Top Indian Insurance Industry News & Updates - 12 March 2024,Tuesday
🗎 Life Insurance
LIC’s group premium doubled in February to ₹14,915 crore
Insurance behemoth Life Insurance Corporation’s (LIC) group premium doubled for February 2024 to ₹14,914.98 crore (₹7,433.27 crore). Total premium for the month under review grew 67.48 percent to ₹19,896.01 crore (₹11,879.49 crore), latest data showed. LIC for the month under review saw a notable rise in group yearly renewable premium and individual premium, registering an increase in value terms of 36.10 per cent and 11.69 per cent respectively.
Chart Beat: For the life insurance sector, there could be a hitch in March
In February, the life insurance sector witnessed a surge in its overall annualized premium equivalent (APE), growing 25% year-on-year, marking the highest growth rate observed in at least the past 13 months. This increase was predominantly led by the private sector, which posted a growth rate of 22%, with significant contributions from leading companies such as HDFC Life Insurance Co Ltd, ICICI Prudential Life Insurance Co Ltd, Max Life, and SBI Life Insurance Co Ltd. Meanwhile, the Life Insurance Corp of India (LIC) outpaced the private sector by registering an APE growth of 32%.
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🗎 General Insurance
Non-life insurers post 13% rise in premium in Feb but with dip in revenue
According to the monthly data released by the General Insurance Council (GIC), the gross direct premium underwritten (GDPW) of the non-life insurers in February was Rs 22,387.39 crore, up 12.6 per cent from Rs 19,873.62 crore in the year-ago month. But in January, it was over Rs 27,200 crore.
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🗎 Health Insurance
What to do when your health insurance coverage falls short?
Health insurance serves as a vital safety net, offering financial protection against the ever-present risks of illness and injury. In India, where healthcare costs continue to rise, having adequate health insurance coverage is crucial for safeguarding one’s well-being and financial stability. However, what happens when your existing health insurance policy fails to cover the specific illness or medical condition you may require coverage for?
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🏦 SEBI
Sebi plans to implement optional same-day settlement from March 28
The market regulator’s board is scheduled to meet on Friday, where it could approve the framework for same-day settlement of trades.
More disclosures in the offing for SME IPOs to check manipulation, says SEBI chief
Securities and Exchange Board of India is working on more disclosure by small and medium enterprises that are hitting the market to address issues of manipulation seen both at the IPO level and at the price level, Chairperson Madhabi Puri Buch said.
SEBI expands framework for qualified stock brokers
Mumbai: SEBI on Monday expanded its framework for qualified stock brokers (QSBs), setting out three additional parameters for their identification that includes brokers’ compliance score, proprietary trading volumes and grievance redressal mechanism. Brokers can now voluntarily opt to become QSBs.
SEBI orders asset management companies to reveal more details in high risk mutual funds
📝 New REITs regulations by SEBI is a game changer: 7 ways how it can help fractional real estate investors: Ashwin Chadha, CEO, India Sotheby's international Realty
📝 Sebi’s regulatory framework for index providers comes into effect
📝 SEBI flags froth in small, mid-cap stocks
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🗎 Mutual Funds / AMCs
UTI AMC’s US market entry in 2024 secured with US SEC approval
New Delhi: UTI Asset Management Company (UTI AMC) together with its international arm UTI International are looking to commence their US operations this year, Vetri Subramaniam, Chief Investment Officer of this leading asset manager has said.
Multicap mutual funds gain currency as investors seek diversification
Multicap funds invest a minimum 25 per cent in large, mid and smallcap stocks. The other diversified category is flexicap but they mostly invest in largecaps.
MF assets owned by women up by 21%: AMFI
Interestingly, the share of MF assets owned by women from beyond top-30 cities increased to 28 per cent from 17 per cent and that of their folios was up to 18 per cent from 15 per cent during the same period, according to the Association of Mutual Funds in India data, curated by CRISIL.
📝 Share of women mutual fund folios and assets in B-30 cities reflects growth: AMFI report
📝 Helios Mutual Fund launches Balanced Advantage Fund
📝 No alarming signs of redemptions in small-cap, mid-cap funds: Experts
📝 Stress disclosures on small, mid-cap funds by AMCs from March: Officials
📝 Edelweiss targets Rs 2,000 cr from 1st local performing credit fund
📝 SIP account additions accelerate further in February
📝 HDFC's Realty Index Fund is concentrated, better for long-term investors
📝 Sebi chief warns of 'froth' in small & mid-cap stocks
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🗎 Equities, Pvt. Equity / Hedge Funds
📝 What makes the Venture Capital and Private Equity Programme by ISB Executive Education, a top choice for working professionals
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🗎 Govt Securities / Bonds
Government bond yield curve may flatten more as long-term interest rates decline
The curve is the flattest in nine months, with the spread between the central bank policy rate and benchmark bond yield easing to 50 basis points on Monday, from 90 bps in October.
📝 Benchmark 10-year yield softens to 9-month low
📝 10-year bond yield at 9-month low, cost of borrowing eases
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