Insurance Newsletter – February 10 to 14, 2014

India Infoline News Service | Mumbai |

This includes debt capital instruments, redeemable non-cumulative preference shares and redeemable cumulative preference shares under Tier-II capital

Top Stories

IRDA allows insurers to invest in banks' new instruments
The Insurance Regulatory and Development Authority (IRDA) has allowed insurance companies to invest in new instruments issued by domestic banks. This includes debt capital instruments, redeemable non-cumulative preference shares and redeemable cumulative preference shares under Tier-II capital. In its November 2008 circular, IRDA allowed investment in perpetual debt instruments of bank’s Tier-I capital and debt capital instruments of upper tier-II capital. With the migration of banks to Basel III capital adequacy norms, there is a substantial need for raising additional capital by banks. Globally, banks have started augmenting capital by issuance of Common Equity Tier I (CET-I), Additional Tier-I(AT-I) and Tier II (T-II) instruments. RBI has issued detailed guidelines on 2 May 2012 regarding implementation of Basel III capital Regulations in India, IRDA said in a notification on Thursday... Read more 

Life insurers to have own criterion for agent persistency: IRDA
The Insurance Regulatory and Development Authority (IRDA) on Wednesday said all life insurers were required to have their own company-specific persistency criterion for renewal of individual and corporate agencies from July 1. Renewal of Individual Agency License and Corporate Agency License will not be subject to meeting the Persistency Rates, IRDA said in a notification. All Life Insurers are required to have their own company specific persistency criterion for renewal of Individual and Corporate Agency from 1 July 2014, IRDA added... Read more

New Appointments

Aviva Life appoints Mahesh Misra as Chief Distribution Officer
Aviva Life Insurance Co India Ltd announced the appointment of Mahesh Misra as their Chief Distribution Officer (CDO). Mahesh joins Aviva from Experian where he was their Director Sales for the Credit Bureau & Decision Analytics businesses in India. TR Ramachandran, CEO & MD, Aviva Life Insurance said “I am very happy to announce the appointment of Mahesh Misra as the Chief Distribution Officer. Mahesh not only brings with him a rich and varied experience gained across some of the best organizations in India but also a deep knowledge of the Indian retail financial services market with proven credentials in Sales and Distribution”... Read more

Domestic News

Max Life Q3 AUM at Rs. 23,132 cr
Max Life Insurance recorded new business premium of Rs. 1,480 crore during the first nine months of the Financial Year 2013-14, a growth of 15% over the corresponding period last year. Max Life increased its market share to 10.2%, an increase of 120 bps, amongst private life insurers. The Gross Written Premium of the Company grew 6% to Rs. 4,846 crore. During the period Shareholder Profit After Tax grew 3.5% to Rs. 326 crore. Assets Under Management increased by 15% to Rs. 23,132 crore for 9M FY 2013-14 from December 2012. The company's Gross Premium Income for Q3FY14 grows 11% to Rs. 1,841 crore, while its expense ratio improves from 28.3% in Q3FY13 to 26.3% in Q3FY14.

Birla Sun Life launches campaign for Savings with Protection Solution
Birla Sun Life Insurance (BSLI), the life insurance arm of the Aditya Birla Financial Services Group through its latest campaign on Savings with Protection Solutions seeks to bring certainty and confidence in customers’ lives in line with the Group’s commitment to empowering mass India to self realize the benefits of financial planning. BSLI’s Savings with Protection Solution offers a bouquet of products that are designed to help consumers achieve the fine balance of maximising today while securing tomorrow. It enables them to save for future needs by setting aside a small amount regularly, allowing them to maintain their current lifestyle as well as to secure the future. This solution offers tax-free savings with life cover... Read more

Tata AIA Life launches ‘Revive’
Tata AIA Life Insurance Company Limited (Tata AIA Life) has launched ‘Revive’, a special drive to reinstate lapsed insurance policies. Under this initiative, the customers whose policies have lapsed between January 2012 to December 2013 (Premium due dates between 1st April 2012 to 31st December 2013), shall not be charged any interest to revive their policies and also would not require to submit any health declaration certificate for the reinstatement. S. Mahesh, Senior Vice President  & Head – Operations, Systems and Facilities, Tata AIA Life said, “The initiative is a part of our ongoing endeavor to make insurance cover easily available to our customers. Our records show that some customers miss paying their renewal premium after buying the policy. Therefore, they not only let go of the value of the benefit of this effective financial instrument but also their life insurance protection cover. Our ‘Revive’ campaign provides an opportunity to our customers to renew their life insurance policy with the additional benefit of 100% interest and health certificate waiver during this period.”... Read more

Liberty Videocon General Insurance launches Safety Initiative
Liberty Videocon General Insurance Company, a joint venture between India’s Videocon Industries Limited and Liberty Citystate Holdings Pte Limited, part of US-headquartered Liberty Mutual Insurance Group, launched their safety initiative in India. Globally, Liberty International of which Liberty Videocon General Insurance Company is a part of promotes ‘safety’ as a philosophy. The group helps to improve the safety and health of people throughout the world. Now, with the group’s presence in India, it is aiming to penetrate the aspect of occupational safety and health in India. David Melton, Managing Director – Global Safety, Liberty Mutual Research Institute for Safety, which is a part of Liberty International, launched the Group’s ‘Safety Initiative’ in India... Read more

International News

Mapfre raises earnings by 18.7% to euro 790.5mn
Mapfre’s Chairman and CEO, Antonio Huertas, presented the Group’s results, which show a rise in attributable profit of 18.7 percent to 790.5 million euros, thanks to the geographical diversification of the business, which underpins the company’s solidity. Revenues exceeded 25,889 million euros, a rise of 2.3 percent on 2012, with premiums growing 1.2 percent to 21,835.5 million euros. The year was characterized by the appreciation of the euro against all other currencies. On a constant currency basis, premiums and earnings would have grown by 8.1 percent and 26.3 percent respectively... Read more

 

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