Bajaj Allianz H1 premium income touches Rs 218 cr
Mumbai: Bajaj Allianz General Insurance has earned a premium income of Rs 218 crore for the half-year ended September 30, 2003, a 70-per cent increase over the corresponding period of the previous year at Rs128 crore. Net profit grew to Rs15.3 crore (Rs 7..1 crore). The company achieved this growth by balancing the portfolio in terms of retail and corporate business, said a press release. Bajaj Allianz plans to widen its distribution network and invest in the latest IT platforms.
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RBI trims rates on RIDF deposits, loans
Mumbai: The Reserve Bank of India has rationalised the interest rate structure under the Rural Infrastructure Development Fund (RIDF) and revised lending and deposit rates in respect of the undisbursed amounts of RIDF-IV to IX effective from November 1, 2003.
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PFC plans to float Rs 500-cr venture capital fund
New Delhi: Power Finance Corporation (PFC) is planning to float a venture capital fund, India Power Fund, with a corpus of Rs 500 crore. "We plan to raise the monies from financial institutions, banks and Central power sector undertakings like National Thermal Power Corporation, etc, by the middle of 2004," a senior PFC official said. SBI Capital Markets Ltd has been hired to draw up the business plans for the IPF and is expected to submit its report in a week's time.
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Royal Sundaram joins hands with ING Vysya Financial
Bangalore: Royal Sundaram Alliance Insurance Company Ltd has tied up with ING Vysya Financial Services Ltd,for distribution of non-life risk cover products. The venture would need to be approved by the Insurance Regulatory and Development Authority. However, the tie-up would not imply any cross distribution of financial products. This was because the regulatory still did not permit such arrangements in the country. ING Vysya Bank has close to about 500 branches in the country and almost 200 of them fully networked.
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ICICI PruLife premium income up 170 per cent
Mumbai: ICICI Prudential Life Insurance recorded a premium income of Rs 184 crore, during the half year ended September 30, clocking a growth of 170 per cent over Rs 68 crore in the corresponding period of the previous year.
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