STAR UNION DAI ICHI LIFE
Madhu Nair named CEO of Union Mutual Fund
Nair who was earlier the head of sales and distribution at HSBC Mutual Fund has worked with fund houses like Invesco MF, Kotak MF and Kothari Pioneer MF in various sales and distribution roles.
Madhu Nair to be Union Mutual Fund CEO
Madhu Nair has been appointed as the CEO of Union Mutual Fund, replacing G Pradeepkumar. Nair brings experience from HSBC Mutual, Invesco MF, Kotak MF, and Kothari Pioneer MF. Union Mutual Fund manages assets worth Rs 13,595 crore.
Union AMC appoints Harshad Patwardhan as CIO
Patwardhan said, “I am excited to join Union AMC and look forward to working closely with the leadership team. I am confident that we can build further on the excellent work done by the investment team. I see a great opportunity to further enhance our offerings' quality, scale, and scope and work closely with our distribution partners to help our investors achieve their financial goals.”
NPS rule change: PFRDA allows these investors to buy multiple annuities from the same life insurance company
The Pension Fund Regulatory Development Authority (PFRDA) has informed that it will now allow multiple Annuities for those NPS Subscribers who earmark the annuity corpus more than Rs 10 lakh wherein Rs 5 lakh utilised to buy each annuity scheme.
India’s $1 trillion bond market sees growing share of retirement savings
The change has been incremental, with insurers owning 26% of government bonds at the end of December, up from 22% in 2010, according to finance ministry data. Their presence is likely understated thanks to the popular use of a derivative trade, worth $19 billion by some estimates, which masks purchases.
Does your insurance company have money to pay claims easily? Find out here
Solvency ratio of insurance companies: We buy insurance policies to financially secure the future of our loved ones in the time of unexpected and untimely events such as loss of life, loss of property, etc. Therefore, as a policyholder, it is important for you to know about the company’s overall financial health and capability to pay the claims. The solvency ratio is one of the key determinants that suggests whether an insurer can stay solvent in the long run or not. Let’s understand what it is and how it works.
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SUD Life new business premium jumps 66% to Rs 1,926 crore in FY22
SUD Life is a joint venture between public sector banks -- Bank of India and Union Bank of India -- and Dai-ichi Life Japan. The life insurer said it honored about Rs 687 crore on gross claims during FY22, as against Rs 271 crore during the same period last year. The annual claim settlement score registered an improvement of 253.50 per cent, SUD Life said in a release.
SUD Life registers 80 pc jump in new business premium to Rs 1,309 crore in Dec quarter
The company's 13th-month persistency ratio now stands at 78.77 per cent, compared with 76.34 per cent. The solvency as of December 31, 2021, stood at 1.86 times.
Star Union Daiichi Life raises Rs 125 cr via maiden local bonds
The bonds, marked as subordinated debt in market parlance, offered 7.75 percent with a 10-year maturity.
Union AMC appoints Sanjay Bembalkar as equity fund manager
Prior to joining Union AMC, Bembalkar was working with Canara Robeco Asset Management Co Ltd as Fund Manager – Equities, where he managed some of the flagship equity funds since October 2019.
Union AMC aims to double AUM to Rs 10,000 crore
Union AMC's plan also comes against the backdrop of the amalgamation of Andhra Bank and Corporation Bank with Union Bank of India, which is the co-sponsor of the fund house along with Japan's Dai-ichi Life Holdings.
Bajaj Allianz Life appoints Santanu Banerjee as CHRO
Banerjee will lead the HR function and will be responsible for strategic direction of people management, including talent acquisition, training and development, performance management, organisational effectiveness, and succession planning.
Union Bank plans to lower stake in IndiaFirst Life to less than 10%
As per IRDA guidelines, one promoter cannot hold more than 10 per cent stake in two insurance ventures.
Bank of India may Sell 27% in Star Union Dai-ichi Life
A senior executive said the bank is seeking to sell the stake by the end of the financial year.
Bank of India looks to divest insurance JV stake for $160 million
BoI is looking to sell 64.9 million shares, or 25.02 per cent stake, in Star Union Dai-ichi Life Insurance Co.
BoI eyes Rs 1,200 crore from exiting life insurance arm Star Union
While BoI owns 28.96 percent in the JV, UBI holds 25.10 percent, and Dai-chi is the singel largest shareholder with 45.94 percent stake.
Nikkei closes at lowest since March on global growth concerns
The Nikkei share average ended 0.3 per cent lower at 21,148.02.
Nikkei hits 1-1/2-week low on global economy worries
The Nikkei share average dropped 0.5% to 21,919.33, the lowest close since Nov. 26.
Yield surge may prompt India to cut sales of short-term debt
The benchmark 10-year yield rose above 8 per cent last week for the first time since May 2015.
Dai-ichi Life buys 39.62% stake in Union AMC
The mutual fund company would now be co-sponsored by Union Bank of India and Dai-ichi Life.
UBI sells 40% in MF arm to Dai-ichi Life
Indian mutual fund industry has come of age making it attractive for global players.
Union Bank of India agrees sale of 40% stake in asset management company with Dai-ichi
Speaking to media soon after the board meeting, Rajkiran Rai, managing director of the bank said that board has given "approval to partner with Dai-ichi. The details are yet to worked out"
Union Bank may raise Rs 6,350 crore via bonds, share sale in FY18
Union bank looks to shore up capital to be ready for an acquisition if the government decides to merge small public sector banks with itself.
Life insurers' new premium up 27% in May to Rs 10,610 crore
Among the top private sector performers, SBI Life, HDFC Standard Life, Exide Life, Kotak Mahindra Old Mutual Life showed healthy rise in their new business premium.
Bank of India sells 18 per cent stake to partner Dai-ichi Life
State-run Bank of India on Tuesday sold 18% stake in Star Union Dai-ichi Life Insurance Company to its Japanese partner for Rs 540 crore, valuing the company at Rs 3,000 crore.
Bank of India sells 18% stake in life insurance venture Star Union Dai-Ichi
This move comes after the new insurance rules allow foreign partners in insurance companies in India to increase their stake to 49%.
Dai-ichi plans to raise investment in Indian venture
Despite the shrinking life insurance sector in the country for the last three years, Dai-ichi, Japan's largest life insurer, has remained bullish on India's sector and is planning to grow its investment in the country.
Bank of India to sell 18% stake in life insurance joint venture to Dai-ichi
Star Union Dai-ichi Life is a joint venture between Bank of India (48 per cent), Union Bank of India (26 per cent) and Japanese life insurer Dai-ichi Life (26 per cent).
Star Union Dai-ichi Life Insurance Company posts first profit of Rs 12.87 crore in 6 years
Private insurer Star Union Dai-ichi Life Insurance Company (SUD Life) today reported its maiden profit of Rs 12.87 crore in 2014-15, in its sixth full year of operations.
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