Page 10 - The Insurance Times October 2024

GIC Re Evaluates Its Stake in GIC Housing Finance Attention Subscribers
Ltd. Please renew your Subscription of The
GIC Re is reviewing its 15.26% stake in GIC Housing Finance Ltd. (GICHFL) Insurance Times Journal to receive
and is considering several options, including a potential stake sale or bring- copy of the journal uninterruptedly.
ing in a private investor to boost the company's growth. Alongside GIC Re, You can now pay by GPAY, Phonepe,
four other public insurers collectively own 27.15% of the company.
Paytm, Amazon, ICICI Pay, BHIM UPI
The housing finance firm has seen positive growth in recent quarters, with
improved asset quality and increased disbursements. Despite this, GIC Re's
Chairman, Ramaswamy Narayanan, has expressed the possibility of selling
the stake if the company's performance doesn't meet expectations over the
next year.
GICHFL, established in 1989, has seen improved financial results, with sig-
nificant growth in loan sanctions and disbursements during the first quarter
of FY25.

Tata's Financial Services In January 2024, Tata Capital merged
its subsidiaries-Tata Cleantech Capital
and Insurance Businesses and Tata Capital Financial Services-into

Post Strong FY24 Results Tata Capital itself. Additionally, in June,
Tata Group's financial services and insur- the boards of Tata Motors, Tata Capi-
ance sectors delivered impressive prof- tal, and Tata Motors Finance approved
its in the 2023-24 fiscal year (FY24). Tata the merger of Tata Motors Finance
Capital, the conglomerate's financial with Tata Capital, allowing Tata Mo-
arm, reported a net profit of Rs. 2,492 tors to hold a 4.7% stake in the merged
crore on revenues amounting to Rs. entity.
13,309 crore, according to Tata Sons'
FY24 annual report. Star Health Ventures into
The group's two insurance ventures Life and Motor Insurance
also saw substantial gains. Tata AIA Star Health and Allied Insurance plans
General Insurance posted a net profit to expand its offerings by entering the Sashi Publications Easy Payment
of Rs. 685 crore, while Tata AIA Life motor and life insurance segments. Modes :-
Insurance recorded a net profit of Rs. The company is awaiting the neces- i) UPI ID: SASHIBOOKS@KOTAK
1,313.84 crore. Tata Sons holds a 74% sary legislative amendments to the ii) GPAY: 9830171022@okbizaxis
stake in the general insurance arm and Insurance Act to acquire a composite
iii) PAYTM: 9830171022@paytm
a 51% stake in the life insurance ven- license that will allow it to offer both
iv) NEFT: Current A/C
ture. During FY24, Tata AIA General life and non-life insurance products
Insurance achieved a turnover of Rs. under a single umbrella. 402120110000327 of 'SASHI
PUBLICATIONS PRIVATE
15,422.56 crore, while Tata AIA Life
This strategic shift aims to leverage LIMITED, Bank of India, VVK
Insurance generated Rs. 25,691 crore. Star Health's extensive customer base Road Branch., Kolkata, India,
This performance comes amid regula- in the health insurance sector and IFSC Code : BKID0004021
tory shifts, including the Reserve Bank market new products to existing cli- v) Credit Card:
of India (RBI) designating Tata Capital ents. The insurer plans to achieve a
www.sashipublications.com
as an upper-layer non-banking financial total premium portfolio of Rs. 30,000
company (NBFC). The RBI has man- crore by 2028, with a significant focus For any query please call
dated that Tata Capital be listed by on both retail health insurance and its 9073791022/9883398055
September of the following year. group insurance business. www.sashipublications.com

The Insurance Times October 2024 9