies reach out to farmers
New Delhi: The Centre on Thursday launched a portal ‘SARATHI’ that aims to help insurance companies reach out to farmers and rural population with tailored products as well as the government’s subsidised insurance products including Pradhan Mantri Fasal Bima Yojana (PMFBY).
Irdai proposes revising coverage across sectors to secure insurance for all
In the exposure draft of Rural, Social Sector and Motor Third Party Obligations Regulations, 2024, the Irdai said that a new strategy and fresh approach have been devised to boost insurance penetration in the country.
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🗎 Life Insurance
LIC Q3 Results: Profit zooms 49% YoY to Rs 9,444 crore; dividend declared at Rs 4/share
State-owned insurer LIC on Thursday reported a 49 per cent jump in net profit at Rs 9,444 crore for the third quarter ended December 2023.
LIC becomes fifth most valuable firm as stocks soar
Shares of Life Insurance Corporation of India (LIC) jumped more than 6 per cent on Thursday, with its market valuation climbing to Rs 6.99 lakh crore, making the firm the fifth most valued company.
ICICI Prudential launches tax-efficient pension product – Check details
ICICI Prudential Life Insurance has launched ICICI Pru Gold Pension Savings, a tax-efficient pension product that enables customers to make systematic contributions and build the desired retirement corpus to lead financially independent retired lives.
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🗎 General Insurance
GIC Re Q3 standalone net profit rises 27% Y-o-Y to ₹1,518 Crore
GIC Re, the largest reinsurer in the domestic reinsurance market, has reported a 26.6 per cent increase in standalone net profit for the third quarter ended December 31, 2023, at ₹1,518 crore (₹1,199 crore).
📝 Cholamandalam MS General Insurance targets Rs 7,700 crore premium
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Insuretech
📝 Why NFOs by insurance companies should be on NRIs’ investment portfolio: Vivek Jain, Head of Investments Business, Policybazaar.com
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🏦 SEBI
📝 Sebi mulls framework for FPIs to sell securities
📝 SEBI proposes ways for deregistered offshore funds to dispose of securities
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🗎 Pension Funds/PF
EPFO likely to credit 8% in poll year
Pension funds ride the bull as 1-year equity returns surge to 29.35%
Benefiting from the bullish momentum in the equities market over the past year, Pension Funds have recorded an average annual return of nearly 30 percent from their equity investments, latest PFRDA data showed. This average annual return of 29.35 percent in equities — as of February 3, 2024 —is more than triple the return of about 7.87 percent seen in Corporate Bonds.
📝 EPFO restricts credits, deposits into EPF accounts linked with Paytm Payments Bank from this date
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🗎 Mutual Funds / AMCs
LIC Mutual Fund launches LIC MF Nifty Midcap 100 ETF: All you need to know
Mumbai: LIC Mutual Fund Asset Management Limited has announced the launch of a New Fund Offer (NFO) ‘LIC MF Nifty Midcap 100 ETF’. The NFO opened today, 8 February 2024, and will close on 12th February 2024. The Scheme will re-open for continuous sale and repurchase on 19th February 2024
Sectoral, small-cap mutual funds witness highest inflow, shows AMFI January data
Inflows into equity mutual funds hit ₹21,780 crore over December’s inflows of ₹16,997 crore, reporting an increase of 28 percent over the preceding month, shows the latest data released by the Association of Mutual Funds in India (AMFI).
Equity MF inflow hits almost 2-yr high of Rs 21,780-crore in Jan; SIPs reach all-time high
Equity mutual funds attracted a net inflow of Rs 21,780 crore in January, making it the highest monthly infusion in nearly two years, propelled by investors’ continued preference for small-cap funds and huge contributions from thematic funds.
Equity mutual fund inflows hit 22-month high in January, shows data
Source Credit: Abhishek Kumar, Business Standard
Mumbai: Equity mutual fund (MF) schemes have garnered the highest-ever gross inflows at Rs 50,800 crore in January, despite a spike in volatility.
Use multi-asset allocation funds if you are a new investor in the market
Classification
Analysts divided on AMC companies outlook as stocks display mixed performance
Mutual fund equity deployment tops Rs 1 trillion in 5 months, shows data
Mutual funds (MFs) bought equities worth over Rs 23,000 crore for the second straight month in January on the back of strong inflows into equity schemes. With this, their deployment has topped Rs 1 trillion in the past five months.
📝 Multi-asset schemes are in vogue amid volatile market conditions
📝 Groww Mutual Fund launches Groww Nifty Smallcap 250 Index Fund
📝 RBI MPC outcome: How mutual fund managers decode the policy
📝 Equity funds report 35th consecutive month of net inflows
📝 Bank of India Mutual Fund aims to raise Rs 500 crore from multi-asset allocation fund in NFO period
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🗎 Equities, Pvt. Equity / Hedge Funds
📝 Advent looking to deploy $5 to $10 billion in India over the next five years
📝 Why it's high time to amend alternative funds regulations
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🗎 Govt Securities / Bonds
Govt bonds reverse gains after monetary policy committee outcome
The yield on the benchmark bond fell up to 7.04 per cent in the early trade ahead of the monetary policy outcome.
Sovereign Gold Bonds 2016-I tranche delivers attractive returns on maturity
The Sovereign Gold Bonds (SGBs) issued on February 8, 2016 (SGB 2016-I) matured on February 8, 2024, and the premature redemption window for another series – the SGB 2016-17 Series I issued on August 5, 2016 – was opened by the Reserve Bank of India (RBI) on February 5, 2024.
📝 India bond prices slump as no guidance on rate cut timeline by RBI disappoints traders
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