Govt may sell 10% in GIC Re in FY25
The Centre may sell up to 10% stake in state-run General Insurance Corporation (GIC Re) in the current financial year, a senior official told FE. “GIC Re received a very good response in the roadshows held recently to apprise potential investors of the company’s unique position in the Indian reinsurance market, and its strong growth potential,” the official added.

LIC’s total premium grows most among listed peers in March
New Delhi: State-owned Life Insurance Corporation of India (LIC) reported a 26.41 per cent increase in the total premium collected in March 2024 to Rs 36,300.62 crore compared to Rs 28,716.23 crore in the same month a year ago. LIC was followed by SBI Life Insurance Company in premium collection growth at 24.76 per cent. ICICI Prudential Life Insurance Company reported a 12.58 per cent growth. Another major insurer HDFC Life Insurance Company, however, reported a decline in premium collection at 20.05 per cent. As of March 2024, LIC commands a market share of 58.87 per cent based on premium collections, the state-owned insurer said quoting figures released by Life Insurance Council.

HDFC Life Insurance Company Q4 FY24 Results Live : profit rise by 13.73% YOY
HDFC Life Insurance Company announced their Q4 FY24 results on 18 Apr, 2024, with a significant increase in both revenue and profit. The company reported a 27.81% year-over-year growth in revenue and a 13.73% year-over-year rise in profit.

Life insurers log 15.6% growth in new biz premium in March, shows data
The new business premium (NBP) of the life insurance industry grew 15.6 per cent in March to Rs 60,214 crore. The premium earned by an insurer from new contracts in a given period is referred to as the new business premium. The largest insurer, the Life Insurance Corporation (LIC) of India, recorded a NBP growth of 26.4 per cent. Private life insurance firms reported a growth of 2.34 per cent in the same month.  
 

Private general insurers push up market share, competition set to intensify
Private sector non-life insurance companies have increased their market share in the financial year 2023-24 (FY24) amid intense competition in the sector, mainly in the health and motor businesses. The overall market share of private non-life insurers has witnessed a sustained increase to 65 per cent for FY24 from 62 per cent in FY23 and 59 per cent in FY22 highlighting the persistent growth differential between the public and private sectors.

Women-centric health insurance: Should you opt for it?
Health insurance policies are critical for the financial well-being of both men and women. However, recent years have seen many covers rolled out specifically for women, or policies that have many key clauses that cater largely to the feminine even if both genders are allowed to opt for them.

Insurtech startups capitalise on soaring cybersecurity risks
Aman Gupta-led wearables startup boAt recently suffered a data breach, where the personal details of over 7.5 million customers were compromised. Experts weren’t surprised as all warnings by them with regard to rising risks did not lead to consumer data-dealing companies taking remedial steps.

EPFO considers higher minimum wage cap 10 years after last hike
The issue has been discussed in successive central board of trustee (CBT) meetings, which is the apex decision making body of the social security organisation, according to the minutes of the meetings seen by Business Standard. 
 

EPFO net subscribers’ addition grows over 19% to 1.65 cr in FY24
New Delhi: Retirement fund body EPFO registered over 19 per cent growth year-on-year to 1.65 crore members in 2023-24, as per the latest payroll data, showing improvement in the employment situation in the country.

Andromeda Sales to foray into mutual fund distribution
New Delhi: Andromeda Sales and Distribution, the country’s largest loan distribution firm, is foraying into mutual fund distribution through a separate wholly owned subsidiary, Andromeda Wealth, a top official said.

HDFC AMC Q4 Results: Cons PAT jumps 44% YoY to Rs 541 crore; co declares Rs 70 dividend
HDFC AMC Q4 results: Net profit increases to ₹541 crore, dividend declared
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MFs drop exposure to banks, NBFCs in Q4; hike in auto and pharma
Source Credit: Abhishek Kumar, Business Standard

Mumbai: Mutual funds (MFs) pruned exposure to banks and non-banking financial companies (NBFCs) during January-March 2024, amid persistent margin pressure and regulatory issues.
 

Sachetisation of mutual funds, a small step in right direction
The sachet — till now identical with shampoos, pickles, kumkum and a host of other consumable products — will soon see a new product packed into it. Yes, small-amount mutual funds will hit the market soon, if the wishes of SEBI chief Madhabi Puri Buch fructify.

Bull run effect? 185 new mutual fund offers raised a whopping ₹66,000 crore in fiscal 2024
The fiscal 2023-24 was undoubtedly a good year for stock markets in general, thus delivering an impressive return of 30 percent to the benchmark index of Nifty50. No wonder then the stocks and mutual funds drew investors galore.