SACE SpA, Italy-based insurance and financial group, on Tuesday announced the launch of its India operations, which will help expand its euro one billion portfolio in the country and serve as a regional hub for its business in South Asia. "With a current exposure of over euro one billion, India is the seventh emerging market in SACE's portfolio," the company said in a release issued here. "SACE has been actively engaged with Indian companies for many years. Currently we are looking at transaction worth a couple of billion Euros, in a quite broad range of sectors, ranging from automotive, to refineries, petrochemicals and SMEs skilled technologies.
SBI Life unveils new savings plan
Private insurer SBI Life Insurance on Tuesday launched a guaranteed traditional savings plan, Smart Income Protect, offering a tax-free regular income. Smart Income Protect offers regular income at the guaranteed rate of 11% of sum assured or paid sum assured for next 15 years after maturity, SBI Life Insurance said in a release issued here. It also offers life insurance cover, lump sum benefit at maturity and regular guaranteed payouts for 15 years, after maturity. In the event of a policyholder's death, the sum assured is immediately payable to the nominee or legal heir as a lump sum, along with the bonuses, it said.
RBI allows Indusind Bank to raise FII cap
The Reserve Bank on Tuesday allowed Indusind Bank to increase its FII investment limit to 49% but asked it to ensure that the aggregate foreign investment in the bank does not exceed 74%. "The Reserve Bank...advise that its approval to the Induslnd Bank for raising FII investment limit to 49% is subject to the condition that aggregate foreign investment in the bank should also not exceed the composite sectoral cap of 74%," the apex bank said in a statement. As on September-end, Foreign Institutional Investors' (FIIs) had 34.26% stake in the bank. In its Annual General Meeting, Indusind Bank's promoters had passed resolutions to allow FIIs to buy up to 49% of its paid-up equity capital through primary/secondary markets in India.
Bharti AXA to focus on growth
Bharti AXA, which has crossed R1,000-crore gross written premium mark for 2012, today said it will come up in new products in commercial line. "In four years of operation, we have reached R1,000 crore of gross written premium. Going ahead, we will concentrate on new products in the commercial line along with focus on southern and eastern region for future business growth," Chief Executive Officer of Bharti AXA General Insurance, Amaranath Ananthanarayanan told reporters here. He said the company is light on commercial line, which was a deliberate policy of the company due to low premiums.