Housing Development Finance Corporation was an Indian private sector mortgage lender based in Mumbai. It was the biggest housing finance company in India. It also had a presence in banking, life and general insurance, asset management, venture capital and deposits through its associate and subsidiary companies.
The IDBI Bank Limited is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India (LIC) and Government of India. It was established by Government of India as a wholly owned subsidiary of Reserve Bank of India in 1964 as Industrial Development Bank of India, a Development Finance Institution, which provided financial services to industrial sector. In 2005, the institution was merged with its subsidiary commercial division, IDBI Bank, and was categorised as "Other Development Finance Institution" category. Later in March 2019, Government of India asked LIC to infuse capital in the bank due to high NPA and capital adequacy issues and also asked LIC to manage the bank to meet the regulatory norms. Consequent upon LIC acquiring 51% of the total paid-up equity share capital, the bank was categorised as a 'Private Sector Bank' for regulatory purposes by Reserve Bank of India with effect from 21 January 2019. IDBI was put under Prompt Corrective Action of the Reserve Bank of India and on 10 March 2021 IDBI came out of the same. At present direct and indirect shareholding of Government of India in IDBI Bank is approximately 95%, which Government of India (GoI) vide its communication F.No. 8/2/2019-BO-II dated 17 December 2019, has clarified and directed all Central/State Government departments to consider IDBI Bank for allocation of Government Business. Many national institutes find their roots in IDBI like SIDBI, EXIM, National Stock Exchange of India, SEBI, National Securities Depository Limited. Presently, IDBI Bank is one of the largest Commercial Banks in India.
Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859. Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector.
Insurance in India covers both public and private sector organisations. It is listed in the Seventh Schedule of India's Constitution as a Union List subject, meaning it can only be legislated by the Central government.
British United Provident Association Limited, trading as Bupa, is a British multinational health insurance and healthcare company with over 43 million customers worldwide.
A prevailing trend from the medieval period, most Indians invest more than half of personal savings physical assets such as land, houses, gold, livestock, and other precious metals and ornaments. Since liberalisation in the 1990s, the Government of India has approved significant banking reforms. While some of these relate to nationalised banks, other reforms have opened up the banking and insurance sectors to private and foreign players.
Exide Life Insurance Company Limited was an Indian life insurance company. Exide Life Insurance distributed its products through multiple channels, including an agency channel with over 40,000 advisors and more than 200 company offices across the country. The company had over 1.5 million customers and managed assets exceeding INR 18,000 crores. Established in 2001 and headquartered in Bangalore, the company provided long-term protection and savings options. Exide Life merged with HDFC Life in late 2022.
SBI Life Insurance Company Limited is an Indian life insurance company which was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding a 1.95% stake each while the remaining 12% is free float stake with public investors. It has Assets under management(AuM) worth ₹352,422 crore (US$42 billion) and a Gross Written Premium(GWP) of ₹67,320 crore (US$8.1 billion) as of March 2023. SBI Life has an authorized capital of ₹20 billion (US$240 million) and a paid up capital of ₹10 billion (US$120 million).
HDFC ERGO General Insurance Company Limited is a 51:49 joint venture firm between HDFC and ERGO International AG. It is one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector. The retail sector includes various products like health insurance, vehicle insurance, travel insurance, home insurance, personal accident insurance, and cyber insurance. The Corporate sector includes products like liability, marine, and property insurance. Rural sector products include rainfall index insurance, Pradhan Mantri Fasal Bima Yojana, and cattle insurance policy.
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
HDFC Life Insurance Company Limited is a long-term life insurance provider headquartered in Mumbai, offering individual and group insurance services. The company was incorporated on 14 August 2000.
Liberty General Insurance Limited is a private general insurance company headquartered in Mumbai, India. It is a joint venture among US property casualty insurer Liberty Mutual Insurance Group, Indian private investment fund Enam Securities, and Indian industrial conglomerate DP Jindal Group.
GOQii is an Indian fitness technology company, headquartered in California that offers a wearable fitness band with a mobile-app, and personalised remote health coaching. The company was founded by Vishal Gondal, the former CEO & Founder of Indiagames. After closing its beta Beta program in April 2014, GOQii became commercially available in India in August 2014. The company has offices in Mumbai, India and Shenzhen, China and plans to expand its services to the Middle East, the United States, and Singapore. Investors include Sumeru Ventures, Animoca Brands, Mitsui, NEA, Megadelta, DSG Consumer Partners, Galaxy Digital, Denlow Investment Trust, Edelweiss, Cheetah Mobile, GWC, Mr Ratan Tata, Mr Akshay Kumar and Mr Vijay Shekhar Sharma.
The Oriental Insurance Company Ltd. (OICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in New Delhi, the company has 29 regional offices and more than 2,000 active branches nationwide. It also has branches in Nepal, Kuwait, and Dubai that together yielded a Gross Premium of ₹377.70 crore (US$45 million) during the year 2022-23. It recorded a gross premium of ₹15,993 crore (US$1.9 billion) in the financial year 2022–23.
Bandhan Life Insurance Limited is an Indian life insurance company offering individual and group insurance online and offline. Founded in 2008, it is headquartered in Mumbai, India.
Zurich Kotak General Insurance Company is an Indian general insurance company headquartered in Mumbai. It offers non-life insurance products like motor, health, home and others. It is 70% owned by Swiss insurance company Zurich Insurance.
Policybazaar is an Indian insurance aggregator and multinational financial technology company based in Gurgaon. The corporation was established in June 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar. It provides a digital platform—website and an app—where users can compare insurance policies and other financial services from major insurance companies. The company is India's largest insurance aggregator, and has expanded its operations to the United Arab Emirates. The companie's tagline is Har Family Hogi Insured.
SBI General Insurance Company Limited is a general insurance company founded in 2009. It started operations in 2010 and is headquartered in Mumbai, India.
Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram. Established in 2008, Canara HSBC Life Insurance was a joint venture between Canara Bank (51%), HSBC Insurance Holdings Limited (26%) and Punjab National Bank (23%). On 15 June 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, Punjab National Bank.
ICICI Prudential Life Insurance Company Limited is an Indian life insurance company in India. Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the company became the first insurance company in India to be listed in the domestic stock exchanges.
