Category — Insurance

Reinsurance Group of America Opens India Branch

The Insurance Regulatory and Development Authority of India granted the Certificate of Registration to Missouri headquartered Reinsurance Group of America to set up a branch in India. RGA’s Canadian entity – RGA Life Reinsurance Company of Canada will be based in Mumbai.
Insurance

RGA has been operating in India since 2001 through its Irish entity and has 23 life insurance companies including state-owned Life Insurance Corporation as its clients in India and 5 in Sri Lanka, reports Money Control.

Thomas Mathew, managing director and CEO said the company has a long-term commitment to the Indian insurance market and is keen to provide continued service to its clients.

December 28, 2016   No Comments

Aetna to Invest $16 Million in India

Hartford, CT-based diversified healthcare benefits firm Aetna International will invest $16 million in its wholly-owned arm, Indian Health Organization India, to offer new health and wellness solutions.

Aetna Logo

The company offers a ‘Classic Family Consultation’ annual membership for a fee of $87 (Rs. 5880) for a family of four. Benefits of this membership include unlimited tele-consultations with doctors, ten free doctor consultation vouchers which can be utilized at leading hospitals in India, guidance on nutrition and diet, diagnostics, treatment and pharmacy. The wellness card has been launched in metros of Mumbai, Delhi, Chennai, Bangalore and Hyderabad. Going forward, Aetna through its subsidiary, plans to target 25 cities, reports Forbes.

Commenting on the development, Aetna International president Richard di Benedetto said, “India is a key market in our future growth strategy. The country has tremendous scope for growth in the healthcare sector. Affordability and accessibility are key challenges and our products and services are designed to help with this.”

October 16, 2016   No Comments

Lloyd’s Expects its Business to Grow 8-10 Percent in India

With its current annual premium income from India at $200 million, U.K.-based re-insurer Lloyd ‘s of London is looking at 8-10 percent annual growth in its India business.

The company has applied to India’s Insurance Regulatory and Development Authority for license and is likely to start operations in the country by early next year. Currently it underwrites business in the country on an off-shore basis.

“We are looking at a growth in our business from India operations in future at 8-10 per cent which is slightly more than the country’s GDP growth,” Lloyd’s of London chairman John Nelson told reporters at the Times of India.

John Nelson

John Nelson

“We will grow our business in the country gradually by offering solutions for complex and specialist risks like infrastructure, energy, director and officer liability, trade credit, terrorism and disaster management. For us, Indian market from the day one will be high competitive market,” he added.

September 14, 2016   No Comments

Three Indian Companies Debut in Forbes Asia’s Fab 50

A financial conglomerate, a bank and a motorcycle manufacturer are three new entrants from India to Forbes Asia’s Fab 50 list:

1. Bajaj Finserv is a company based in Pune, 91 miles east of Mumbai, which holds stakes in: Bajaj Finance, Bajaj Allianz General Insurance, and Bajaj Allianz Life Insurance. With $2.1 billion in revenues, Bajaj Finserv serves 80 million customers across India with a workforce of 26,000.

2. IndusInd Bank, based in Mumbai, the financial hub of India, reported a fiscal 2016 revenue of $2.3 billion, notching a 15% sales growth and 19% in profit growth over the last fiscal.

3. Eicher Motors, based in New Delhi, announced a sales of $1.9 billion, a 57% increase in net profits over its last fiscal. Its iconic, mid-size motorcycle, Royal Enfield sales clocked at 500,000 in the past year. It also makes trucks and buses through a joint venture with Swedish auto major Volvo, reports Forbes.

Forbes Asia's Fab 50 Logo

August 27, 2016   No Comments

India’s Digital Advertising Market Projected To Grow at 35%

According to an IAMAI-IMRB report titled Digital Advertising in India, the country’s digital advertising market is projected to grow at a CAGR of 35 percent to reach $1.25 billion by the end of this year.
Since 2010 this market has been growing steadily, in 2016 dollars:
2010-2011 — $156 million
2012-2013 — $320 million
2014-2015 — $837 million
Online Marketing
In terms of volume, e-commerce led the digital advertisement spends with $151 million  followed by telecom $ 105 million, banking, financial services and insurance $ 120 million  and FMCG $105 million, the report by Internet and Mobile Association of India (IAMAI) and IMRB International said. Money Control reports that banking, financial services and insurance sector spent a higher share of its advertisement expenditure on digital compared with other verticals with 40 percent of its overall advertising spends going towards digital. This was followed by e-commerce (26 percent), telecom (25 percent) and travel (25 percent).

July 8, 2016   No Comments