N. S. Kannan, current MD & CEO of ICICI Pru Life, is retiring on the completion of his tenure on June 18, 2023. He is being replaced by Anup Bagchi, an old hand with the ICICI group since 1992. Anup has extensive experience across domains and is currently the Executive Director of the ICICI Bank. … Read more
Regulator Irdai has asked general and standalone health insurers to offer a specific cover for Persons with Disabilities (PWD), persons afflicted with HIV/AIDS, and those with mental illness. In a circular, the Insurance Regulatory and Development Authority of India (Irdai) asked the insurers to determine the price of the product in line with the IRDAI … Read more
Life insurance companies reported a robust 84.2% increase in first-year premium to ₹17,939.62 crore for April on the back of a good show by market leader, the Life Insurance Corporation of India. For LIC, the first-year premium rose 141.3% at ₹11,716.70 crore (₹4,856.76 crore), a development that is bound to bring cheer for the behemoth … Read more
Warren Buffett‘s Berkshire Hathaway has struck an $11.6 billion deal to buy Alleghany Corp, the owner of reinsurer TransRe, just weeks after the 91-year-old billionaire bemoaned the lack of good investment opportunities. Alleghany adds to Berkshire’s already large insurance portfolio, which includes Geico auto insurance, General Re reinsurance and a unit that insures against major … Read more
The Cabinet approved on Saturday a policy amendment allowing foreign direct investment of up to 20% in Life Insurance Corp of India (LIC), a government source said, a change aimed at easing the listing of the state-run insurer. India’s biggest insurance company plans to float a stake of 5% to raise about $8 billion next … Read more
LIC has in recent years been a key buyer of shares in state-owned firms sold off by the Government, often bailing out less-than-successful public issues of shares LIC has in recent years been a key buyer of shares in state-owned firms sold off by the Government, often bailing out less-than-successful public issues of shares Prospective … Read more
The government is eyeing a valuation of over Rs 13 lakh crore to Rs 14 lakh crore for state-run Life Insurance Corporation of India (LIC). Although a final decision has not been sealed yet. While several numbers are floating in the market in the run-up to the country’s largest public issue, it is learnt that … Read more