Online sensex report
The company has a 0.32 per cent market share in the general insurance sector, which is dominated by the four public sector insurers and large private sector companies like ICICI Lombard, Bajaj Allianz and HDFC Ergo.Magma said it cannot comment as it is in a silent period while HDI said it does not respond to market rumours.
The draft law, which was introduced in the Lok Sabha in August, is undergoing scrutiny by a joint parliamentary committee.In 2016-17, Magma HDI had reported a 3.85 per cent growth in gross written premium to Rs 419.29 crore, up from Rs 403.93 crore in the previous year.EXITS & BUYOUTS Earlier this year, Fairfax had sold a substantial stake in ICICI Lombard to float another general insurance company.The report further said that as per the latest data available (March 2016) the average balance per term deposits account is Rs 2.54 lakh, while the overall average balance (including Savings Bank, Current Account and Term Deposit) is only Rs 58,316.Out of the term deposits accounts, 67 per cent of the total accounts are of less than Rs 1 lakh, which holds only 8.6 per cent of the term deposts in value.We look at key highlights, which affected the market today. PM: Bharat Heavy Electricals Ltd (BHEL) posted a 5.9 per cent rise in standalone net profit at Rs 115.42 crore for the quarter ended on September 30, 2017.
The company's standalone net profit was Rs 109 crore in the quarter ended on September 30, 2016.
"Thus, any banks hypothetically fail, then it would not affect the small depositors at all, which are mostly covered through insurance.
"On the other hand, the term depositors of above Rs 15 lakh is only 1.3 per cent, who holds 55 per cent in terms of amount of the total term deposits of the banking system," the report said.
Mumbai: HDI, the German insurer which partnered with the Magma group for general insurance, has decided to exit the venture after nearly five years of partnership as their joint venture failed to grow on expected lines.
Magma HDI General Insurance, a joint venture between Magma Fincorp Ltd, Kolkata, and HDI Global SE, Germany, offers a wide range of products from health to travel to motor insurance.
The FRDI is contemplating an increase," the Ecowrap said.