12 % Rise in Life Insurance premium, non life grows by 13 %
New business premium in the life insurance sector increased by 12 per cent in the year ended March 31, 2014, compared to the previous year, according to T S Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA).
“We have got only provisional, unaudited figures so far. The growth in the non-life sector was around 13 per cent,’’ Vijayan told Business Line on the sidelines of the first Insurance Awareness Day celebrations organised by IRDA here on Saturday.
During the year 2012-13, total premium in life and non-life insurance stood at Rs 2.87 lakh crore and Rs 63,000 crore respectively.
Reliance reports numbers in line with street expectations
Reliance Industries Ltd (RIL) reported a marginal rise in net profit for the fourth quarter ended March 31 at ₹5,631 crore, a 0.8 per cent increase from the ₹5,589 crore reported in the year-ago period.
Turnover rose 13 per cent to ₹97,807 crore. The board of directors has recommended a dividend of ₹9.50 per fully paid-up equity share of ₹10, aggregating ₹3,268 crore, including dividend distribution tax.
Higher refining margins during the quarter offset the decline in earnings from RIL’s core oil and gas exploration and production (E&P) business. .
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PIRAMAL to buy 20% stake in SHRIRAM CAPITAL
Ajay Piramal’s Piramal Enterprises Ltd on Thursday said it had agreed to acquire an effective 20% stake in Shriram Capital Ltd, an arm of the Chennai-based Shriram Group, for an aggregate consideration of Rs.2,014 crore, as it seeks to reinforce its presence in the financial services space