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Public sector insurers saw their premium income fall by 1 percent to Rs 34,203 crore during the first five months of the current fiscal. As a result, their market share plunged to less than a third at 32.5 percent from 33.4 percent, while premium income slipped from Rs 37,100 crore to Rs 34,203 crore.
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The losses of health insurance business of PSU insurers either wiped out or decreased profits of other lines of business, as per the audit report on third-party administrators (TPAs) in the health insurance business
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The capital infusion would help improve the financial health of the general insurance firms — National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company.
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Last week the Union Cabinet had decided to put on hold the merger of National Insurance, The Oriental Insurance and United India Insurance and approved a Rs 12,450 crore capital infusion into these three general insurers.
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The merger is unlikely to lead to a significant number of layoffs, since all three firms have reduced recruitment and are operating with an optimal workforce
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The IRDAI officials during the inspection found three violations, of which two attracted fine.
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The idea to merge the three insurers was to create a stronger and larger insurance company that was sustainable in the long run.
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Prior to taking up the new role, Gopakumar was serving GIC Housing Finance Ltd as its Managing Director and Chief Executive Officer
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The government is looking to quickly fill up top-level positions lying vacant at two of its public sector insurance firms -- United India Insurance and Oriental Insurance. These chairs of Chairman and Managing Directors have remained unoccupied for since June last year.
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Allowing general insurance companies to get listed when none of the private players are listed could raise questions in certain quarters
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The Cabinet has approved the listing of the four public sector general insurance companies as well as the sole state-owned reinsurance company, General Insurance Corporation of India (GIC Re). The companies will begin the process of listing in the next few weeks and the final listing is expected to happen within the next six to eight months.
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In an interview to CNBC-TV18, SP Tulsian of sptulsian.com shared his readings and outlook on specific stocks and sectors.
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The Cabinet on Wednesday approved plans to divest a 25 percent stake in each of the five fully-owned public sector general insurance companies by listing these on stock exchanges.
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ONGC's hard bargain with state-run United India Insurance and GIC Re has further brought down its annual renewal premium by almost 25 per cent to USD 16 million for both insurance as well as reinsurance covers for its offshore assets valued at USD 34 billion.
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There are four public sector general insurance companies -- New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd.
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The company's open offer will close on December 30. Offer price was revised from Rs 16,632 a share earlier to Rs 17,505 per share.
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The company recorded a 11.77 percent rise in its premium for the six month period ending September 30, 2015 at Rs 5,914 crore.
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Analysts believe the government which has disinvested in all the state-owned banks may exercise the same option for state-owned general insurers some time later.
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The representative of United India Insurance said that the merger, which will help Vedanta reduce its debt, will be detrimental to Cairn India‘s capex plans.
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State-owned non-life insurers are "surprised" at the Rs 671-crore penalty that fair trade watchdog CCI on Thursday slapped on them for allegedly forming a cartel and rigging the tender floated by Kerala government to select insurance provider for Rashtriya Swasthya Bima Yojna.
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State-owned non-life insurers are "surprised" at the Rs 671-crore penalty that fair trade watchdog CCI today slapped on them for allegedly forming a cartel and rigging the tender floated by Kerala government to select insurance provider for Rashtriya Swasthya Bima Yojna.
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The insurance cover, due for renewal on May 11, has been renewed in the London markets, market sources said. Global general insurance prices have been heading south as claims have been lower unlike the previous year wherein claims were higher due to many catastrophes and aviation accidents.
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Apollo Gleneagles has finally joined the Preferred Provider Network (PPN) initiative of the PSU general insurance companies after almost 17 months of its introduction.
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The Finance Ministry has asked public sector general insurance companies to bring down their expense ratio and prune management expenses to improve profit.
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United India Insurance Chief G Srinivasan has taken up the additional charge of Chairman and Managing Director (CMD) of the country's largest PSU general insurance company, New India Assurance.
