Indian Finance Ministry directs state-insurers to prioritize profitability, invests Rs 7,250 crore, and plans to move them away from loss-making segments.
The Indian Finance Ministry directs state-owned general insurance companies to prioritize profitability over top-line revenue growth, after investing Rs 7,250 crore into National Insurance, Oriental Insurance, and United India Insurance. Financial Services Secretary Vivek Joshi states that these insurers may not need further capital infusion due to improved performance. The government also plans to move them away from loss-making segments like motor and health insurance and has invested Rs 17,450 crore into these firms so far for financial health improvements.
August 04, 2024
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