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News on Medial
No proposal to merge public sector general insurance companies: Govt
Money Control
·
1y ago
Medial
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
·
7m ago
Medial
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.
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Sub-prime lending by PSBs rises on the back of govt guarantees
Economic Times
·
26d ago
Medial
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.
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GST on health and life insurance premiums may be reduced: CNBC-Awaaz
Money Control
·
12m ago
Medial
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.
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PSU insurers cover much more now
Economic Times
·
18d ago
Medial
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.
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Patanjali, DS Group to buy Magma General for over $500 mn to enter insurance sector
VCCircle
·
4m ago
Medial
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.
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Zurich Insurance completes 70% stake buy in Kotak Mahindra General Insurance
Livemint
·
1y ago
Medial
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.
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Silicon Valley VC fund General Catalyst acquires Venture Highway; will deploy $1 billion in India
Economic Times
·
1y ago
Medial
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.
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Startups leverage distribution chops to gain ground in general insurance
Economic Times
·
2m ago
Medial
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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Grapevine: Acko General Insurance, Udaan, NLC India, Jio Financial in news
VCCircle
·
9m ago
Medial
Acko General Insurance investors may sell their stake in a secondary round, while Udaan is seeking new funding led by M&G Prudential. NLC India is considering listing its subsidiary, NLC India Renewables, and Jio Financial is planning to expand its presence in the insurance sector.
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Govt forms Inter-ministerial committee to strengthen fintech ecosystem
Entrackr
·
4m ago
Medial
The Government of India has constituted an Inter-Ministerial-Industry Committee on Fintech (IMICF) to address key issues in the fintech sector and recommend measures to enhance its ecosystem, according to a government order reviewed by Entrackr. The decision has been taken with the approval of the Hon’ble Finance Minister. The newly formed committee will be chaired by the Secretary, Department of Financial Services (DFS) and will include representatives from the Ministry of Electronics & Information Technology (MeitY), Department for Promotion of Industry and Internal Trade (DPIIT), Department of Economic Affairs (DEA), NITI Aayog, Reserve Bank of India (RBI), and Securities Exchange Board of India (SEBI). Additionally, industry experts such as Ajay Kaushal (Bill Desk), Jitendra Gupta (Jupiter), Varun Dua (Acko General Insurance), Lalit Keshre (Groww), Vishnu Pillai (KPMG), and Ashish Garg (McKinsey) will also be part of the committee. The newly constituted committee has been tasked with assessing the growth of the fintech sector and its contribution to the broader Banking, Financial Services, and Insurance (BFSI) industry. It will examine challenges faced by fintech companies, review existing policies and regulations, and analyze global best practices in fintech governance. Based on these insights, the committee will develop a long-term vision strategy and propose recommendations to enhance the fintech ecosystem in India. The committee is expected to submit its report within three months from the date of its first meeting. The CS&FT section of the Department of Financial Services (DFS) will act as the secretariat for the committee.
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