LIC beats private insurance firms; grows new premium at double the pace of competition
Posted on 14th August 2019 |
.jpg) |
| Life Insurance Corp of India has beaten all private-sector competitors by a wide margin, growing its first-year premium collections at double the pace of private life insurers so far this financial year, the data showed. State-run LIC’s new premium growth at 52%, on top of an already very high base, was almost double of all the private players’ growth of 27% during April-July 2019. Further, at Rs 60,106 crore in first-year premium collections, LIC captured almost three-quarters of the new market share, vis-a-vis all private companies, which together collected Rs 22,039 crore. The blended average new premium growth for all the 24 life insurance firms, including LIC, was 44% for the period. In the same period last year, the total premium underwritten by LIC was at Rs 39,579 crore. Other private life insurers also saw an upsurge in their underwritten premiums at Rs 22,039 crore, compared to Rs 17,369 crore in the corresponding quarter last year. Rs 82,146 crore worth of premiums were written combined by all the life insurers, which is a 44% growth on-year. Further, all of the listed life insurance companies recorded double-digit growth in new premiums. HDFC Life Insurance’s first-year premium collection stood at Rs 5,384.79 crore in the quarter, a 41.98 per cent jump on-year. On the other hand, ICICI Prudential Life Insurance collected Rs 3,170 crore in new premiums, posting over 25 per cent on-year growth in April to July period. SBI Life Insurance’s new collection was recorded at Rs 4,496.36 crore, with 35.45 per cent on year growth. The trend is a positive deviation as the first half of a financial year is usually a slow period of premium growth for the life insurance companies. However, the growth in the new premium collection does not translate into similar growth in the number of new policies. During April-July 2019, all life insurers together issued 70 lakh new policies, which is a miniscule growth of less than 1 per cent over the number of new policies issued in the same period the previous year. |
|
|
|
|
Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
.jpg) |
Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
|
|
Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
.jpg) |
The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
|
|
LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
.jpg) |
In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
|
|
Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
.jpg) |
Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
|
|
World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
.jpg) |
In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
|
|
|
|
| Be the first person to write a business review for LIC beats private insurance firms; grows new premium at double the pace of competition |
|
|
|
