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LIC beats private firms in premiums
Posted on 16th October 2019
State-run insurer Life Insurance Corporation of India (LIC) has registered a 41.74% growth in first-year premium collection for the April-September period of the current financial year, outperforming the combined growth rate of all private sector life insurance players put together.

According to latest data released by the insurance regulator, LIC reported first-year premium of ₹89,980.2 crore, while private sector insurers’ new premium collection grew by 20.88% to ₹35,777.89 crore during the April-September period.

Overall, the insurance industry logged 35.11% growth in premium collection to ₹1.26 lakh crore.

At the end of September, LIC had market share of 71.55% as compared to 68.20% a year ago, while the private sector markets share was 28.45% as compared to 31.80%. HDFC Life, which collected ₹8,007.2 crore first-year premium, had the higher market share with 6.37%, followed by SBI Life with 6.21% market share, and ICICI Prudential Life with 4.1% market share.

A report by Kotak Securities said individual annualised premium equivalent APE declined 3% on year in September as compared to 11-27% on year growth in April-August 2019.

APE refers to 100% of regular premiums and 10% of single premiums collected.

“Overall APE was up 3% y-o-y on the back of stronger group business. ICICI Prudential Life’s APE declined for the third month, albeit at a lower pace,” the report said.

Related Companies: LIC Housing Finance Ltd   

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AIMPLB to decide on filing Ayodhya verdict review petition in SC today
Posted on 16th November 2019
The All India Muslim Personal Law Board (AIMPLB) is likely to take a call on whether to file a review petition in the Supreme Court's final verdict in the Ayodhya land dispute case.

A meeting of AIMPLB is expected to take place today in Lucknow to decide on call to be taken by the board in the Ram Janmabhoomi-Babri Masjid case verdict by the Supreme Court.


Maharashtra: BJP afraid MLAs may defect, says NCP’s Nawab Malik
Posted on 16th November 2019
The Maharashtra BJP is bedevilled by the trepidation that politicians who joined the party ahead of the October 21 Assembly polls will defect and, hence, its leaders are claiming they will form government in the state, the NCP said on Saturday. NCP chief spokesperson Nawab Malik made the remarks a day after Maharashtra BJP chief Chandrakant Patil said his party will soon form the government and claimed it can count on the support of 119 MLAs, including Independents, in the 288-member Assembly.

SAT pulls up Sebi for 'shabby' handling of complaints from investor
Posted on 16th November 2019
The Securities and Appellate Tribunal (SAT) has hauled up the Securities and Exchange Board of India (Sebi) for giving computer-generated response to investor complaints filed on its online platform Scores and for disposing of the matter without settling the case.

“We find the approach adopted by Sebi to be a strange one. Such computer-generated disposal of a serious complaint speaks volumes on the conduct in treating the minority shareholders in this shabby manner,” the tribunal said while delivering a judgment on a matter related to an investor complaint.


US to extend licence for its firms to continue business with Huawei: Report
Posted on 16th November 2019
The Trump administration is set to issue a two-week extension of a licence allowing U.S. companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said.

The extension of around two weeks is far shorter than the prior 90-day extension and a longer extension is in the works but has not yet been finalised due to regulatory hurdles, said one source who was briefed on the matter.


SC sets aside NCLAT order, paves way for Arcelor to acquire Essar Steel
Posted on 16th November 2019
The Supreme Court on Friday brought down the curtains on an epic battle for debt-laden Essar Steel, paving the entry of the world’s largest steel maker, ArcelorMittal, into the second-biggest steel market, India.

In a ruling that would have a far-reaching impact on cases under the Insolvency and Bankruptcy Code (IBC), the apex court has set aside the National Company Law Appellate Tribunal (NCLAT) order that put a different class of creditors — financial vis-a-vis operational creditors as also secured and unsecured financial creditors — on a par.


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