IndiaFirst Premium exceeds 1000 cr
Private insurer IndiaFirst Life Insurance today said it garnered premium at Rs 1,000 crore during FY12 by over 43 percent compared to the previous fiscal. This year the company has further increased its presence in the rural hinterland of India by tying up with 10 Regional Rural Banks. IndiaFirst Life Insurance is a joint venture between two public sector banks - Bank of Baroda and Andhra Bank, along with UK's leading risk, wealth and investment company Legal & General.

Star Union Dai-ichi Life's premium Rs 1,271.95 cr in FY12
Private insurer Star Union Dai-ichi, which reported 36.3 per cent growth in total premium collection at Rs 1,271.95 crore in FY12, has increased its policy rates by 1.5 per cent from this month. The total premium collected during FY11 stood at Rs 933.18 crore. The company's new business grew by 27 per cent during the year to Rs 964.7 crore compared to Rs 758.55 crore in FY11. The private insurer, which is a joint venture of Bank of India, Union Bank of India and Dai-ichi Life Insurance, is planning to come out with 3-4 products this year.

HDFC Life named ’Life Insurer of the Year’ by Bloomberg UTV
HDFC Life, one of India’s leading private life insurance companies, received ’Life Insurer of the Year’ Award at the Bloomberg UTV Financial Leadership Awards 2012 that were held in Mumbai on April 7, 2012. The award was presented to HDFC Life by Union Finance Minister Pranab Mukherjee.

Bloomberg UTV Financial Leadership Awards have been instituted to acknowledge extraordinary contribution of India’s financial leaders and visionaries. The best in league winners have been selected by an eminent Jury on the basis of a detailed methodology, process validation and research conducted by ICRA.

Max New York Life sells 26% stake to Mitsui Sumitomo
Max India Ltd. said on Thursday that Mitsui Sumitomo Insurance Company Ltd., Japan (MSI) is acquiring 26% stake in Max New York Life Insurance Company Ltd. (MNYL) from New York Life International Holdings Ltd. (NYLM) (16.63%) and the Company (9.37%). The remaining shares of MNYL held by NYLM shall be purchased by the Company so as to ensure that the non-resident holding in MNYL remains within the sectoral cap of 26%.

HDFC Life wins IMC Ramakrishna Bajaj National Quality Award 2011
HDFC Life has won the Indian Merchants' Chamber Ramkrishna Bajaj National Quality Award (IMC RBNQA) 2011 for excellence in the Service category. The Award winners were selected by a distinguished panel of judges, chaired by Anand Mahindra, Vice Chairman & Managing Director, Mahindra & Mahindra Ltd.

ICICI Pru iCare Awarded ‘Product of the Year 2012’
ICICI Pru iCare, an innovative online term insurance product from ICICI Prudential Life Insurance was awarded the Product of the Year 2012 in the Life Insurance category. ICICI Pru iCare was shortlisted by the jury post which the product was put through an independent and 100% face to face consumer survey. The survey was conducted by AC Nielson in 36 (Thirty Six) markets across India with a participant size of more than 30,000 people. The consumers have voted for ICICI Pru iCare as the Product of the Year 2012 in the Life Insurance category for its easy accessibility, convenience and affordability.

Life insurance industry registers a 9% fall in first premium income
The Indian life insurance industry has seen first premium income fall by 9% during the year ended March 2012. The 23 private life insurers in the sector saw a 17% fall in first premium income while Life Insurance Company, the only public sector insurer, saw first income fall by about 6%. The fall in premium income was largely due to a sluggish economy. The largest decline in first premium was witnessed by Reliance Life Insurance at 40%.

Max New York Life’s announces its latest brand campaign
Max New York Life, the country’s largest non bank promoted Life Insurance company, today announced its new brand campaign “Aapke Sachche Advisor”. The campaign has been crafted to take the industry issue and concern of mis-selling head on and focus on Max New York Life’s brand promise for the organization’s quality of advice and need based selling. This campaign has been designed to extend itself beyond promoting life insurance policies and products and begin establishing trust with the consumers by educating them on how to identify a customer centric company and evaluate the correct selling behaviour of the agent keeping in mind the needs of the consumer.”

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