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
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
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
Narayana Hrudayalaya (NH) is in discussions with the regulator (IRDAI) to get into the health insurance business. The plan is to sell a bundled health insurance package that proposes to offer comprehensive care from outpatient consultations to ordering medicines, to health check-ups, diet, physiotherapy and surgeries. In an interview to ET, Viren Shetty, executive vice-chairman … 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
(In insurance ventures, banks can hold either less than 30% or more than 50% in accordance with the Reserve Bank of India guidelines.) ICICI Bank (the bank) currently holds 48.02% stake in ICICI Lombard (Lombard). Originally, the plan of ICICI bank was to reduce this stake to 30% for which RBI had allowed the bank … 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