Insure
True North to sell 20% in Niva Bupa for Rs 2,700 crore
Private equity firm True North has agreed to sell a 20% stake in health insurance firm Niva Bupa to joint venture partner Bupa for approximately INR 2,700 crore ($362 million). The transaction is subject to regulatory approval. Following the deal, Bupa's shareholding in Niva Bupa will increase to around 63%, making it the majority shareholder.
UK's Bupa to acquire 20% stake in health insurer Niva Bupa from JV partner True North
True North is selling the 20% stake at a valuation of Rs2,700 crore, the PE firm said in a statement. The transaction is subject to insurance regulator IRDAI’s approval.
Strategy shift at India's top insurer LIC aids government borrowing costs
Life Insurance Corp of India (LIC), the largest insurer in the country, has been increasing its purchases of federal and state debt in order to reduce capital volatility. This shift has helped lower government borrowing costs and has resulted in states reducing their costs by more than 40 basis points over the past 15 months.
GST Evasion Notice: DGGI seeks Rs 3k crore from ICICI Lombard and other insurance cos
The Directorate General of Goods and Services Tax Intelligence (DGGI) has issued notices to several insurance companies, including ICICI Lombard, seeking approximately Rs 3,000 crore in unpaid taxes. The notices state that these companies did not pay GST on reinsurance premiums despite receiving commissions from co-insurance companies.
ICICI Lombard, six other insurance companies receive SCN for non-payment of GST on reinsurance premiums since 2017
The Directorate General of Goods and Services Tax Intelligence (DGGI) has issued a notice to ICICI Lombard and six other insurance companies for not paying GST on reinsurance premiums. The notice claims that these companies received commissions from co-insurance companies but did not pay tax on it.
GST Revenue Leak: ICICI Lombard faces ₹1,728.9 crore tax demand amid ongoing investigations
ICICI Lombard, a general insurance company, has been served a show-cause notice by a central law enforcement agency for allegedly not paying Rs 1,728.9 crore worth of tax over a period of five years. The Directorate General of GST Intelligence has been investigating 30 insurance companies for GST evasion, with discrepancies amounting to Rs 3,500 crore detected so far. ICICI Lombard had previously received a show-cause notice demanding Rs 273 crore in taxes. HDFC Life also received a similar notice demanding Rs 942 crore in taxes.
Tata AIG General, HDFC Ergo raising Rs 800 crore debt
Tata AIG General Insurance and HDFC Ergo are in the market raising subordinated debts. HDFC Ergo recently raised ₹320 crore through a 10-year bond offering at an interest rate of 8.15%.
ICICI Lombard appoints Sanjeev Mantri as new MD & CEO
Sanjeev Mantri's term is for five consecutive years or until his date of retirement, subject to IRDAI and shareholder approval, the company said in a notification to stock exchanges.
Govt considers giving financial creditor status to insurers issuing surety bond during resolution
The Indian government is considering changes to the Insolvency and Bankruptcy Code (IBC) to give insurers the same status as banks in cases of default in infrastructure projects. Currently, surety bonds issued by general insurance companies do not provide the same recourse for recovery as bank guarantees.
ICICI Lombard appoints Sanjeev Mantri as MD & CEO of company
Sanjeev Mantri has been appointed as the new Managing Director and CEO of ICICI Lombard, effective from December 1, 2023. He has spent 20 years with the company and has contributed to its growth in the retail business. Mantri is currently the Executive Director and heads the retail division. ICICI Lombard reported a 12% increase in net profit for the first quarter of this year compared to the same period last year.
Must Watch
LIC gets order demanding Rs 290.5 crore GST with interest and penalty
Life Insurance Corporation of India (LIC) has received an order from Bihar Additional Commissioner State Tax demanding Rs 290 crore in goods and service tax, along with interest and penalty. LIC intends to file an appeal before the GST Appellate Tribunal against the order, which claims that LIC did not reverse the input tax credit availed and utilized on certain items.
Bhargav Dasgupta resigns as MD and CEO of ICICI Lombard
Dasgupta, who has served as MD and CEO for nearly 14 years, was originally expected to conclude his tenure in April 2024. As the succession planning process is initiated, ICICI Lombard is actively searching for a successor to fill this leadership role.
IRDAI to roll out nationwide cashless medical-insurance settlement soon
The Insurance Regulatory and Development Authority of India (IRDAI) has instructed the Committee on Common Empanelment Process of Hospitals and 100% Cashless to submit a report on implementing fully cashless medical-insurance settlement in hospitals nationwide. Currently, only 49% of hospitals offer cashless settlement.
Liberty General Insurance appoints Parag Ved as CEO
Ved takes on the role following the retirement of Roopam Asthana, who was instrumental in establishing Liberty's business operations here. Liberty General India began operations in 2013 and has an employee strength of over 1,100.
Take advantage of surety bonds, Irdai Chairman to stakeholders in infra space
The chairman of Insurance Regulatory and Development Authority of India (Irdai) pointed out that India is expected to spend approx Rs 100 lakh crore on infrastructure through the National Infrastructure Pipeline in the next five years.
FinMin approves welfare measures for LIC agents, employees
The Finance Ministry announced that it has approved several welfare measures for the agents and employees of the Life Insurance Corporation of India. The benefits include increase in gratuity limit, eligibility for renewal commission, term insurance cover and a uniform rate of family pension for LIC agents and employees.
INSURE STOCKS
NSEBSE
| Company Name | Latest | Change | %Change | Volume |
|---|---|---|---|---|
| HDFC Bank Ltd. | 1526.3 | 2.6 | 0.17 | 16026891 |
| ICICI Bank Ltd. | 951.9 | 9.3 | 0.98 | 10447334 |
| State Bank of India | 598.55 | 8.6 | 1.45 | 12189735 |
| Kotak Mahindra Bank Ltd. | 1735.7 | 2.5 | 0.14 | 3571729 |
| Axis Bank Ltd. | 1036.7 | 5.8 | 0.56 | 9528626 |
