Page 13 - Insurance Times February 2023

said in a notification to the exchanges.
SBI Life Q3 profit falls over 16%
IRDAI had imposed monetary penalties
SBI Life Insurance Co reported a 16% fall in third-quarter profit, dragged
on Axis Bank and Max Life Insurance
down by an increase in expenses.SBI Life posted a profit of Rs 3.04 billion
because it had found certain violations
in the third quarter, down from Rs 3.64 billion a year earlier, the company
of its directions in transfer of shares of
said in an exchange filing.
Max Life between Max Financial
Net premium income rose 6% to Rs 191.70 billion from Rs 180.25 billion, Services and Axis Bank as well as its
while income from investments rose to Rs 74.42 billion from Rs 24.24 billion. subsidiaries.
Expenses of management increased by 25%, however, to Rs 17.59 billion Max Life was asked to pay Rs 3 crore
compared to Rs 14.02 billion.
as penalty and Axis was told to pay Rs
"The company has maintained its leadership position in individual rated 2 crore.
premium of 111.4 billion with 25.7% private market share in the first nine
months of FY 23," it said.The insurer's assets under management (AuM) Insurance mis-selling
stood at Rs 3 trillion.
complaints shows

LIC likely to look at comprehensive manner taking into downward trend
consideration Life Insurance The data of complaints from
composite licence
Corporation Act, 1956. policyholders is showing a downward
LIC may take a call on composite
trend. The number of the complaints
licence clause after the passage of Axis to pick residual stake
has come down to 23,110 in 2021-22
Insurance Laws (Amendment) Bill in
in Max Life from 25,482 in 2020-21. The incidence
Parliament, sources said. As per the
of mis-selling complaints per 10,000
After receiving a rap from IRDAI, Axis
proposed Bill, an applicant may apply
policies sold has also reduced over the
Bank said it has entered into revised
for registration of one or more classes/
years as per the latest data available
agreements with Max Financial
sub-classes of insurance business of any
with Insurance Regulatory and
Services. Under these pacts, Axis will
category or type of insurer. However,
Development Authority of India
acquire the balance 7 per cent equity
reinsurers are prohibited from seeking
(IRDAI).
registration of any other class of in Max Life Insurance at fair market
insurance business. value. This would be done using The complaints being disposed in the
discounted cash flows instead of favour of the complainant has
A composite licence will allow insurers
valuation according to Rule 11UA of increased from 24 per cent in 2020-21
to undertake general and health
the Income Tax Rules, 1962. to 27 per cent over in 2021-22.
insurance via a single entity. Sources
said LIC would take a call on composite "This revision has been done "Due to effective supervision and
licence and other issues emanating out consequent to the guidance received efforts of the regulator the overall
of passage of the Bill in a by Max Life from the IRDAI," the bank number of Unfair Business Practices
12 January 2023 The Insurance Times