Page 17 - Insurance Times July 2023

of 25% in May 2023 and 26% in April announced a bonus of Rs 840 crore to investment of Rs. 50-70 crore, possibly
2023, surpassing the individual APE more than 6.5 lakh participating in tranches, subject to executive of
growth of 10% and a decline of 1%, policyholders for the last financial year certain terms and agreements.
respectively. This trend, coupled with ended Mar. 31, 2023.
Digit Insurance already has general
subdued growth in average ticket size
Kotak Life's bonus for fiscal 2023 is 24% insurance operations through Go Digit
during the first two months, ranging
higher than what was paid for FY22 General Insurance, which refiled its
from -2% to +4%, indicates a potential
and marks 22nd consecutive year of preliminary IPO papers with SEBI in
increase in retail protection, which had
bonus payment to policyholders. April 2023 after making certain
been relatively slow in the previous changes to its employee stock
"We are pleased to announce an
fiscal year (FY23). appreciation right scheme. It offers
increased bonus for our valued
Newer players in the industry customers. We have strengthened our motor, health, travel, property, marine
showcased more robust performance. customer engagement initiatives and liability, among other products.
Bajaj Life experienced a strong 18% through enhanced digital capabilities
growth in individual APE, although and analytics and will continue to LIC tanks 35% in 1 year
group business witnessed a decline of provide convenient and easy solutions
since market debut
58%. Aditya Birla Sun Life Insurance for them," said Mahesh
Shares of LIC have fallen 35% from the
and Tata AIA reported 33% and 21% Balasubramanian, Managing Director,
listing day and nearly 40% from the IPO
growth in individual APE, respectively. Kotak Mahindra Life Insurance.
price of Rs 949. The Rs 2.4-lakh-crore
The life insurance industry recorded a
loss in market cap since its listing on
total premium of Rs 36,043 crore for Go Digit gets nod to start
May 17, 2022 brackets LIC's listing
the first two months of the current
life insurance operations among the worst first-year
fiscal, a decline of 15% over last year. performances by a public sector stock.
Go Digit has received the IRDAI's
The decrease was due to a big jump in
approval to commence life insurance For years, LIC was speculated to be the
growth in the previous quarter of FY23.
operations. most valuable financial institution in
India, considering it was the largest in
In August-September 2022, HDFC Bank
Kotak Life bonus of Rs. 840 terms of assets under management.
and Axis Bank had said they will both
crore to policyholders acquire up to 9.94 per cent stake each The corporation was among the most
recognised brands in the financial
Kotak Mahindra Life Insurance in Go Digit Life Insurance through
sector and had more policyholders than
the population of Brazil.
Life cover for surrogate mothers, egg donors
However, the moment of truth came
Aegon Life Insurance becomes the first life insurance company to offer a
exactly a year ago during its IPO when
customized plan that offers coverage to surrogate mothers and egg donors,
it turned out that, going by its upper
thus, effectively backing their financial well-being.
band price, the government had valued
This trailblazing initiative supports the implementation of provisions in the LIC at around Rs 6 lakh crore, which
Surrogacy (Regulation) Act, 2021, and the Assisted Reproductive Technology
was lower than many private sector
(Regulation) Act, 2021, spearheaded by India's Ministry of Health & Family
companies. A year after listing, the
Welfare.
corporation's mcap has dipped to Rs
This new kind of life insurance plan provides a life cover of three years for 3.6 lakh crore - less than that of
surrogate mothers and one a year for egg donors to provide protection private sector companies like Bajaj
against any life-threatening complications arising out of the said procedures. Finance and Kotak Mahindra Bank, and
13th in terms of the most valuable
This product is novel in the sense that it is aimed specifically at surrogate
companies in the country.
mothers and egg donors, who have largely been overlooked by conventional
life insurance products. In case of an unfortunate event leading to their death,
Mortality rate after Covid
the policy provides financial protection to their nominees. Offered as a group
plan through ART-registered fertility and surrogate clinics, the company has is lower than expected
already provided coverage for over 100 surrogacy procedures since the
Mortality rates after the pandemic
beginning of this calendar year.
have been lower than expected, and
16 July 2023 The Insurance Times