India

The IPO aims to raise as much as $268.3m.

The bill seeks to remove the 51% floor on government holding.

A group of ministers will now decide on various issues related to the proposed offering.

Both the CEO and managing director positions will be appointed by the government.

The deal is still subject to regulatory approval.

This is seen as a major step towards LIC's proposed IPO.

Millman’s South-East Asia managing director believes that markets are showing signs of recovery despite the decline in new business sales during the pandemic.

The investment will result in a 5% dilution of the firm's equity.

Catalysts include favourable demographic factors and economic recovery expected over H2 2021. 

Private insurers grew 8% in individual business, whilst group business saw a 20% growth.

The sector is already expected to hike its premium rates in response to claims experience.

Gross premiums during that period fell 7.1%.

Renewal premiums jumped 10% in 2020 to 2021, but COVID-19 hit new business premium income.

Through the stores, clients can lodge queries or service requests.

It will use the investment to compete with PolicyBazaar.

Policies issued will cover damages resulting from breaches of duty.