Top Indian Insurance Industry News & Updates - 15 March 2024,Friday
🗎 Life Insurance
Why ‘regular pay’ is better for life insurance premiums
Policyholders are spoilt for choice when it comes to life insurance policies: First is the array of products on sale— they need to choose the policy that best suits them. And then there is the frequency of premium payment—monthly, quarterly, half-yearly or yearly. In case of life insurance policies, there is an additional choice to be made—regular or limited pay.
📝 ICICI Prudential Life leases office space in Mumbai
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🗎 General Insurance
There is a growing need to ensure every citizen in the country is covered within the ambit of health insurance: Bajaj Allianz General Insurance
Source Credit: The Economic Times (ET Insights)
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance stated that the presence of numerous insurers leads to enhanced competition, resulting in improved pricing, broader selection & enriched customer service. It also empowers customers with expanded access to specialized coverage that aligns with their individual needs & preferences
General insurance premium up 13% till February in FY24, shows data
📝 PNB offers Rakshak Plus Scheme for Defence Pensioners
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🏦 SEBI
Sebi orders Vedanta to pay Cairn INR 77.6 cr; bars Navin & Priya Agarwal from mkt
New Delh: Sebi on Tuesday ordered mining moghul Anil Agarwal's Vedanta Ltd to pay INR 77.62 crore to Scottish explorer Cairn for delay in payment of dividends, and also barred the firm's entire board, including his brother Navin and daughter Priya, from accessing the capital market for the same. The Securities and Exchange Board of India (Sebi) in a 76-page order said Vedanta must make the payment within 45 days or face further action.
📝 RBI-Sebi tango stops dance of dodginess: Regulators now inclined to share data; come together to take on wrongdoers
📝 Sebi board to consider allowing employees to donate on social stock exchange: Buch
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🗎 Mutual Funds / AMCs
India’s Mutual Fund Industry: Dream run continues, Equity inflows surge in February
The mutual fund industry in India has been witnessing unprecedented growth, with inflows in the equity category surging significantly in February. According to data released by the Association of Mutual Funds in India (AMFI), the month witnessed inflows amounting to ₹26,866 crore, reflecting a spike of 23.3 percent. Small-cap funds led the way with a net inflow of ₹2,922.4 crore, followed by mid-cap funds with ₹1,808.2 crore, and large-cap funds with ₹921.14 crore in net inflows. Equity funds have seen positive inflows for the 36th consecutive month since March 2021.
Insurance NFOs: Why you must not confuse this with mutual funds
The huge interest in mutual funds among retail investors over the past several years, specifically the SIP (systematic investment plan) mode, which allows small sums to be parked periodically in schemes, has spawned a new rival. As asset management companies roll out new fund offers (NFOs) periodically, life insurance companies, too, have been on a launching spree. These insurers have been coming out with their own ‘NFOs’ in recent months, perhaps hoping to gain from the positivity around mutual funds.
Quant, Birla MF declare stress-test report
Quant Mutual Fund disclosed its stress-test report late on Thursday evening. According to the test, it will require three days to liquidate 25% of its portfolio in the Quant Mid-cap Fund and 11 days to liquidate 25% of its portfolio in small-cap Fund. In case it has to liquidate 50% of the portfolio, it will require six days and 11 days, respectively, for the mid-cap and small-cap funds. Its asset under management at the end of February in the mid-cap and small-cap funds were Rs 5,443 crore and Rs 17,232 crore, respectively. Sebi has asked all fund houses to declare the results of the stress test on March 15.
Equity MFs see robust inflows in February; 64% outperform benchmarks, Midcap funds best on alpha generation
Equity mutual funds (MFs) saw robust inflows in February 2024 with a record 64 per cent outperforming their respective benchmarks, according to a study based on an analysis of 277 open-ended equity diversified funds conducted by domestic brokerage Prabhudas Lilladher’s wealth management arm.
Union AMC appoints Madhu Nair as CEO
A Harvard Business School alumnus, Nair comes with over 25 years of diverse experience across various market segments. He was instrumental in building up asset management companies such as HSBC, Invesco and Kotak, during his career span of two and a half decades.
Nippon Mutual Fund releases small, midcap fund stress-test report
Source Credit: Abhishek Kumar, Business Standard
Mumbai: Nippon India Mutual Fund (MF) released its first stress test report of smallcap and midcap schemes on Thursday.
Active funds weather market storm better than the benchmark indices
Actively managed midcap and smallcap schemes that have struggled to beat the benchmark indices in the past year have managed to outperform the indices during the downturn phase.
📝 360 One-backed NeoLiv raises Rs 300 cr as first close of maiden fund
📝 Karthikraj Lakshmanan on why UTI AMC is overweight in these 3 sectors
📝 Can this correction in small and midcaps be a repeat of 2018? Prateek Agrawal answers
📝 Nimesh Chandan on markets, dividend-paying stocks & why investors should exercise caution in SME space
📝 Kotak Gilt Fund completes 25 years, offers 8.99% CAGR since inception
📝 HDFC Top 100 Fund turns Rs 10,000 monthly SIP into Rs 7.98 crore in 27 years
📝 Smallcap mutual funds’ AUM surges by 89% on a YoY basis to Rs 2.5 lakh crore
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🗎 Equities, Pvt. Equity / Hedge Funds
Creador to pickup 19.6% stake in Hinduja Tech for $50 million
Hinduja Tech (HT), a mobility-focused global engineering R&D services company and a subsidiary of Ashok Leyland, the Indian flagship of the multi-billion dollar conglomerate the Hinduja Group has announced the signing of a definitive agreement for Creador to invest $50 million (Rs 416 crore) acquiring 19.6 percent shareholding in the company, which is subject to completion of customary closing conditions.
Avaana Capital receives $120 million Capital’s Climate and Sustainability Fund from GCF
Avana Capital, India’s climate-tech venture capital fund company has received its approval of investment from the Green Climate Fund (GCF). It has received investment having a total value of $120 million and substantial $24.5 million from the world’s largest climate fund.
'Investors should take 3-5 year view when investing in small, midcaps'
What's your broad call on the markets right now?
JM Financial PE invests ₹45 cr in Energy Beverages
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🗎 Govt Securities / Bonds
📝 Big dollars flowing into government debt, RBI's likely to raise foreign cap
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