Chola MS ties up with Tamil Nadu banks to sell insuranceOctober 6th, 2009 CHENNAI - Private non-life insurer Cholamandalam MS General Insurance Tuesday announced a tie-up with Tamil Nadu State Cooperative Bank to sell its products through two district cooperative banks.
Chola MS hopes to sell motor, health, accident, cattle and agricultural insurance schemes through the branches and agricultural societies of Dharmapuri District Central Co-operative Bank and Salem District Central Co-operative Bank, the company said.
Murugappa group plans to double turnover in 5 yearsOctober 1st, 2009 CHENNAI - The Rs.15,600-crore diversified Murugappa group is planning major business expansion including acquisitions to more than double its turnover in five years, a top company official says. According to A.
Chola DBS sells mutual fund business to L&T FinanceSeptember 25th, 2009 CHENNAI - City-based Cholamandalam DBS Finance, a non-banking finance company, has decided sell its mutual fund subsidiary Cholamandalam Asset Management to L&T Finance for Rs.45 crore. "We have been taking several initiatives to strengthen the company's core business.
Japanese brewer Suntory makes binding offer for European fruit-flavored drink maker OranginaSeptember 22nd, 2009 Japan's Suntory makes binding offer for OranginaTOKYO — Japan's Suntory Holdings has made a binding offer to buy European drink maker Orangina from private equity firms Blackstone and Lion Capital, the equity firms said Wednesday. Blackstone Group of the U.S.
Calif. insurance commissioner says sale of workers' compensation business unlawful; he'll sueAugust 27th, 2009 Calif. insurance regulator to sue over state fundSACRAMENTO, Calif. — California's insurance commissioner says he plans to sue Gov.
North Korea to open up borders for South Korean touristsAugust 17th, 2009 SEOUL - North Korea Monday said it was reopening its borders for inter-Korean tourism projects with South Korea and to remove obstacles from the operation of a jointly-run business park, the South Korean Yonhap news agency reported. In a joint press release, Hyundai and North's Korea Asia-Pacific Peace Committee, which runs inter-Korean business affairs, announced to "restore" passage for South Korean personnel to the Kaesong industrial park.
Genworth Financial stock slide after Citi downgrades due to recent run-up in sharesAugust 14th, 2009 Genworth shares slide after analyst downgradeCHARLOTTE, N.C. — Shares of Genworth Financial Inc.
India's insurance penetration lower than world average: ReportJuly 21st, 2009 NEW DELHI - Despite achieving a healthy 16 percent annual growth rate, India's general insurance business accounts for just 0.6 percent of the gross domestic product (GDP), compared to the world average of 2.14 percent, says a report released here Tuesday. "The penetration of general insurance in India remains low on account of low consumer preference, largely untapped rural markets and constrained distribution channels," said the report jointly prepared by Crisil and the Associated Chambers of Commerce and Industry of India (Assocham).
Bharti Axa plans to strengthen branches, expand businessJune 5th, 2009 CHENNAI - The promoters of private life insurer Bharti Axa Life Insurance will infuse Rs.100 crore in the next quarter to strengthen the company's branches and expand business so that it can break even by 2012-13, a top official said here Friday. Bharti group and French group Axa are the promoters of the Rs.360-crore company.
Dow Jones, SBI team up to launch Japanese Wall Street Journal websiteMay 8th, 2009 Dow Jones, SBI to start Japanese WSJ.comTOKYO — The Wall Street Journal is going multilingual in Asia soon. Japanese financial services firm SBI Holdings Inc.
Korean Air says loss widens as weak won boosts US dollar-denominated debt, fuel costsMay 8th, 2009 Korean Air quarterly loss widens on weak wonSEOUL, South Korea — Korean Air Lines Co. said Thursday its first quarter loss widened as weakness in the South Korean won drove up costs denominated in dollars.
Murugappa group to invest Rs.586 crore this fiscalMay 5th, 2009 CHENNAI - The Rs.15,646-crore ($3.15-billion) Murugappa group will invest Rs.586 crore in its existing businesses this fiscal, said senior company officials here Tuesday. 'The investments will be towards completing the existing projects as well as setting up of new facilities,' said A.
No slowdown in India Post's insurance businessMarch 31st, 2009 CHENNAI/CHANDIGARH - Officials at the India Post Insurance Directorate, the insurance arm of India Post, are upbeat about business prospects, while the rest of the industry is struggling to cope with a slowdown. The two major schemes of the company - postal life insurance (PLI) and rural postal life insurance (RPLI) - are logging good growth despite bad economic sentiments, the officials said.
India's first third party insurance licensee exits businessFebruary 5th, 2009 CHENNAI - The Hyderabad-based Dawn Services, the first third party administrator (TPA) to be licensed by the Indian insurance watchdog, has decided to exit the business. According to Insurance Regulatory Development Authority (IRDA), the TPA licence to Dawn Services has not been renewed upon request.
Over 1,700 insurance employees strike work in northeastDecember 22nd, 2008 AGARTALA - Over 1,700 insurance employees in the northeast went on strike Tuesday as part of a nationwide protest against the government's move to raise foreign direct investment (FDI) in the insurance sector. More than 1,700 insurance employees belonging to 22 branches of Life Insurance Corp of India (LIC) and the General Insurance Corp (GIC) in Tripura, Manipur, Mizoram and Assam took part in the strike, said Dipankar Chakraborty, a spokesman of the All India Insurance Employees Association (AIIEA).
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