Page 14 - Insurance Times February 2016
P. 14
Private Life Insurance
News
Reliance Lifelong Savings Aditya Birla Nuvo to venture into 5 sectors
Plan for saving and pro- Aditya Birla Nuvo (ABNL) intends to in- "At ABNL, our endeavour is to create
stall the money it will receive, from the long-term value for all stakeholders by
tection sale of 23 per cent stake in Birla Sun Life investing in promising sectors. At the
Insurance (BSLI) to join venture partner same time, the thrust has always been
Reliance Life Insurance Company, Sun Life Financial, in five
part of Reliance segments - non-banking fi- to keep the standalone bal-
Capital, has an- nance, housing finance, ance sheet strong, which
nounced the health insurance, payments has been the growth en-
launch of Reli- bank and solar power. gine for ABNL," the diver-
ance Lifelong sified conglomerate said in
Savings Plan. Aditya Birla Nuvo, had on December 2, an update.
2015, announced that Sun Life Finan-
The plan is a non-linked, participat- cial will increase its stake in the life The NBFC and housing finance busi-
ing endowment-cum-whole life plan insurance joint venture, Birla Sun Life nesses are growing at a strong pace
aimed to offer goal-based saving and Insurance, to 49 per cent from 26 per and require capital support. ABNL has
protection to policy holders. Its cent at an investment of Rs.1,664 capital commitments to the tune of
unique feature includes lifelong crore, subject to requisite approvals. Rs.600 crore for 2015-16 towards
cover, bonus, and two sums assured these two businesses.
- one at maturity and one at death.
AXA enhances stake in SBI Life to hit cap market with IPO in 2016
Bharti to 49% SBI Life may outshine HDFC Life to ers Watson as its insurance actuarial
become the first insurer in the coun- consultants for the IPO while Cardif has
French insurer AXA has increased its try to hit the capital market
stake in its life and general insurance with an Initial Public Offer- hired Milliman to look into
joint ventures, Bharti AXA Life Insur- ing (IPO). actuarial calculations. A SBI
ance and Bharti AXA General Insur- Life spokesperson, however
ance to the maximum permissible SBI Life Insurance, a joint said the company does not
limit of 49 per venture between the have any plans to launch an
cent recently. country's largest lender IPO at the moment.
The govern- State Bank of India and BNP Paribas
ment earlier in Cardif, is likely to call banker's beauty SBI Life Insurance has an authorized
2015 had allowed foreign promoters parade soon to give out a mandate. capital of Rs.2,000 crore and a paid up
to raise their stake up to 49 per cent SBI has offered Cardif to increase its capital of Rs.1,000 crore. For the first
after the passage of the insurance stake in the joint venture by another half of the current financial year, SBI
Amendment bill. "This transaction 10% from 26% now. Life has reported a 12.5% fall in its
confirms AXA's long-term commit- profit year-on year at Rs.407 crore due
ment towards the Indian insurance HDFC Life a joint venture between HDFC to decline in surrenders and capital
market and is another step in our de- and Scotland-based Standard Life has strain from new business growth. Its
velopment in Asia" said AXA Asia said it proposes to hit the markets early surrender profits fell to Rs.8 crore from
CEO Jean-Louis Laurent Josi. next financial year. SBI has hired Tow- Rs. 45 crore in 2014.
14 The Insurance Times, February 2016
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