Insurance Newsletter - April 28 to May 02, 2014

India Infoline News Service | Mumbai |

United India Insurance Company is targeting premium of Rs. 110 billion this fiscal.

News this week

IRDA Chairman inaugurates ICSI Seminar on convergence between company law & insurance law
The Institute of Company Secretaries of India (ICSI) in association with Insurance Regulatory & Development Authority of India (IRDA) organised a Seminar on “Convergence of Company Law with Insurance Law” on 26th April, 2014 at Taj Deccan, Hyderabad. TS Vijayan, Chairman, IRDA was the Chief Guest. CS R Sridharan, President, The ICSI, CS Vikas Khare, Vice President, ICSI and CS Sudhir Babu C, Council Member, ICSI & Programme Director also addressed the august gathering. Speaking at the Seminar, Mr Vijayan emphasized on strengthening of the Corporate Governance norms for insurance companies issued by the regulator in 2009. He highlighted the role of CS in ensuring good governance in Insurance companies and safeguarding the interest of various stakeholders in such companies. The seminar was a confluence of thoughts between practitioners, academicians and regulators to identify critical governance issues in the Indian Insurance sector... Read more

United India Insurance to focus on retail, motor & rural insurance
United India Insurance Company is targeting premium of Rs. 110 billion this fiscal. The company will focus on retail, motor and rural insurance portfolio and has filed two motor insurance products with IRDA and is waiting for its approval. The company collected premium of Rs. 97.09 billion for year-ended March 31, 2014, which was up Rs. 4.43 billion compared to the previous year. Net profit last year was around Rs. 5.28 billion and the market value of the company’s total investment portfolio was Rs. 215.45 billion as against Rs. 199.5 billion last year. The investment income stood at Rs. 18.57 billion and net worth grew to around Rs. 53.61 billion as against Rs. 49.53 billion during the previous year... Read more

United India Insurance FY14 net profit at Rs. 5.28bn
United India Insurance Company collected premium of Rs. 97.09 billion for year-ended March 31, 2014, which was up Rs. 4.43 billion compared to the previous year. Net profit last year was around Rs. 5.28 billion and the market value of the company’s total investment portfolio was Rs. 215.45 billion as against Rs. 199.5 billion last year. The investment income stood at Rs. 18.57 billion and net worth grew to around Rs. 53.61 billion as against Rs. 49.53 billion during the previous year. The company had reduced the claims ratio to 82.56% for the fiscal 2013-14 as against 84.61% in 2012-13. The company continues to enjoy strong fundamentals with a Solvency Ratio of 2.54 as against IRDA requirement of 1.50. The company has a network of 2,242 offices including 1,114 micro offices in remote locations, with a staff strength of 16,907.

PNB MetLife to enter pension space in 6 months
PNB MetLife India Insurance Co Ltd has decided to enter the pension space within next six months, according to media reports. The insurer aims to tap the enormous growth opportunities offered by this segment in the country, the report added. PNB MetLife aims to be among the top players in terms of customer centricity. The insurer will offer products around the four needs (of customers)--family protection, wealth management, child education and retirement, the reports further said.
At present, PNB Metlife is focused on bancassurance and agency sales force. But the aim is to be a multi-distribution model including online.


DHFL Pramerica Life records 40% growth in renewal premium collection
DHFL Pramerica Life Insurance Co Ltd (DPLI) has reported robust growth in March 2014. The Company has collected Rs. 55.6 crore of New Business Premium (NBP), which is a 224% growth over March 2013. Renewal Premium (RP) collection at Rs. 18.3 crore has also seen a growth of 40% over the same period last year.
 
The first quarter of 2014 has been particularly good for DPLI. The Company has collected Rs. 98.9 cr. in NBP, which is a growth of 137% over the same quarter last year. RP collection stood at Rs. 40.4 cr. in the quarter, which is a growth of 32% over Q1 2013.
 
Anoop Pabby, DPLI’s MD & CEO said, “I am very pleased by our performance in Q1. This is only the beginning of our journey to greater success and profitability. Over the last three months, approx. 2 lakh customers have joined the DPLI family, which is an encouraging sign for all of us. Our new shareholder, Dewan Housing Finance Corporation Ltd. (DHFL) has a large distribution base that provides vast scope for reaching potential customers across India and our focus will be on maximizing the benefits and scale that the new shareholder partnership brings. Alongside, we will continue to lay emphasis on designing innovative products and enhancing quality of advice and service delivery in our quest to become the most preferred life insurance partner for our customers and distributors.”... Read more

New Appointments

DHFL Pramerica Life appoints Anoop Pabby as MD & CEO
DHFL Pramerica Life Insurance Co Ltd (DPLI) has announced the appointment of Anoop Pabby as the new Managing Director & CEO of the Company. Pabby has over 25 years of experience in the retail financial services sector including as Managing Director & CEO of Deutsche Postbank Home Finance Ltd and President - Strategic Initiatives at Dewan Housing Finance Corporation Ltd. He has also held several senior management positions at Cholamandalam MS General Insurance Company Ltd. and Royal Sundaram Alliance Insurance Co. Ltd. He has vast operational and strategic experience in leading turn around challenges as well as successfully closing complex M&A transactions and subsequent integration exercises... Read more
 

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