Page 18 - Insurance Times August New 2023
P. 18

CCI  approves acquisition          well as lump-sum benefits in the form
           HDFC  Life  gets  GST
                                                                               of bonuses.
                                            of  stake  by  HDFC  in  2
           demand of Rs. 942 crore                                             The  higher  payout  is  due  to  the
           HDFC Life said that it has received a  insurers                     company  reporting  a  multi-fold
           notice from tax authorities related to  The Competition Commission of India  increase in net income at Rs 506 crore
           a demand for Rs. 942 crore towards  (CCI) granted its approval to mortgage  in FY23, up  from Rs 71 crore in the
           Goods and Services Tax (GST) dues  lender HDFC to acquire a certain stake  previous fiscal.
           between July 2017 to FY22.       in HDFC Life Insurance Company and
                                                                               The income growth was led by the
           The notice relates to the claiming of  HDFC  ERGO  General  Insurance  individual new business premium that
           input tax credit against supply of  Company Ltd.                    rose 59 per cent to Rs 7,093 crore in
           services, which the tax authorities  These approvals will help pave the way  the reporting year.
           believe are ineligible for such claims.  for the merger of HDFC into HDFC  Total premium income for the fiscal
           HDFC Life has been advised by its
                                            Bank, expected to be finalised by the  grew 42 per cent to Rs 20,503 crore
           legal and tax counsel that it has a
                                            third quarter of this financial year.  from Rs 14,445 crore, helping it book
           good contestable case.
                                                                               a 615 per cent increase in net profit at
           "This is an industry-wide issue, and  Tata AIA  Life to pay  Rs.    Rs 506 crore from Rs 71 crore in FY22.
           the  company  will  be  taking
                                            1,183 crore in dividend
           appropriate steps in due course to                                  Max Life, DCB Bank join
                                            Tata AIA Life Insurance has declared Rs
           reply to the show cause notice and
                                            1,183 crore  in  dividend  payout  to  hands to offer insurance
           contest  the matter," it said in  a
           regulatory filing.               participating policyholders for the past  products
                                            financial year, which is 37 per cent
           The company also said that India's                                  Max Life Insurance has partnered with
                                            higher than  the preceding fiscal and
           insurance regulator has granted                                     DCB Bank to provide a variety of life
                                            the highest till date.
           approval for transfer of HDFC Life                                  insurance products to  the latter's
           shares owned by HDFC Ltd. to HDFC  The Tata Group company has been  customers.
           Bank  in  view  of  their  proposed  paying bonuses to its policyholders over  Term, savings,  and retirement plans
           amalgamation.                    the years, and the FY23 bonus is 37 per  will be offered under this partnership.
                                            cent higher than Rs 861 crore paid in
           Insurance  regulator  has  also                                     V  Viswanand,  Deputy  Managing
                                            FY22,  the  company  said,  adding
           approved  HDFC  Ltd  to  acquire                                    Director,  Max  Life,  said,  "We  are
                                            7,49,229 policyholders are eligible for
           additional shares in HDFC Life to own                               delighted to join forces with DCB Bank
                                            the  bonus,  Samit  Upadhyay,  the
           more that 50% of its total share                                    as part of our growing Bancassurance
                                            president & chief financial officer said.
           capital. Shares of HDFC Life ended                                  network. DCB Bank's customer-centric
           1.9% lower at Rs. 626.9 apiece on  The  company's  participating (Par)  approach and widespread reach make
           the NSE.                         products offer life cover, income, as  them an ideal partner for Max Life. "
            14     August 2023   The Insurance Times
   13   14   15   16   17   18   19   20   21   22   23