Chirag Madia

Merger proposal: State-run general insurers to meet finmin tomorrow

In the meeting, a decision on hiring an external consultant to value the three companies and advise on the process of integration is also likely.
SIP inflows swell 64% in March; garner Rs 67,190 crore in FY18

In this context, the strong growth in net inflows through this route assumes significance. Amfi data also shows that on an average, the mutual fund industry had added about 9.7 lakh SIP accounts each month during the FY18 as against an average addition of 6.27 lakh SIP accounts per month in FY16.
Jivan Jyoti Yojana: Insurers lose 10-20% in PM’s life scheme

LIC charges Rs 1,529 for a Rs 6 lakh cover for a 20-year-old, going up to Rs 6,273 for a 45-year-old.
Pradhan Mantri Suraksha Bima Yojana: Insurers lose 80-100 pc on it, seek at least doubling of premium

Government-owned insurance companies, mainly, are incurring losses of 80-100% on the prime minister’s accident insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY).
‘Markets should do well after the correction phase is over’

Even in the bullish markets we have seen correction in excess of 10%, so by no way we can say that this correction is over, and we can’t rule out further downside, says Mahesh Patil, co-chief investment officer at Aditya Birla Sun Life Asset Management Company (AMC).
Amfi wants finance ministry to remove tax arbitrage between MFs, ULIPs

Mutual fund trade body Association of Mutual Funds in India (Amfi) has sent a letter to the finance ministry seeking parity on taxation between units of equity mutual funds and units of unit linked insurance plans (Ulips), offered by insurers.
National Health Protection Scheme premium may be inadequate: Insurers

Finance minister Arun Jaitley had on February 1 unveiled NHPS, the world’s largest government-funded healthcare programme, with an initial target to cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries) by providing coverage of up to Rs 5 lakh per family per year for secondary and tertiary care hospitalisation.
Govt, insurers discuss NHPS implementation

Officials of the ministry of health and family welfare on Thursday met with senior executives of general insurance companies on the implementation of National Health Protection Scheme (NHPS).
Merger path: Finmin to meet general insurers tomorrow

Heads of three public sector insurers will be meeting senior officials of the finance ministry on Friday to discuss the roadmap for their merger.
Budget 2018: Merger of 3 state-run insurers to ease pressure on pricing, say players

Budget 2018: Finance minister Arun Jaitley, in his Budget speech on February 1, said that a merger of the three public sector general insurance companies into a single insurance entity, which will be listed, was on the cards.
Budget 2018: How LTCG tax on equities comes back

Budget 2018: Currently, LTCG tax on debt funds is 20% with inflation indexation benefit, while equity holdings of more than one year did not attract LTCG tax. All LTCG gains on equities till January 31, 2018 have been grandfathered thus ensuring the 10% tax is well-balanced.
Budget 2018: Senior citizens get their due

Budget 2018: Finance minister Arun Jaitley in his Budget speech said, “In addition to tax concessions, I propose to extend the PMVVY up to March, 2020 under which an assured return of 8% is given by Life Insurance Corporation of India (LIC).
Why LIC giving Infosys a boost despite stock crash

The Infosys board had also announced buyback of shares worth Rs 13,000 crore on August 19, at a price of Rs 1,150 apiece.
LIC nixes proposal to list UTI

Life Insurance Corporation of India (LIC) has turned down the proposal for an IPO for UTI Asset Management Company (AMC). As a result, the meeting that was to take place between the promoters of UTI last week has not been held as yet.
UTI to take one more shot at listing, LIC remains on the fence

UTI Asset Management Company (AMC) will take one more shot at getting itself listed at a shareholders’ meeting in Mumbai on August 5.
Crop insurance: Pradhan Mantri Fasal Bima Yojana subsidy good for private insurers, but a drag on Centre

Thanks to generous government subsidy of up to 8% of the sum assured, private general insurance companies have participated in the revamped crop insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), with as much or even greater vigour than public-sector insurers.
HDFC Life, Max Life merger: Amitabh Chaudhary says committed to deal

The deal was announced in August last year and at that time we had envisaged a particular structure for the deal. We thought that the structure passes the muster of the Insurance Act, we had even taken legal opinions from various people and all of them thought it was okay.
Mutual funds: Should you buy a balanced fund; 3 profitable points to note

Balanced funds are ideal for first-time investors as they are less volatile compared to diversified equity schemes
Irdai red-flags merger of HDFC Life & Max Life

Insurance Regulatory and Development Authority of India (Irdai) has raised objections to the merger between HDFC Standard Life and Max Life Insurance.
WannaCry ransomware: India Inc fears fire over cyber crime; just 200 insurance policies sold in 5 years

Curiously enough for the internet age, Indian firms fear fire more than they do cyber crime!
Closer to listing, 2 insurers yet to finalise issue size

Participants from the insurance industry believe both the companies could collectively raise Rs 8,000- Rs 10,000 crore from their IPOs.
Mutual funds’ AUMs surge by Rs 4.7 lakh cr in Jan-Mar; ICICI Prudential AMC’s Nimesh Shah says ‘witnessing meaningful shift of retail investors to financial assets

Top fund houses continue to remain in a dominant position largely because of their brand value and strong performance of their equity schemes.
Non-life insurance premium grows 32% to Rs 1.27 lakh cr in FY17 as PMFBY pays off

Insurance industry officials also believe that the 32% growth was largely due to the success of crop insurance.
At Rs 94,421 cr, net inflows into equity funds highest in 10 years

Net inflows into equity funds for the financial year 2016-17 stood at Rs 94,421 crore, the highest in last ten years.
Bond yields likely to remain range-bound with an upward bias: Dhawal Dalal, CIO, Edelweiss Asset Management Company

The RBI after the last policy, has clearly demonstrated that it would not compromise on price stability focus, as it does not prefer to sacrifice inflation for higher economic growth, says Dhawal Dalal, CIO-fixed income, Edelweiss AMC.
FIIs buying spree in 2017 powers equities to near-lifetime highs; DIIs too get in on act

With foreign portfolio investors (FPI) buying close to $2 billion worth of equities in 2017 so far, the markets are hovering close to their lifetime highs, report Yoosef KP and Chirag Madia in Mumbai.
Keen to take over UTI AMC, LIC stalls listing plans

Life Insurance Corporation (LIC) continues to stall UTI AMC’s listing although three other PSU shareholders — State Bank of India (SBI), Punjab National Bank(PNB) and Bank of Baroda(BoB) — agreed to a broad-based listing two weeks ago.

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