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LIC beats private insurance firms; grows new premium at double the pace of competition
Posted on 14th August 2019 |
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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. |
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Supreme Court junks PIL against LIC
Posted on 16th July 2019 |
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The Supreme Court on Monday refused to entertain a public interest litigation (PIL) that sought to drag the country's biggest insurer – Life Insurance Corporation (LIC) into the dock for allegedly selling five crore policies of Jeevan Saral under a false promise of higher returns. |
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LIC profits from investments double in Q4
Posted on 28th June 2019 |
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Mumbai: A surging stock market has helped public sector behemoth Life Insurance Corporation of India (LIC) to register a 104 per cent growth in the profit made on its investments. For the quarter ended March 31, 2019, LIC's profit on sale of investments grew to Rs 1,4931 crore against a profit of Rs 7,330 crore in the same quarter a year ago. |
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LIC trims stake in Asian Paints by 2%
Posted on 25th June 2019 |
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NEW DELHI: State-owned LIC has sold over 1.92 crore shares, representing about 2 per cent stake of Asian Paints, through open market transaction. With the sale of these shares, stake of LIC (Life Insurance Corporation of India) in Asian Paints has now come down to 3% from 5% earlier, as per a regulatory filing by the insurer. |
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Private insurers continue strong growth in May, smaller ones gain more
Posted on 13th June 2019 |
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That Life Insurance Corporation of (LIC) India is losing market share to private insurers hand over fist over the last several years is well known. The insurance behemoth’s market share in adjusted individual business premium was 42.4% in May, a decline from the previous month. |
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CBI books two LIC officials for forging insurance policy documents
Posted on 7th June 2019 |
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NEW DELHI: Two officials of the Life Insurance Corporation of India have been booked by the CBI for allegedly swindling more than ₹3 crore by making death claims on the basis of forged documents in 190 insurance policies in which they inserted bank accounts of their acquaintances in place of nominees, officials said. |
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LIC grows 6 per cent, private insurers see 22 per cent rise
Posted on 20th April 2019 |
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Mumbai: Life insurance companies grew by 10.73 per cent year-on-year in first year premium to Rs 2.14 lakh crore in 2018-19. The growth was largely driven by private life insurers that grew by 22.2 percent to Rs 72,481 crore while public sector behemoth Life Insurance Corporation of India (LIC) grew by 6 per cent to Rs 1.42 lakh crore. |
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Winds of change: LIC loses out to private life insurers in first year premium growth
Posted on 15th March 2019 |
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First-year premium of life insurance companies between April 2018 and February 2019 grew 7.6% to Rs 1.77 lakh crore against Rs 1.64 lakh crore during the corresponding period in the previous financial year. Private players continued to grow faster at 22.31% compared to state-run Life Insurance Corporation of India (LIC) which posted a growth of only 1.39% during the period, showed data from the Insurance Regulatory and Development Authority of India (Irdai). |
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IRDAI seeks proposal from LIC to cut its equity stake in IDBI
Posted on 11th March 2019 |
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Insurance regulator IRDAI Monday said it has sought proposal from Life Insurance Corporation of India (LIC) for paring its shareholding in the recently acquired controlling stake in IDBI Bank. Insurance Regulatory and Development Authority of India (IRDAI) stipulates that insurers are allowed to hold only up to 15 per cent stake in any listed entity. But LIC, with a special dispensation from IRDAI, holds more than the limit in some state-run banks. |
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Centre stares at IDBI flashpoint as losses increase and hit LIC
Posted on 11th February 2019 |
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North Block is worried the continued losses suffered by IDBI Bank and the erosion of LIC’s investment in the lender, made at its insistence, may force it to eventually step in with rescue capital or allow the bank to be sold off. “The Life Insurance Corporation invested around Rs 21,624 crore in IDBI, including buying a 26 per cent stake at a price of Rs 61.73 a share. That share price has now dropped to Rs 43.10, around a 30 per cent fall in price. This is a worrying phenomenon, especially as IDBI Bank does not look like turning around anytime soon,” said officials. |
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