Govt to sell stake in LIC in two stages to avoid market disruption

The government may not initially sell a 10% stake in Life Insurance Corp. of India (LIC) through an initial public offering (IPO), choosing instead to sell 5-6%, followed by a similar second public offering, given the mammoth size of the state-run insurer, four people aware of the development said. Although the valuation exercise of LIC … Read more

In share swap deal, ICICI Lombard to acquire Bharti AXA General Insurance

In a regulatory filing late Friday, ICICI Lombard said the boards of the two companies — ICICI Lombard and Bharti AXA General — had met on Friday and approved entering into definitive agreements for demerger of Bharti AXA’s non-life insurance business into ICICI Lombard through a Scheme of Arrangement. According to ICICI Lombard, the shareholders … Read more

HDFC Life pins hopes on Wise to thrive in a post-covid world

As the government eased restrictions, the insurer is gradually opening its branches, though its headquarters in a Mumbai red zone remains shut. As of now, 236 out of the 421 branches are open. In offices that seat a large number of employees, the company has only half or one-third of employees at work. “We are … Read more

RBI asks banks to trim stake in insurance companies to 30%

With an intention to reduce non-banks business risks and focus on boosting credit growth, Reserve Bank of India (RBI) has asked banks to reduce their stake in insurance companies to 30%. The limit is 50% for NBFCs holding stakes in the insurance companies. Banks may get 3-5 years to implement this rule As per the … Read more