“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
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
Max Life (ML) is a subsidiary of Max Financial Services Limited (MFSL). ML is currently 87% owned by MFSL and 13% by the Axis group. In 2021, Axis Bank had announced the deal for the acquisition of a stake in ML The lender then through its entities, had collectively acquired a 12.99% stake in Max … Read more
As was expected, Abdrn (formerly Standard Life Aberdeen) has finally sold off it’s balance 1.66% stake of HDFC Life. Pre-IPO in 2017, Standard Life (now Abdrn) held 35% stake in the Company. Adrdn has been monetising its investments in India as part of its plans at the parent level to shore up capital reserves in … Read more
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
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
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