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News on Medial
LIC plans to buy a private health insurance company
Livemint
·
1y ago
Medial
Life Insurance Corp. of India (LIC) is planning to acquire a private standalone health insurance company in order to establish a presence in India's growing health insurance market. LIC, which currently holds over 61.5% market share in life insurance, aims to secure a composite license from the Insurance Regulatory and Development Authority of India (Irdai) to sell both life and non-life policies. The acquisition will allow LIC to leverage its extensive network and agency force to sell health insurance products. The move aligns with Irdai's vision of "Insurance for All by 2047".
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Related News
LIC eyes health insurers; Ola Electric secures Rs 100-crore debt
VCCircle
·
1y ago
Medial
Life Insurance Corporation of India (LIC) is reportedly looking to acquire one of India's private standalone health insurers, as it seeks to establish a presence in the expanding health insurance sector. LIC, which holds a significant market share in life insurance, is said to be looking for strategic investments to tap into the growing demand for health insurance in the country. In another development, Ola Electric, backed by Ola Cabs, has secured INR 100 crore ($13.53m) in debt funding to support its electric vehicle production plans.
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LIC targets acquisition route to venture into health insurance market: Report
Money Control
·
1y ago
Medial
In an effort to increase insurance penetration, a parliamentary panel in India has proposed amendments to the Insurance Act to introduce composite licensing. The Life Insurance Corporation of India (LIC) is reportedly looking to acquire one of the country's five private health insurers as part of their strategy to enter the health insurance market. LIC Chairman Siddhartha Mohanty has expressed their interest in exploring inorganic growth opportunities and stated that LIC is ready to enter the health insurance space. The LIC management is confident in achieving double-digit growth in Annual Premium Equivalent by 2024-2025 through product diversification and channel expansion.
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LIC hopes to decide on health insurer stake buy by March-end: CEO
VCCircle
·
4m ago
Medial
Life Insurance Corporation of India (LIC) aims to decide on acquiring a stake in a health insurance company by March-end, announced CEO Siddhartha Mohanty. Not seeking a majority stake, LIC is exploring the health insurance market to meet rising competition and growing consumer demand. Additionally, LIC is in discussions with the Reserve Bank of India about issuing longer-term bonds, such as 50-year or 100-year bonds, beyond currently available maturities.
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Grapevine: Verlinvest, LIC, Mizuho Financial, and Good Glamm co-founder Saggi in news
VCCircle
·
8m ago
Medial
Verlinvest, LIC, Mizuho Financial, and Good Glamm co-founder Naiyya Saggi have made headlines. LIC is looking to enter the health insurance sector through an inorganic route, Mizuho Financial is planning to expand in India's private equity and venture capital space, and Naiyya Saggi is launching a venture in the consumer electronics sector.
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'Will not have majority stake': LIC to announce acquisition in health insurance firm by March 31, says CEO Mohanty
Business Today
·
4m ago
Medial
LIC's CEO, Siddhartha Mohanty, announced that a decision regarding an acquisition in a health insurance firm is expected by March 31. He stated that LIC will not hold a majority stake (51%) in the firm. Entering the health insurance market and issuing long-term bonds aim to strengthen LIC's market position and financial resilience.
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'Premium Yours, Benefit for...': Rahul's Dig At LIC Over Investment in Adani Group
OutlookIndia
·
1m ago
Medial
Congress leader Rahul Gandhi criticized the public sector Life Insurance Corporation's (LIC) Rs 5,000 crore investment in the Adani Group, asserting that public funds from insurance premiums benefit private entities. He highlighted this in a post on X, remarking on LIC's involvement in a recent bond issue by Adani Ports. The firm raised Rs 5,000 crore through a Non-Convertible Debenture at a 7.75% annual coupon rate, fully subscribed by LIC due to APSEZ's strong financials.
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LIC raises stake in IDFC First Bank to 2.68% at ₹80.63/share via private placement offer | Mint
Livemint
·
1y ago
Medial
The Life Insurance Corporation of India (LIC) has increased its stake in IDFC First Bank, acquiring a 0.2% stake on a preferential basis. LIC now holds 20.02 crore shares in the private sector lender and has become the largest shareholder in the bank. IDFC First Bank aims to raise ₹3,200 crore through a preference share allotment, which will be used for high-asset-quality growth opportunities. LIC's investment is priced at ₹80.63 per share.
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LIC exploring possibility of setting up fintech arm
Economic Times
·
1y ago
Medial
Life Insurance Corporation (LIC) is considering the establishment of a fintech unit as part of its digital transformation project, DIVE (Digital Innovation and Value Enhancement). LIC aims to enhance its digital initiatives for customers, intermediaries, and marketing personnel. The first phase will focus on transforming customer acquisition, followed by other areas such as claims settlement and loan services. LIC is also exploring the idea of having its own fintech arm as a potential business model. Additionally, LIC plans to launch a new product in December that offers assured returns and features like loan facilities and premature withdrawal options.
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LIC presents dividend cheque of ₹1,831 crore to FM Nirmala Sitharaman
Livemint
·
1y ago
Medial
Life Insurance Corporation of India (LIC) has presented a dividend cheque of ₹1,831.09 crore to Finance Minister Nirmala Sitharaman. LIC Chairman Siddhartha Mohanty presented the cheque as the government's share of the dividend. The dividend was approved by the shareholders in the annual general meeting held on August 22. LIC, which has been in operation for 67 years, has an asset base of ₹45.50 lakh crore and a life fund of ₹40.81 lakh crore as of March 31, 2023. Despite two decades of competition in the insurance sector, LIC remains the market leader in India.
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LIC warns policyholders over alleged offers to acquire existing policies
Money Control
·
1y ago
Medial
Life Insurance Corporation Ltd (LIC) has warned policyholders about entities offering to acquire existing policies as an alternative to surrendering them to LIC. The PSU insurer clarified that it is not associated with such entities or the products and services they offer. LIC emphasized that any sale or transfer of policies must be done in accordance with the Insurance Act, and it reserved the right to decline transactions that are not bona fide, not in the policyholders' interest, or against public interest. Policyholders were encouraged to consult with LIC officials before considering any offers.
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