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Private insurers continue strong growth in May, smaller ones gain more
Posted on 13th June 2019
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.

CBI books two LIC officials for forging insurance policy documents
Posted on 7th June 2019
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.

LIC grows 6 per cent, private insurers see 22 per cent rise
Posted on 20th April 2019
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.

Winds of change: LIC loses out to private life insurers in first year premium growth
Posted on 15th March 2019
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).

IRDAI seeks proposal from LIC to cut its equity stake in IDBI
Posted on 11th March 2019
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.

Centre stares at IDBI flashpoint as losses increase and hit LIC
Posted on 11th February 2019
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.

How about LIC Bank? With insurer as new owner IDBI Bank wants name change
Posted on 4th February 2019
With the Life Insurance Corporation of India (LIC) picking up 51 per cent stake in IDBI Bank, the lender's board wants to change its name to LIC IDBI Bank or LIC Bank.

The bank informed BSE that the board, at its meeting held on February 4, has approved a proposal for change of name of IDBI Bank.

IRDAI asks insurers to provide for IL&FS exposure, wants mis-selling curbed
Posted on 31st January 2019
Insurance Regulatory and Development Authority (IRDAI) has asked the insurance companies to make provision for their exposure to the beleaguered IL&FS group.

They have to make provisions for it as those exposures cannot be written off, IRDAI chairman Shubash Chandra Khuntia said on the sidelines of the release of the handbook on general insurance claim insights for policyholders by the Insurance brokers association.

LIC closes deal to turn a banker
Posted on 22nd January 2019
The Life Insurance Corporation (LIC) on Monday became the owner of a bank when it completed the acquisition of a 51 per cent controlling stake in IDBI Bank. The insurer will have five nominees on the bank’s board, while the government will have two.

IDBI Bank is now a subsidiary of LIC after allotting 82,75,90,885 equity shares to the insurer at a price of Rs 60.73 per share, aggregating Rs 5,025.96 crore in the final tranche of the preferential issue.

LIC completes the acquisition of 51% controlling stake in IDBI Bank
Posted on 21st January 2019
IDBI Bank Monday said insurance behemoth LIC has completed acquisition of 51 per cent controlling stake in the bank, making it the lender's majority shareholder.

"The deal, conceptualised in June 2018, is envisaged as a win-win situation for both IDBI Bank and LIC with an opportunity to create enormous value for shareholders, customers & employees of both entities through mutual synergies," IDBI Bank said in a BSE filing.

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