Insurance News
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LIC says its ITC investment is 'in interest of public welfare', seeks dismissal of PIL
24-Jun-2017 (09:53)
Insurance regulator IRDAI directs Sahara India Life Insurance to stop underwriting new business
24-Jun-2017 (09:32)
GST impact: Insurance premium, credit card bills, to get costlier
20-Jun-2017 (17:46)
LIC corners 38.67% of SBIs Rs 15,000 crore QIP
19-Jun-2017 (19:40)

State-owned Life Insurance Corporation (LIC) bought shares worth over Rs 5,800 crore in SBIs Rs 15,000 crore qualified institutional placement (QIP).

The insurance behemoth bought 38.67 per cent of shares put on the block via QIP by the country's largest bank earlier this month.

Following the investment, the shareholding of LIC in the SBI has increased to nearly 10.6 per cent from 8.6 per cent.

Europacific Growth Fund picked up 10.62 per cent of the securities, as per a regulatory filing.

Shareholding of insurance companies in SBI has increased to 11.77 per cent after the issue as against 10.14 per cent at the end of March quarter.

In the largest equity issuance in the country, State Bank of India had raised Rs 15,000 crore through QIP. It had issued around 52.21 crore new shares at a price of Rs 287.25.

The EuroPacific Growth Fund is part of a family of mutual funds called American Funds. The fund invests in stocks of companies operating across diversified sectors.

SBI will use the QIP proceeds to augment its capital adequacy ratio and for general corporate purposes.
Insurance Information Bureau plans central data base of insurance agents
19-Jun-2017 (09:37)
Kotak Mahindra Bank acquire 26% of shares from Old Mutual Plc in insurance arm gets CCI nod
16-Jun-2017 (19:25)
Private life insurance companies drive industry's growth in May
15-Jun-2017 (09:47)
Life Insurance Companies New Business Premium jump 11% in May
13-Jun-2017 (09:54)
IRDAI takes over management of Sahara Life Insurance; appoints R K Sharma as administrator
13-Jun-2017 (09:35)
Reliance General Insurance IPO by FY18-end
12-Jun-2017 (16:59)
LIC settles 99.92 per cent of death claim cases, sets record high
12-Jun-2017 (09:58)
UK-based Standard Life pushes for listing of HDFC Life Insurance
10-Jun-2017 (09:56)
IRDAI reaffirms original position on HDFC Life - Max Life Insurance merger
08-Jun-2017 (18:55)
Max Life, HDFC Life Insurance 'committed to merger', weighing options
08-Jun-2017 (12:51)
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