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| LIC to invest more in Stock Market
LIC, being countrys largest insurer said today through its sources that it plans to pump in about Rs 10,000crore in the Indian stock markets by Marchend of 2010 which shall take its annual equity investment to Rs 60,000 crore for this fiscal.
LIC Executive Director (investment operations) N Mohan raj told news agency PTI, "Our investment in the equity market so far has already crossed Rs 50,000 crore and we expect to close the fiscal (200910) with an investment of Rs 55,00060,000 crore" .
LIC has been among the largest investors in NTPCs Followon Public Offer and is strongly looking forward to strengthen in other PSU public offers in the following year. After the collapse of Lehman Brothers in America in 2008, this is being looked at a very favorable note in the stock bourses.
LIC has also increased its stake in RIL to 6.94 % over the past two years through open market transactions
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| Allianz raises dividend, AEGON decides against it after returning to profit
Europes biggest insurance company Allianz will raise its dividend payout by 17 per cent after returning to profit. Dividend for 2009 was raised to €4.10 a share, from €3.50 a share for 2008.
Net income from continuing operations, excluding the sale of Dresdner Bank last year, was 1.09 billion euros ($1.47 billion), compared with a 145 millioneuro loss posted a year earlier.
The Operating profit of Munichbased insurer more than doubled to €2.05 billion in the SeptemberDecember quarter, taking the fullyear figure to €7.18 billion revenue for the same period rose 10.7 per cent to €25.5 billion. The decline property and casualty insurance was offset by a growth in asset management and a return to profit in life and health insurance segment.
"With regard to key figures for the fiscal year 2010, we believe that our operating profit will be at the same level as 2009," CEO Michael Diekmann said.
Dutch insurer AEGON didnt declare dividend, but did beat market expectations with a profit of €393 million in the fourth quarter, as compared to a loss of €1.18 billion a year ago.
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| AIG to sell Asian insurance biz to Prudential Plc
Prudential has decided to buy nationalized US insurer American International Groups Asian business for about $35.5 billion. This would be AIGs biggest largest asset sale since the US government offered approximately $182 billion in taxpayers money to keep the insurer afloat and avoid any collateral damage.
Prudential Plc UKs secondlargest insurer has offered to pay about $35.5 billion of which $25 billion would in cash, which it would raise by issuing equity, and the remainder in stock, said the people familiar with the deal.
The move by AIG strategically makes sense and could generate proceeds, which would help reduce the oversight by Federal Reserve over AIG the US Treasury currently owns 80 per cent of the insurer. AIG also plans to sell Alico, which primarily operates in Japan and Europe.
The insurer posted widethanexpected net loss of $8.87 billion for the fourth quarter from $61.7 billion or $458.99 a year ago. The $65.51 a share loss included $6.7 billion for repaying Federal Reserve credit line and $1.8 billion to add to propertycasualty reserves.
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| Mediclaim Cos cannot fool clients by playing with words: Court
“The death of a portion of heart muscle as a result of inadequate blood supply as evidenced by an episode of typical chest pain, new ectrocardiaographic changes and by elevation of the cardiac enzymes. Diagnosis must be confirmed by a consultant physician.”
This is not the description of a heart disease in a medical journal but definition of the now common heart attack in the policy of a prominent life insurance company.
When St Stephen’s Hospital handed A. K. Jain a bill of Rs 1.91 lakh after heart surgery, he remained cool.
He expected full reimbursement from his mediclaim policy with ICICI Prudential Life Insurance.
He had suffered a heart attack on November 11, 2007. A stent was placed in the veins to regularize blood flow.
To his shock, the company declined to pay, saying “his disease did not correspond to the symptoms laid down in the insurance cover”. It was pointed out “no muscle of heart became dead” and “no elevation of enzymes was noted ”, and “no changes were found in the ECG”.
Not ready to take the injustice lying down, Jain moved the consumer court.
Twoandhalf years later, on Tuesday, Jain got justice with the Delhi State Consumer Commission asking ICICI to reimburse full amount and a compensation of Rs 8,000. The panel termed ICICI’s definition of ‘heart attack’ as laying down of rare symptoms deliberately to deny reimbursement.
In a message to all companies, the panel headed by Justice Barkat Ali Zaidi said it is not open to a insurance company to insist on symptoms and details which often do not appear to escape payment of compensation. “It amounts to defrauding and cheating the customer”.
Symptoms of all heart ailment cannot always be the same and cannot match 100 percent”, said the panel upholding a district forum order.
Countering ICICI’s argument that Jain had signed the document with their conditions, the panel said such minute details are generally glossed over and citing them to deny payment was “fraud and deception”. “The spirit of the agreement (between the company and policy holder) must be assumed to be such as to provide relief in case of any heart disease.
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| Aviva reports profit rise, calls Prudential’s Asia plans “audacious”
Aviva Chief Andrew Moss has called Prudentials Asia takeover plans as "audacious" and said that Aviva would be growing with the help of its own deals in Europe, especially Britain.
After announcing a surprising rise in its operating profits, Moss said that the offers made by its rival were "audacious." He was confident that the company would be able to make progress and was not under any kind of pressure.
Prudential has, on Monday, made an offer to buy AIGs Asia business for $35.5 billion.
He further added that Britains second largest insurer would now be focusing more on its business in Europe. He said that the European market is going to increase in absolute terms and that there are threats of increasing consumer regulations in Asia.
Moss expects the European market to be worth close to $1.7 trillion in the next five years period, which will be higher than North America and Asia.
This is possible because of the rising old age population in Europe. Most of these are from the "baby boomers" generation.
Meanwhile, the profits of Aviva have surged due to its cost cutting measures, which have been very stringent.
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