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No proposal to merge public sector general insurance companies: Govt

Money Control

Money Control · 1y ago

No proposal to merge public sector general insurance companies: Govt

The Indian government has stated that there are currently no plans to merge public sector general insurance companies. In recent years, Rs 17,450 crore was invested in Oriental Insurance, National Insurance, and United India Insurance to support their growth. The proposed merger of these three companies into a single entity, announced in the 2018-19 Budget, has faced obstacles primarily due to their poor financial health. Additionally, it was revealed that non-performing assets in the MSME sector amount to Rs 1.25 lakh crore, accounting for 4.46% of total loans and advances.

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Startups that took the IPO route in 2024

Economic Times

Economic Times · 8m ago

Startups that took the IPO route in 2024

In 2024, the Indian startup sector experienced significant milestones with 12 startups going public. Go Digit General Insurance, Awfis, Le Travenues Technologies (Ixigo), Ola Electric, Brainbees Solutions (FirstCry), and Swiggy were some of the notable companies that entered the market. These IPOs reflect investor confidence and the growth of India's startup ecosystem. Additionally, Mobikwik and Bluestone are among the companies currently preparing for IPOs, indicating the continuous growth and evolution of the sector.

Sub-prime lending by PSBs rises on the back of govt guarantees

Economic Times

Economic Times · 1m ago

Sub-prime lending by PSBs rises on the back of govt guarantees

Public sector banks in India have increased lending to micro, medium, and small enterprises (MSMEs) with government-backed guarantees, despite a general trend towards lending to higher-quality borrowers. The proportion of subprime borrowers in public sector banks' MSME portfolios decreased from 33.5% in June 2022 to 23.3% in March 2025. Government schemes such as the Credit Guarantee Fund for Micro Units and the Emergency Credit Line Guarantee Scheme support this lending, which has led to improved asset quality in MSME portfolios.

GST on health and life insurance premiums may be reduced: CNBC-Awaaz

Money Control

Money Control · 1y ago

GST on health and life insurance premiums may be reduced: CNBC-Awaaz

The Goods and Services Tax (GST) Committee might not support the complete exemption of health and life insurance from taxation, according to sources. A proposal has been submitted to the GST rate rationalization committee to decrease the GST rate on premiums paid for health and life insurance from the current 18% to 5%. However, the committee is reportedly not in favor of fully exempting GST on insurance premiums. Shares of major insurance companies have reacted positively to the news. The committee will meet on August 22 to discuss the proposal.

PSU insurers cover much more now

Economic Times

Economic Times · 25d ago

PSU insurers cover much more now

Public sector general insurers in India are regaining market share in retail segments like motor and health insurance. New India Assurance, among others, has seen its market share increase to 35%. This shift is attributed to improved service quality and competitive pricing by PSU insurers. Private insurers, previously dominant due to quick claim settlements, are now facing challenges due to higher loss ratios and tighter reinsurance conditions, particularly in fire insurance segments.

Patanjali, DS Group to buy Magma General for over $500 mn to enter insurance sector

VCCircle

VCCircle · 5m ago

Patanjali, DS Group to buy Magma General for over $500 mn to enter insurance sector

Patanjali Ayurved Ltd and DS Group are entering India's insurance sector by acquiring Magma General Insurance Ltd for over $500 million. The acquisition involves purchasing stakes from Sanoti Properties, Celica Developers, and Jaguar Advisory Services, valuing Magma General at approximately Rs 4,500 crore ($517 million). Magma General offers over 70 insurance products and holds a 1.05% market share in the non-life insurance segment. Patanjali aims to leverage its distribution network and growth capital to enhance Magma's market presence.

Foseco in talks to acquire Morganite Crucible

Economic Times

Economic Times · 4d ago

Foseco in talks to acquire Morganite Crucible

Foseco is negotiating to acquire Morganite Crucible in a cash-and-stock deal, although the deal's value remains undisclosed. The acquisition would merge the Indian arms of two global companies in the metals and components manufacturing sector. Morganite's promoters will become Foseco shareholders via a share swap, while public shareholders will be offered cash. Foseco, part of Vesuvius, must make an open offer to acquire up to 26% of Morganite's public shares as per SEBI norms.

Govt plans deeper LIC, PSB divestments, plans to test investor appetite

Livemint

Livemint · 5d ago

Govt plans deeper LIC, PSB divestments, plans to test investor appetite

The Indian government plans to reduce its ownership in Life Insurance Corp. of India (LIC) and several public sector banks beyond the current Securities and Exchange Board of India (Sebi) mandate. This decision, aimed at raising funds and leveraging favorable market conditions, will involve hiring merchant bankers for up to five years to facilitate the sale. Despite the divestment, the government will maintain majority ownership and control of management.

Zurich Insurance completes 70% stake buy in Kotak Mahindra General Insurance

Livemint

Livemint · 1y ago

Zurich Insurance completes 70% stake buy in Kotak Mahindra General Insurance

Zurich Insurance has acquired a 70% stake in Kotak Mahindra General Insurance for INR 5,560 crore (USD 670 million). The acquisition marks Zurich's entry into the Indian insurance market and is the largest foreign investment in India's general insurance sector. Zurich aims to be a leading player in India's growing market and plans to offer innovative solutions to bridge the insurance protection gap. The acquisition has fulfilled all regulatory conditions, and a new brand representing both Zurich and Kotak will be introduced soon. Kotak Mahindra Bank's stock price rose following the announcement.

Silicon Valley VC fund General Catalyst acquires Venture Highway; will deploy $1 billion in India

Economic Times

Economic Times · 1y ago

Silicon Valley VC fund General Catalyst acquires Venture Highway; will deploy $1 billion in India

General Catalyst, a Silicon Valley venture capital firm known for backing successful tech companies, is set to acquire Venture Highway, an early-stage investor focused on India. Venture Highway, founded by former WhatsApp executive Neeraj Arora, will merge into General Catalyst India. The move marks General Catalyst's official entry into India and comes as the venture capital industry undergoes a reset. General Catalyst plans to invest between $500 million and $1 billion in India and sees significant potential in the country's startup ecosystem.

Startups leverage distribution chops to gain ground in general insurance

Economic Times

Economic Times · 2m ago

Startups leverage distribution chops to gain ground in general insurance

Startups in India are increasingly tapping into the general insurance market by leveraging their distribution channels. Notable names like Rapido, IndMoney, and Park+ are seeking or securing corporate agency licenses to distribute insurance products across life, health, and general categories. This strategic move aligns with models established by companies like Ola to capitalize on insurance as an ancillary business opportunity. The insurance sector's expansion is nurtured by regulatory support and growing interest from fintech platforms.

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