Top Indian Insurance Industry News & Updates - 04 April 2024,Thursday
🏭 Industry
Aon completes acquisition of Global Insurance Brokers in India
New Delhi: NYSE-listed Aon plc, a leading global professional services firm, on Tuesday, announced that it has successfully completed the transaction to acquire Global Insurance Brokers (GIB), an insurance and reinsurance broking and risk management firm. GIB is now wholly owned by Aon and will formally integrate with Aon India Insurance Brokers (AIIB) following the finalisation of the National Company Law Tribunal merger process which is expected later this year.
Bima Sugam: In general, life will be easier
The Trust Factor. That's what will drive business on Bima Sugam the new multi-lingual portal that promises to push insurance penetration in the country. Given it is the brainchild of the insurance regulator and will be sponsored by insurers of all hues, Bima Sugam —part of the trinity together with Bima Vistaar and Bima Vahak—would be viewed by customers as an impartial platform.
📝 More companies offer IVF coverage even as they rationalise costs
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🗎 Life Insurance
📝 Tata AIA Life Insurance chooses SAS for IFRS 17
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🗎 General Insurance
Chola MS General’s gross written premium crosses ₹7,500 crore in FY24
Chennai: Cholamandalam MS General Insurance Company Ltd, a 60:40 joint venture between Murugappa Group and Japan’s Mitsui Sumitomo Insurance Group, has ended the fiscal FY24 with a growth of 22 per cent in its gross written premium (GWP). The company’s GWP crossed ₹7,500 crore in the fiscal that ended on March 31, 2024, according to a company’s communication.
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🗎 Health Insurance
Magma Insurance partners with Suryoday Bank to offer health insurance. Details here
Magma HDI General Insurance Company and Suryoday Small Finance Bank have partnered under a Corporate Agency Agreement to provide health insurance to Suryoday Bank’s Commercial Vehicle Loan customers. This strategic alliance aims to enhance access to health insurance by utilizing Suryoday Bank’s widespread presence in both urban and rural areas.
Tax-Saving Strategies for Senior Citizen Health Insurance: Insights to ITR 2024
📝 Star, PhonePe launch India's first monthly payment insurance policy
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🗎 Mutual Funds / AMCs
TRUST Mutual Fund launches maiden equity scheme ‘Flexi Cap Fund’
TRUST Mutual Fund on Wednesday announced the launched of its maiden equity fund ‘TRUSTMF Flexi Cap Fund’. The New Fund Offer (NFO) will open on April 5 and close on April 19, 2024.
Trust Mutual Fund forays into equity space with launch of flexicap scheme
The fund house, which launched its first scheme in January 2021, was so far focused only on the debt space, managing around Rs 1,200 crore across seven schemes.
Experts suggest to keep low-cost Nifty 50 index fund at core of portfolio
S&P Dow Jones cap Indices recently published the S&P Indices Versus Active Funds (SPIVA) India scorecard for the year ending December 2023. Over a five-year horizon, 85.7 per cent largecap funds failed to beat their benchmarks. The number was lower at 58.1 per cent for the mid/smallcap category.
📝 Aditya Birla Sun Life Frontline Equity Fund turns Rs 10,000 monthly SIP into Rs 2 crore in 21 years
📝 Invesco in talks with Hindujas for India MF arm sale
📝 Mahindra Manulife Mutual Fund files draft document for Build India Fund
📝 Axis Mutual Fund changes fundamental attributes of Axis Focused 25 Fund. What should you do?
📝 HDFC MF announces discontinuation of lumpsum subscription, restrictions on Systematic Transactions in NIFTY Realty Index Fund
📝 Best small cap mutual funds to invest in April 2024
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🗎 Equities, Pvt. Equity / Hedge Funds
Blackstone to invest $2 bn yearly in India, wants quicker M&A clearances
Mumbai: Global private equity major Blackstone Group is confident of investing $2 billion annually in India, a top official said on Wednesday.
Stellar returns: Blackstone to invest $17 billion more in India
Mumbai: “I want to do more,” said Jonathan Gray, President and Chief Operating Officer of Blackstone Inc, which is planning fresh private equity investments of $17 billion in India. Gray was talking to the media in Mumbai about Blackstone’s investments and exposure in India, which geographically has given the highest returns in private equity for the asset manager over the last 19 years.
📝 Make for India momentum clearly building, throwing up new investment opportunities: Blackstone COO Jonathan Gray
📝 Blackstone plans to invest $25bn in India over 5 years
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🗎 Govt Securities / Bonds
Bonds claim pride of place with issuances reaching over 62 per cent of overall bank lending
📝 FPIs may continue to sell in India due to rising bond yields in US
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