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The Economic Times

ETMarkets Smart Talk: Mutual Funds drive Indian market higher despite global challenges, says CIO of Reliance General Insurance

The market reflects two major factors: sentiment and flows. Sentiment in India has been positive, especially with political uncertainty now behind us. India continues to lead the world in GDP growth.

CNBC TV18

Northern Arc Capital IPO opens today: Should you subscribe to the ₹777 crore issue?

Ahead of the issue opening, the company has garnered ₹229 crore from anchor investors, including SBI General Insurance Company, Goldman Sachs (Singapore) Pte, Societe Generale, Quant Mutual Fund, among others.

Business Standard

DGCA frames stricter norms for wet-leased plane ops by Indian airlines

The Directorate General of Civil Aviation (DGCA) on Thursday proposed stricter norms for the oversight of wet-leased planes operated by Indian airlines. Faced with the grounding of a significant number of planes due to engine and supply chain woes, domestic carriers are utilising more wet-leased aircraft as a short-term measure to cater to rising air traffic demand. The watchdog has issued a draft for public consultation on the revised Civil Aviation Requirements (CAR) on wet/damp lease operations by Indian operators to strengthen the regulatory framework for safety oversight of wet/damp lease operations. Wet lease of an aircraft by an Indian carrier involves the leasing of foreign aircraft, along with crew, maintenance and insurance. The plane is also under the operational control of the foreign operator (lessor) and subject to regulatory requirements of the foreign civil aviation authority concerned. The safety oversight of such operations is also under the purview of the foreign

The Economic Times

General insurance growth slows to 4.5% in August amid slower auto sales

The general insurance industry experienced a modest 4.5% growth in August 2024, hindered by slower vehicle sales and no motor third party tariff hike. Standalone health insurers reported robust growth, with Niva Bupa Health Insurance leading the way. ICICI Lombard and Go Digit General Insurance saw increases in premiums, while New India Insurance and National Insurance faced declines.

The Economic Times

Companies should provide health insurance to all employees: GIC head

The head of the General Insurance Council has proposed expanding health insurance by mandating employer-provided coverage, using CSR funds for premiums, and integrating corporate health insurance with state plans. These measures aim to increase insurance penetration and stimulate economic growth through enhanced healthcare infrastructure.

The Economic Times

Paytm aims for profitability with 'compliance-first' approach: Vijay Shekhar Sharma at AGM

Paytm founder Vijay Shekhar Sharma announced at the company's 24th annual general meeting that they aim to achieve profitability soon. The company will strictly adhere to regulatory guidelines and adopt a compliance-first approach. Paytm plans to expand its merchant network and build cross-sell capabilities around financial services like loans, mutual funds, and insurance products.

The Economic Times

Ashish Kacholia-backed smallcap stock surges 20% in 2 days, hits 52-week high; here's why

Shares of smallcap firm Zaggle Prepaid Ocean Services, supported by ace investor Ashish Kacholia, surged 20% over the past two trading sessions on the BSE, reaching a 52-week high of Rs 420. This rally followed the company's announcement of a new partnership with HDFC Ergo General Insurance Company.

The Economic Times

Iffco Tokio General Insurance elevates Subrata Mondal to MD and CEO

Iffco Tokio General Insurance Company has appointed Subrata Mondal as its new managing director and CEO. Mondal, who has been with the company since 2001, replaces H O Suri. With over 36 years of experience in the insurance industry, Mondal aims to continue providing customer-centric insurance solutions while embracing new opportunities and challenges.

Business Standard

Bajaj Finserv arm gross direct premium grows 3% YoY in Aug'24

Bajaj Finserv said that its subsidiary, Bajaj Allianz General Insurance Company's gross direct premium underwritten for August 2024 was at Rs 1,736.23 crore, recording a growth of 3.48% year on year.

Business Standard

AU Small Finance Bank partnerships with United India Insurance Company

AU Small Finance Bank (AU SFB) and United India Insurance Company (UIIC) announced a strategic partnership to offer AU SFB's customers with a wide range of general insurance solutions. It includes motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, cyber incident insurance, and more.

The Economic Times

General Insurance Corp's OFS sees 3% subscription so far from retail investors on Day 2

On Thursday, retail investors showed a 3.3% subscription rate for the General Insurance Corp offer for sale (OFS) on its opening day for retail participation. The issue had been available for non-retail investors since Wednesday.

The Economic Times

General Insurance stake sale: Govt likely to earn Rs 4,700 crore from 6.8% divestment in GIC Re

The government is set to sell a 6.8% stake in General Insurance Corporation of India (GIC Re) through an offer-for-sale, priced at Rs 395 per share. This move aims to raise around Rs 4,700 crore and contribute to the disinvestment fund. The sale will be conducted over two days for different investor categories.

Business Standard

CDSL, Allcargo, Minda Corp: These 5 overbought stocks can fall up to 13%

Trading strategies for overbought stocks: Minda Corp, Allcargo Logistics, Vijaya Diagnostic, CDSL and ICICI Lombard General Insurance are trading in overbought territory with a RSI reading of above 70

Business Standard

National Insurance Company aims for Rs 100-200 cr profit in FY25

Public sector general insurer National Insurance Company Ltd (NIC) is aiming at a return to profit in the current 2024-25 fiscal, after incurring losses for nearly a decade, an official said on Saturday. The company is expecting Rs 100-200 crore profit this year, NIC Executive Director T Babu Paul said. The Kolkata-based insurer noted that a single-digit revision in policy tariffs is expected as medical treatment costs have increased, he said. "We were able to narrow down the loss to Rs 187 crore in FY'24 (2023-24) from a whopping Rs 3,865 crore loss in the previous year. We expect to post a net profit of Rs 100-200 crore, provided no catastrophe hits us in the remaining quarters," Paul said on the sidelines of the 6th edition of the Insurance Leader Meet & Excellence Awards organised by Assocham. He mentioned that the company's ability to reduce loss-making insurance products and implement other cost-saving measures has set the public sector insurer on a path to turnaround. "We .

The Economic Times

Gross written premiums of general insurers up 13.3% in Q1

India's general insurance sector saw strong growth with an 8.76% increase in premiums for June and a 13.33% rise for the first quarter, driven by higher demand for motor and health insurance. Companies like ICICI Lombard and Star Health Insurance reported significant gains, especially in retail health and motor segments. However, New India Assurance faced slower growth, losing market share. Overall, the industry's gross premiums reached ₹72,757 crore, reflecting steady expansion and shifting consumer preferences towards comprehensive insurance coverage.

The Economic Times

Truecaller, HDFC ERGO tie up for insurance product to safeguard subscribers from digital frauds

Caller identification app Truecaller on Thursday said it has collaborated with general insurance company HDFC ERGO for an offering that aims to safeguard subscribers against digital communication frauds in India. Truecaller in a release said that amid rising cases of cyber fraud, the insurance offering underscores its commitment to combating fraud and ensuring user protection through advanced app features - before, during and after mobile communication.

The Economic Times

Three state insurers may get Rs 5,000-cr infusion for revival

The Indian government may delay the planned privatisation of state-run general insurers, instead focusing on strengthening three insurers - Oriental Insurance Co. Ltd, National Insurance Co. Ltd, and United India Insurance Co. Ltd - through capital support and business revival plans. The government is expected to infuse about ₹5,000 crore into the insurers this fiscal, shelving any privatisation plan this fiscal.

The Economic Times

SBI General Insurance appoints Naveen Chandra Jha as MD & CEO

During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has also allotted ESOP (Employee Stock Ownership Plan) to employees and consequently, the bank's stake has decreased from 69.95 per cent to 69.11 per cent.

The Economic Times

SBI General Insurance announces Naveen Chandra Jha as its new MD & CEO

Naveen Chandra Jha leads SBI General Insurance, overseeing operations, growth, and strategic initiatives with a focus on SME credit, HR, and retail banking. Under his leadership, the company expanded to 143 branches, achieving a 17% increase in gross written premium in FY24.

The Economic Times

HDFC ERGO General Insurance elevates Anuj Tyagi as MD and CEO

HDFC ERGO General Insurance promoted Anuj Tyagi as the new managing director and chief executive, succeeding Ritesh Kumar effective July 1. Tyagi, with the company since 2008, previously served as joint managing director. Kumar will transition to ERGO International's board and become the deputy COO focusing on Asian growth markets. The appointment is pending approvals.

The Economic Times

OFSS, ICICI Lombard General Insurance among 4 stocks with short covering

Short covering indicates a shift in view regarding a security from extreme bearishness to bullishness.