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
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
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
HDFC Life has been an under performer for last 2 years – in October 2019 it reached a high of Rs 644 and is currently trading at a price of about Rs 690. There are multiple reasons for the underperformance including Covid related concerns on the life insurance business as well as factors specific to … Read more
Standard Life has sold 5% of HDFC Asset Management Company (HAMC) for Rs 3,061 crore. Key points to note – Standard has been a relentless seller in both HAMC as well as HDFC Life Insurance Company (HLIC). In HLIC, it reduced it’s stake from 29.28% in September 2018 to 3.89% in June 2021, whereas in … Read more