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SBI Life Insurance enters MetaVerse, launches LifeVerse Studio

IndianStartupNews

IndianStartupNews · 1y ago

SBI Life Insurance enters MetaVerse, launches LifeVerse Studio

SBI Life Insurance, the insurance arm of the State Bank of India (SBI), has entered MetaVerse with the launch of 'LifeVerse Studio' to reach younger internet users and revolutionize consumer experience in an immersive virtual world.

Related News

Bharti may sell life insurance unit; Captain Fresh seeks funding

VCCircle

VCCircle · 1y ago

Bharti may sell life insurance unit; Captain Fresh seeks funding

Bharti Group, led by billionaire Sunil Mittal, is reportedly in talks to sell its wholly-owned life insurance unit, Bharti AXA Life Insurance, to SBI Life and other insurers. This comes after Bharti Group announced its intention to acquire AXA Group's stake in the venture in October 2023. In other nes Captain Fresh is looking out for more funds.

Swan Energy to raise ₹4,000 crore via QIP to be launched in Feb

Thehindubusinessline

Thehindubusinessline · 1y ago

Swan Energy to raise ₹4,000 crore via QIP to be launched in Feb

Swan Energy plans to raise around ₹4,000 crore through a QIP (Qualified Institutional Placement) of shares to reduce debt and finance expansion and modernization of Reliance Naval and Engineering shipyard. The QIP, expected to be launched on February 20, may have a share price range of ₹680-700. SBI Life Insurance, SBI Mutual Fund, and Life Insurance Corporation are likely to be anchor investors. Swan Energy's debt stands at ₹3,600 crore, and it reported a net profit of ₹274.6 crore in the nine months of FY24.

Jupiter Money enters insurance distribution with IRDAI approval

Entrackr

Entrackr · 22h ago

Jupiter Money enters insurance distribution with IRDAI approval

Jupiter Money enters insurance distribution with IRDAI approval Fintech platform Jupiter Money has received a corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI). This will enable it to directly distribute both life and general insurance policies via its app. According to the company, it will initially offer curated insurance products such as term life and health insurance through partnerships with leading insurers. It also plans to launch embedded insurance products based on user behaviour, examples include travel insurance linked to card usage, cyber fraud covers, and device protection tied to e-commerce activity. This marks Jupiter’s entry into the insurance space as part of its broader strategy to become a full-stack financial services provider. The firm already holds an NBFC licence in 2023 and a PPI licence in 2024. Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to date from QED Investors, Peak XV and Matrix Partners, among others.

Here's why LIC net profit fell 50% to Rs 7,925 crore in Q2 FY24

IndianStartupNews

IndianStartupNews · 1y ago

Here's why LIC net profit fell 50% to Rs 7,925 crore in Q2 FY24

Insurance giant Life Insurance Corporation of India (LIC) reported a 50% drop in net profit for the second quarter of the financial year 2024, amounting to Rs 7,925 crore. The decline was attributed to a decrease in net premium income and a change in accounting policy. However, LIC saw a rise in income from investments and improvements in solvency margin and gross non-performing assets ratio. While LIC's group business performance showed mixed results, the chairman expressed optimism for future growth. Other leaders in the Indian insurance market include SBI Life, HDFC Life, and ICICI Prudential Life.

CA Rudramurthy BV suggests a cautious, sector-specific approach; 5 insurance & defence stocks to bet on

Economic Times

Economic Times · 27d ago

CA Rudramurthy BV suggests a cautious, sector-specific approach; 5 insurance & defence stocks to bet on

CA Rudramurthy BV, MD of Vachana Investments, advises a sector-specific investment approach, particularly favoring insurance and defense stocks. He recommends monitoring key market indices like Bank Nifty and Nifty, as well as crude oil and dollar-rupee movements. Prominent insurance stocks include HDFC Life, SBI Life, LIC, and Max Financial. In defense, Bharat Electronics Limited (BEL) and Hindustan Aeronautics Limited (HAL) stand out as promising investments.

Global firms buy PB Fintech stakes from early backers

Economic Times

Economic Times · 1y ago

Global firms buy PB Fintech stakes from early backers

Capital Group, T Rowe Price, Fidelity, and Vanguard have all acquired stakes in PB Fintech, the parent company of insurance marketplace Policybazaar and credit marketplace Paisabazaar. Capital Group now owns around 10% of the company, with these transactions occurring through multiple bulk deals as early-stage investors exit the firm. Domestic institutional players have also purchased stakes in PB Fintech, and insurance companies including SBI Life, Max Life Insurance, and Bajaj Life have invested a combined INR 2,900 crore in the parent company. Other Indian tech companies, such as Paytm and Zomato, have also seen increased institutional investment.

Swan Energy raises over ₹3,300 crore via QIP; LIC, SBI Life among investors

Thehindubusinessline

Thehindubusinessline · 1y ago

Swan Energy raises over ₹3,300 crore via QIP; LIC, SBI Life among investors

Swan Energy has successfully raised over ₹3,319 crore through a qualified institutional placement (QIP) of shares. The QIP was subscribed by institutions including Life Insurance Corporation, SBI Life Insurance, Quant Mutual Fund, BNP Paribas Mutual Fund, and Goldman Sachs. The funds raised will be used for the modernization of the recently acquired Reliance Naval and Engineering shipyard, as well as for project expansion and debt reduction. Swan Energy has diversified interests in various sectors and is working towards the turnaround of the shipyard facility to commence commercial operations by June 2024.

Swiss investor HBM leads funding in TPG-backed drugmaker at $1.65 bn valuation

VCCircle

VCCircle · 9m ago

Swiss investor HBM leads funding in TPG-backed drugmaker at $1.65 bn valuation

Swiss investment firm HBM Healthcare has led a funding round in an Indian contract drug manufacturing company, valuing it at $1.65 billion. The company, backed by private equity firm TPG, received a total investment of $95 million in the round, with participation from other investors including WhiteOak Capital, Param Capital, Motilal Oswal, Enam Holdings, and SBI Life Insurance Co Ltd.

Swiggy raises $605 million from anchor investors as part of $1.35 billion IPO

Economic Times

Economic Times · 8m ago

Swiggy raises $605 million from anchor investors as part of $1.35 billion IPO

Swiggy, the food and grocery delivery company, has closed the anchor portion of its initial public offering (IPO) by allocating shares worth $605 million to both domestic and foreign investors. Over 75 investors, including BlackRock, Fidelity, ICICI Prudential Mutual Fund, and HSBC, participated in the anchor investment round. Domestic insurance companies such as ICICI Prudential Life, HDFC Life, and SBI Life, as well as global investors like Norges and Capital Group, also joined in. The IPO, set at a valuation of $11.3 billion, will launch on Wednesday and is expected to be one of India's largest this year.

Northern Arc Capital raises Rs 229 Cr from anchor investors pre-IPO

YourStory

YourStory · 10m ago

Northern Arc Capital raises Rs 229 Cr from anchor investors pre-IPO

Non-bank financial institution Northern Arc Capital has raised Rs 229 crore ($31 million) from anchor investors ahead of its upcoming initial public offering (IPO). The funds were collected by issuing over 87 lakh equity shares at Rs 263 each to anchor investors including SBI General Insurance, Kotak Mahindra Life Insurance, and Goldman Sachs. Northern Arc Capital's IPO, which consists of a fresh issue of equity shares worth Rs 500 crore and an offer for sale of up to Rs 277 crore, is set to open for public subscription on September 16.

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