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CAMS is focusing on expanding its Electronic Insurance Account (EIA) business following a partnership with the Life Insurance Corporation of India (LIC). Managing Director Anuj Kumar highlights the significant growth potential in the insurance repository sector, emphasizing that a larger number of EIA accounts can drive market share. Since individuals can hold only one EIA, this digital account is crucial for capturing market presence.
The Life Insurance Corporation (LIC) aims to generate five times the Rs 840 crore stipend cost from the Bima Sakhi scheme, launched in Panipat. Chairperson Siddhartha Mohanty announced plans to enroll 1 lakh women in the first year, with each receiving a monthly stipend of Rs 7,000. Despite regulatory changes, LIC expects to maintain its 60 percent market share.
Prime Minister Narendra Modi will launch the Bima Sakhi Yojana in Panipat, Haryana, on December 9. This initiative by the Life Insurance Corporation aims to empower women aged 18-70 who have completed Class X by providing specialized training and a stipend for three years, enabling them to become LIC agents and potentially qualify for development officer roles. Candidates must submit proof of age, educational qualifications, and address to apply.
The Insurance Amendment Bill proposing 100% foreign direct investment (FDI) in the insurance sector is unlikely to be introduced in the current winter session of Parliament due to time constraints. Sources indicate it may be tabled during the Budget session instead, following necessary adjustments based on stakeholder feedback. The finance ministry aims to amend the Insurance Act of 1938, raising the FDI limit from 74% to 100%, while also seeking public comments on the proposed changes by December 10.
The combined market valuation of six of the top-10 most-valued firms increased by Rs 2,03,116.81 crore last week, driven by gains from Tata Consultancy Services (TCS) and HDFC Bank. The BSE benchmark rose by 1,906.33 points, or 2.38%, while the NSE Nifty climbed 546.7 points, or 2.26%. TCS's market valuation surged by Rs 62,574.82 crore, reaching Rs 16,08,782.61 crore.
The combined market valuation of nine of the top-10 most valued firms increased by Rs 2.29 lakh crore last week, driven by a rally in benchmark indices. Life Insurance Corporation of India (LIC) emerged as the biggest gainer, with its valuation rising by Rs 60,656.72 crore to Rs 6,23,202.02 crore. HDFC Bank also saw a significant increase, adding Rs 39,513.97 crore to reach a valuation of Rs 13,73,932.11 crore.
The National Stock Exchange (NSE) has expanded its futures and options (F&O) segment by adding 45 new stocks, effective November 29, 2024, increasing the total to 223. This inclusion, following SEBI’s revised criteria, aims to enhance liquidity and market participation, featuring notable stocks like LIC, Jio Financial Services, and Zomato. Analysts anticipate that this move will boost trading volumes and improve price discovery for these stocks.
The Ministry of Finance is seeking comments on proposed amendments to key insurance laws, aiming to raise the foreign direct investment (FDI) cap in the sector from 74% to 100%. The draft bill, expected to be presented in the ongoing winter session of Parliament, also includes provisions for composite licenses for insurers and relaxed norms for foreign reinsurers. These changes are designed to enhance accessibility and affordability of insurance, supporting the government's goal of "Insurance for all by 2047."
LIC shares rose by 1% to Rs 927 on November 28, fueled by reports of the insurer pursuing a 50% stake in ManipalCigna Health Insurance. This strategic move aims to enhance LIC's presence in the health insurance sector, aligning with previous statements from its CEO about expanding offerings in this rapidly growing market.
State Bank of India reported a consolidated profit of Rs 20,219.62 crore for Q2FY25, marking a 23.4% increase year-on-year, with standalone profit rising 27.9% to Rs 18,331.44 crore. The bank's gross NPA ratio improved to 2.13%, while credit growth reached 14.93% YoY, driven by corporate and agricultural advances. Meanwhile, Tata Steel's EBITDA rose to Rs 55 billion, bolstered by strong Indian operations, despite widening losses in Europe.
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