Insurance

In a significant move towards digital transformation, Life Insurance Corporation of India (LIC) has introduced a new WhatsApp bot for premium payments, enhancing convenience for its vast customer base. This feature allows policyholders to easily check due premiums and make payments via UPI, net banking, or credit cards, all within the messaging platform. LIC's CEO, Siddhartha Mohanty, highlighted the ease and efficiency the new service brings to customers, reinforcing the company's commitment to modernizing its operations.

A growing number of insured Indians are grappling with a disconcerting reality: their health insurance may not be enough. A recent survey conducted by Future Generali India Insurance reveals that more than 80% of policyholders feel uncertain about the adequacy of their coverage amid soaring healthcare costs. With India facing one of the highest rates of medical inflation in Asia, even insured individuals are struggling to manage hospitalization expenses.

In a strategic move reflecting sustained confidence in India’s public sector banking sector, Life Insurance Corporation of India (LIC) has increased its shareholding in Bank of India (BoI) to 8.38% as of May 9, 2025. The country’s largest insurer gradually acquired an additional 2.026% stake in BoI over nearly four years, boosting its holding from 6.35%. The transaction underscores LIC’s broader investment strategy, which frequently emphasizes long-term positions in state-backed institutions.

Max Financial Services has reported a net profit of Rs 38.28 crore for the fourth quarter ended March 31, 2025, a significant turnaround from the net loss of Rs 50.08 crore during the same period in the previous year. However, the company’s total income for the quarter saw a decline, falling to Rs 12,396 crore from Rs 14,897 crore in Q4 FY24. For the full fiscal year, Max Financial posted a modest growth in net profit, marking a 2.81% increase compared to FY24. Despite these gains, the company's shares saw a slight dip on the Bombay Stock Exchange.

Canara HSBC Life Insurance Company Ltd, a prominent player in the Indian life insurance sector, has filed its preliminary papers with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). The offering, which will be a complete offer-for-sale (OFS), follows a similar move by Canara Robeco Asset Management Company (AMC), which also filed for an IPO recently. Despite market volatility, Canara HSBC Life’s IPO aims to raise funds through a strategic divestment of shares by its promoters and investors.

The Indian government is preparing to introduce the Insurance Amendment Bill in the upcoming monsoon session of Parliament, a key reform that proposes raising foreign direct investment (FDI) in the insurance sector to 100%. This move aims to enhance market efficiency, increase competition, and promote economic growth. The proposed changes also include reducing paid-up capital, allowing multi-insurer agents, and empowering the Life Insurance Corporation (LIC) to make operational decisions.

SBI Life Insurance, one of India's premier life insurers, posted a marginal increase in quarterly profit for Q4 FY25, even as overall income and premium collections saw a decline. The company’s net profit rose slightly to Rs. 813.5 crore, reflecting operational stability despite muted revenue growth. For the full fiscal year 2024–25, SBI Life recorded a 27% rise in annual net profit, driven by disciplined cost management, expansion in the value of new business, and an increase in assets under management.

SBI General Insurance has reported a significant increase in net profit, rising to Rs 509 crore for the 2024-25 financial year, more than double the Rs 240 crore recorded in the previous year. The company, a non-life insurance subsidiary of State Bank of India (SBI), also posted strong growth in its gross written premium (GWP), which rose by 11%, reaching Rs 14,140 crore. Additionally, the company maintained a robust financial position with a solvency ratio of 2.03, well above the regulatory requirement of 1.50, underlining its strong financial stability.

The Competition Commission of India (CCI) has approved the acquisition of stakes in Bharti AXA Life Insurance Company by 360 ONE Private Equity Fund and Bharti Life Ventures. This joint proposal aims to strengthen the life insurance company’s position in the market. The deal involves the acquisition of equity shares, and it is expected to boost Bharti AXA Life Insurance’s growth trajectory, enhance product offerings, and expand its distribution network. The approval marks a significant step in the collaboration between the Bharti Group and 360 ONE in the insurance sector.

The Employees' State Insurance Corporation (ESIC) has announced plans to establish 10 new medical colleges across India, targeting underserved regions. This initiative, aimed at expanding healthcare access for ESIC beneficiaries, comes as part of a broader effort to provide comprehensive medical services. Additionally, ESIC is working to integrate its services with the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PMJAY), ensuring cashless healthcare for over 14.4 crore beneficiaries.