Allianz may exit from Bajaj insurance JVs

Bajaj Finserv (BFL) in it’s communication to the stock exchanges, has informed of Allianz’s intention to exit. The German Company Allianz SE holds 26% stake in Bajaj Allianz Life Insurance Co. and Bajaj Allianz General Insurance Co, whereas BFL holds the balance 74% in both. Allianz may be planing to exit as Bajaj is not … Read more

Ayushman Bharat insurance scheme expanded to cover elderly above 70 | India News

The Centre on Wednesday approved health coverage to all senior citizens aged 70 years and above irrespective of income under the flagship scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY), regardless of their socio-economic status. Union minister Ashwini Vaishnaw while announcing the Cabinet’s decision while addressing the media said that this will benefit … Read more

Shriram to list insurance arms in the next 2 years

“Maybe a year or two from now. So once we reach a certain scale, we will do it. Maybe general first, then life next,” Shriram Finance’s Executive Vice Chairman Umesh Revankar said. “Both are doing well. They are profit-making from inception. We have not added any capital in both the companies,” he further added. Shriram … Read more

Medi Assist acquires Paramount Health

In continuation of it’s strategy to grow organically, Medi Assist’s TPA subsidiary (MATPL) has signed a definitive agreement to acquire Paramount Health Services & Insurance TPA (Paramount). Paramount is the 4th largest TPA by total revenues and 2nd largest TPA in Group segment by Premiums in India. The Company in FY24, had a market share … Read more

Nitin Gadkari requests withdrawal of GST on life, health insurance premiums

India’s Minister for Road Transport and Highways, Nitin Gadkari, has requested Finance Minister Nirmala Sitharaman to withdraw the Goods and Services Tax (GST) imposed on life insurance and health insurance premiums. Currently, both life insurance and health insurance premiums attract a GST rate of 18 per cent. In a letter to Sitharaman, Gadkari noted that … Read more

Health insurer Niva Bupa files IPO papers to raise up to Rs 3,000 crore

Indian health insurer Niva Bupa has filed for an initial public offering (IPO) to raise up to Rs 3,000 crore (nearly $360 million), draft papers showed on Monday.  The company, majority owned by British United Provident Fund (Bupa), said it will issue fresh shares worth up to Rs 8 crore as part of the offering. … Read more

Zurich completes 70% stake acquisition in Kotak General Insurance

Zurich Insurance has completed acquiring 70% stake in Kotak Mahindra General Insurance (KMGI). KMGI was stablished in 2015 as a fully owned subsidiary of Kotak Mahindra Bank (KMB). KMB held 100% equity of the Rs 875-crore paid up capital of KMGI as of March 2024. The deal, which is the largest foreign investment in India’s … Read more

ICICI Lombard promotes Sanjeev Mantri as MD & CEO

Bhargav Dasgupta, the current MD & CEO has resigned and will hold office till November 30, 2023. He is joining as Vice President of the Asian Development Bank. Sanjeev Mantri is also an ICICI veteran and has been with the group for more than 20 yrs across businesses. Prior to ICICI, he had spent 8 … Read more