Life insurance firms reported an increase of about 27 percent in its new premium collection in February at Rs 13,698.52 crore, data from insurance regulator Irdai showed.
SBI Life Insurance Co said Sanjeev Nautiyal has been nominated as its next MD and CEO.
On standalone basis, net profit plunged to Rs 1,582 crore from Rs 2,538.32 crore a year ago.
Recent sale of stake by Indian banks in their insurance business would help in dealing with the issue of their NPAs, or bad loans, and improve balance sheets.
Indian market continue the losing streak, fell more than 1% last week as slowing economic growth and absence of any positive cues took its toll. Key events:
The Securities Appellate Tribunal (SAT) has to decide on the refund of around Rs 275 crore to policy holders.
India's SBI Life Insurance Co Ltd, a unit of State Bank of India, filed for an initial public offering of shares that bankers have said could raise more than $1 billion.
The IPO market is heading for a heavy rush with big names including UTI Mutual Fund and SBI Life expected to launch their IPOs amounting to Rs 20,000 cr.
SBI said it plans to dilute 10 per cent of its stake in the life insurance venture SBI Life through public offer.
SBI Life Insurance aims to achieve a growth of Rs one lakh crore in its assets and management business towards the end of this year.
Acquires Cynosure Inc and Cynosure Interface Solutions for $31mn and Rs13cr respectively
To add platform capabilities in the insurance segment which contributes 15% of total business
The Acquisition is expected to close within the next 3 months
Sells Essar Steel loan to Deutsche Bank
Has sold its $385 mn Foreign currency loan extended to Essar Steel
Bank has taken a 38% haircut
Rs 1600 cr is expected earnings to the bank from the deal
Economic Times Reports
To Sell 50% stake in prime Mumbai office assets to Blackstone for $1.3bn
The co is also in discussions to sell its residential and commercial projects in Chennai
To convene shareholder’s meet on 23rd March in regard to the proposed divestment
Gets Order Worth Rs 230 Cr From NTPC
To perform the pressure part metallurgy upgradation for 3 660MW super critical steam generators
Will help NTPC commission the 3x 660MW plant started 12years
Declared L1 bidder for EPC Project in UP worth Rs 677cr from NHAI
The completion period for the project is 30 months