GROSS WRITTEN PREMIUM GWP
Star Health aims to double Gross Written Premium to Rs 30,000 cr in 4 yrs: MD
Star Health and Allied Insurance Company Ltd. has set a target to double its Gross Written Premium to about Rs 30,000 crore over the next four years. The company, based in Chennai, has recorded a profit after tax of Rs 845 crore, a 37% increase from the previous financial year. The company has approved claims of about Rs 44,000 crore since its inception in 2006.
Go Digit stock likely to face pressure amid elevated combined ratio
After gaining over 24% within three weeks since listing on bourses on May 23, the stock of Go Digit General Insurance has remained range bound following weak performance in the March quarter, which was declared on June 11.
Star Health looking to grow 18%, improve claims ratio by 50 bps: Anand Roy, CEO
Star Health & Allied Insurance expects 18-20% growth in gross written premiums this year, aiming to double premium income in four years. CEO Anand Roy discussed the company's strategies with Shilpy Sinha.
Go Digit Q4 Results: PAT jumps 104% YoY to Rs 53 crore; gross written premium up 19%
The net profit stood at Rs 182 crore for the full financial year as against Rs 36 crore in FY23, recording a 405% jump. The gross written premium for the full financial year stood at 9,016 crore versus Rs 7,243 crore in FY23.
Shriram General Insurance records Q4 net profit at Rs 121 crore; GWP rises 34%
Commenting on the financial performance, Shriram General Insurance Company Ltd MD and CEO Anil Aggarwal said, "The year gone by has been a milestone for our business as we recorded the highest ever growth since we began our operations in 2008. Our Gross Written Premium rose to 34 per cent exceeding the industry growth of 12.8 per cent."
Go Digit on the fast track to growth is a long-term investor's bet, for now
Go Digit has grown business faster over the past six years. It has the lowest loss ratios among peers, which reflects high underwriting quality. In addition, a higher retention ratio and claims ratio augur well for future growth.
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SBI Life Q3 Results: PAT rises 6% YoY to Rs 322 crore; net premium income jumps 16%
Net premium income for the third quarter increased 16% year-on-year (YoY) to Rs 22,316 crore. The growth in individual new business premium by 17% to Rs 17,760 crore in the nine months of fiscal 2024. NBP rose 21% to Rs 26,000 crore in the nine months ended December, aided by growth in individual annuity business by 35%.
SBI Life Q2 Results: Net profit flat at Rs 380 crore; premium income up 22% YoY
Net premium income during the second quarter increased 22% year-on-year (YoY) to Rs 20,050 crore. It was Rs 16,477 crore in the corresponding quarter of the previous year.
August premium growth: Bajaj Allianz, Tata AIG corner top two ranks
The industry saw premiums amounting to Rs 19,291 crore, marking a 12.80% increase compared with the same month last year. Bajaj Allianz General Insurance saw 64% growth while Tata AIG General Insurance saw a 26% jump in the gross written premium, when the listed state-run insurer New India Assurance grew 2.63%.
SBI Life Q1 Results: Profit jumps 45% YoY to Rs 381 crore; premium income rises 19%
SBI Life records 18% growth in individual new business premium to Rs 4,060 crore in the first quarter, while the overall new business premium rose 11% to Rs 6210 crore, aided by 18% growth in single premium business.
'Life Insurers' premium growth may be muted
In the first quarter of FY24, HDFC Life, SBI Life, and Max Financial Services are projected to achieve year-on-year annual premium equivalent (APE) growth of 15%, 8%, and 8%, respectively, while ICICI Prudential Life is likely to experience a 9% decline in APE on year. According to Motilal Oswal, value of new business (VNB) growth is estimated at approximately 8% on-year for SBI Life, 28% for HDFC Life, and 17% for Max Financial Services, while ICICI Prudential Life's VNB is expected to decline by 5% on year in the first quarter.
Star Health Q4 Results: Profit at Rs 619 crore, gross written premium grows 13% YoY
The operating expense to GWP ratio was at a healthy 15.9% in FY23 versus 16.0% in FY22. At 2.14x, the company registered a robust solvency ratio for the year, higher than the minimum regulatory requirement of 1.5x, Star Health said.
IFFCO-Tokio crosses Rs 10,000 crore gross written premium in FY23
IFFCO-Tokio General Insurance Company was incorporated on in December 2000. It offers retail products like motor, health, travel, home and personal accident insurance and corporate products, including, property, marine and liability insurance.
General, health insurers face a single management expense limit
The draft IRDAI (Expenses of Management of Insurers Transacting General or Health Insurance Business) Regulations, 2022, has proposed the insertion of a single limit of 'Expenses of Management' and additional allowances towards the rural sector and government welfare-oriented schemes; also for expenses towards 'insurtech' and 'insurance awareness'.
Jhunjhunwala & Co backed Star Health rises 3% after premium increases 12%
As per Trendlyne data, the highest target for stock goes up to Rs 920, while the average estimate of Rs 767 shows an upside of the potential of around 25% from the current market prices. Out of the 14 analysts covering the stock, seven of them have strong buy and buy ratings, while only six have strong sell and sell ratings and the other one has a hold rating.
Bollywood director Vivek Agnihotri buys premium apartment in Mumbai’s Versova
The buyers have paid stamp duty worth Rs 1.07 crore at the time of registration of the deal, showed the documents accessed through Indextap.com. The buyers have undertaken the registration of the agreement for the deal on September 27th after the end of Pitru Paksha, which is usually considered inauspicious for any new ventures.
Future Generali India aims for 20pc growth in FY23
In the previous fiscal, the private general insurance major had registered a growth of 8 per cent with a gross written premium (GWP) of Rs 4,210 crore.
Irdai provides more flexibility to insurers, eases limits for commissions
The insurers have been told by Irdai that their commission and remuneration payout should be based on a board-approved policy which will be reviewed on a yearly basis. No commission shall be payable to insurance agents or the insurance intermediaries in the direct business, and the insurers must grant discounts on the premium.
Non-life insurers' gross premium income rises 24% to Rs 21,327 cr in April
Of the total 31 non-life insurance companies, 24 general insurers registered a growth of 23.57 per cent in their gross direct premium written in April at Rs 19,705.86 crore, according to data from the Insurance Regulatory and Development Authority of India (IRDAI).
Aditya Birla Health Insurance gross written premium jumps 39 pc to Rs 764 cr in H1 FY22
Aditya Birla Health Insurance Co. Limited. (ABHICL), the health insurance subsidiary of Aditya Birla Capital Limited (ABCL), has completed five years with a gross written premium (GWP) of Rs 764 crore in H1 FY22, the insurer said in a release. It had registered a gross written premium of Rs 550 crore in the first half of the last fiscal.
Niva Bupa aims to achieve Rs 5,000 cr GWP; to expand footprint by FY23-24
Standalone health insurance player Niva Bupa Insurance, formerly Max Bupa Health Insurance, was eyeing to clock Rs 5,000 crore on its Gross Written Premium at the national level and Rs 800 crore in southern region by financial year 2023-24, the company said on Tuesday.
Non-life insurance companies gross direct premium rises 5.5 per cent to Rs 15,743 crore in November
On a cumulative basis, the gross direct premium written by all the insurers during April-November period of FY22 increased 11.72 per cent to Rs 1,42,128.88 crore, as per Irdai data.
Niva Bupa Health Insurance projects Rs 5,000-cr gross written premium by 2023-24
Niva Bupa Health Insurance Company (formerly Max Bupa Health Insurance Company) said it has been aggressively expanding its presence across Tier-II, III and IV cities, opening one new office every 3.5 days in the last year. Currently, Niva Bupa has a presence in 350 cities that will further increase to over 600 cities by FY2023-24.
Non-life insurers' gross direct premium up 7 pc at Rs 14,809 cr in June
Of these, the 25 general insurance companies registered 4.9 per cent rise in gross direct premium during the month at Rs 13,041.51 crore as against Rs 12,435.71 crore in the year-ago period.
Bharti AXA General Insurance reports gross written premium of Rs 3,183 cr in FY21
Bharti AXA General Insurance reported a nominal growth of 0.82 per cent in its gross written premium (GWP) at Rs 3,183 crore in the fiscal 2020-21, as against Rs 3,157 crore in FY20.
SBI General Insurance FY21 gross written premium rises 22% to Rs 8,312 crore
The non-life insurer increased its customer base by more than 3 crore during FY21.
New India Assurance Q3 results: Net profit rises 6% to Rs 524 cr
The general insurer also reported a 4.3 per cent increase in total income at Rs 7,982.74 crore in Q3 of 2020-21 as against Rs 7,652.59 crore in the same period of 2019-20, it said in a regulatory filing.
Covid scare prompts rush for health cover, other segments hit
Premiums worth Rs 1,807 crore underwritten in March by standalone health insurers.
General insurance industry's premium grows 16% in April
After the increase in the third party motor premium since April 1, the industry, as a whole, has recorded the highest growth in the portfolio, a 23 per cent rise in total premium to Rs 1,888 crore.
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