Bagchi takes over from Kannan at ICICI Pru Life

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 firms reported 84.2% rise in first-year premium for April

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

LIC IPO: Cabinet approves up to 20% FDI in behemoth insurer LIC

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: Govt eyes over ₹14L cr valuation for LIC in IPO

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

Life insurers’ new biz premium income nearly flat at Rs 24,466 cr in Dec

Life insurers’ collective new business premium income stayed nearly flat from a year ago at Rs 24,466.46 crore in December 2021, data from Irdai showed on Friday. The new business premium, or the first year premium, of 24 life insurance companies had stood at Rs 24,383.42 crore in December 2020. IPO-bound insurance behemoth LIC, however, … Read more

‘Assets under management by LIC doubled in 2020-21’

The Assets Under Management (AUMs) of the IPO-bound Life Insurance Corporation of India (LIC) more than doubled to ₹36.7 trillion on a standalone basis in FY21 from ₹16.18 trillion in the previous year, according to officials privy to presentations made to potential investors. AUMs comprise investments made by the behemoth and assets held to cover … Read more

LIC valuation delay likely to push IPO plan beyond FY22

The government is unlikely to come up with the IPO of Life Insurance Corporation (LIC) in the current financial year ending March 2022, as the valuation of the state-owned behemoth is taking more than anticipated time, and the preparatory work is still far from complete. There are still some issues that need to be addressed … Read more