The new company, a joint venture of Canara Bank, HSBC Insurance (Asia-Pacific) Holdings Limited and Oriental Bank of Commerce, has an initial capitalisation of Rs325 crore, HSBC has Rs127 crore, it was released in a statement. The company is a joint venture between state-run Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia-Pacific) Holdings Ltd.
“Alongside the regulatory approval, a project team has been established in Gurgaon to build the significant operational and sales support capability that will be needed to serve the immense distribution reach of the shareholders,” said MBN Rao, CMD of Canara Bank and chairman of the new insurance JV.
”With the support of Canara Bank and Oriental Bank of Commerce and HSBC’s insurance expertise, we have made significant progress in getting the company ready to operate. All three shareholders are committed to ensuring that the new company is operated to world-class standards and is competitive in India’s fast-growing insurance market,” added David L Fried, chairman and chief executive of HSBC Insurance (Asia-Pacific) Holdings Limited.
”Our customers and staff are already tremendously excited about the forthcoming launch and we’re taking steps to increase the staffing and support. We expect to see a significant increase in production following the launch of the company,” said Alok K Misra, chairman and managing director of Oriental Bank of Commerce.
Canara Bank owns 51 per cent stake in the life insurance JV, with OBC holding 23 per cent and HSBC holding the remaining 26 per cent stake.
All the shareholders are deeply committed to the Indian life insurance market and are pleased to receive the certificate of registration.
Canara Bank has earned a net profit of Rs. 1,565 crore for the year ended March 31, 2008, which is the highest in the history of the bank, claimed Mr. Rao. Releasing the annual results at a press conference here on Saturday, Mr. Rao said the operating profit for the year stood at Rs. 2,959 crore, while the net profit for the fourth quarter was Rs. 464 crore.
Outlining the business growth in the last fiscal, Mr. Rao said the bank’s core deposits, comprising retail and current and savings accounts (CASA) deposits, recorded a growth of 25 per cent. The bank has also added incremental CASA deposits of Rs. 3,640 crore. Consequently, the ratio of CASA deposits to aggregate domestic deposits improved by 40 basis points to 32.39 as on March 31, 2008.
The decision to shed preferential rate deposits by about 24 per cent had an impact on aggregate deposits, which grew by Rs. 11,691 crore to Rs. 1,54,072 crore. The bank’s net advances moved up by Rs. 8,732 crore and crossed the Rs. 1 lakh crore mark at Rs. 1,07,238 crore.
The bank’s global business reached Rs. 2,61,310 crore and credit ratio of the bank improved to 69.6 per cent.
Mr. Rao said advances to the priority sectors rose by Rs. 5,359 crore to Rs. 43,203 crore, accounting for 44 per cent of the bank’s adjusted net bank credit which is well above the 40 per cent norm.
Mr. Rao said the bank had targeted a global business of Rs. 3 lakh crore aiming to garner deposits of Rs. 1,75,000 crore and advances of Rs. 1,25,000 crore.
He said the insurance joint venture company with Hong Kong Shanghai Banking Corporation (HSBC) would begin operations in 2008-09.
Wordpress
April 23, 2009 at 9:56 am
indeed it is, I also suggest you google it, they’ve got a really cool 20min feature on their site
-of the dvd of course lol
WPMixer
April 23, 2009 at 10:47 am
where can i get the tune from the back ground?
new name
April 23, 2009 at 10:49 am
If you are looking for cheap you found the company cheap and crappy. It is like a skydiver purchasing and having his parachute packed by a wal mart greeter. Might be ok for a short time but is not a way you want to protect your family or to keep testing your luck. Your family not worth an extra $10 for a great company?
elrvkca
April 23, 2009 at 11:06 am
pshhh
April 23, 2009 at 11:17 am
1. GET LIFE INSURANCE
At your age it's the bestthing you can do, especially if you are a non-tobacco user. It provides your loved ones with the ability to cope with your loss financially.
2. ROTH IRA MEANS ADDED MONEY
Roth IRAs are effective monetary saving techniques because of one main up-sell: you don't pay taxes on the interest until you withdraw the money. All legal. This means that the money that would have immediately went to Uncle Sam is compounding on your behalf. Imagine this amount compounded when you're 65, or 42 years down the line. The downside to Roth IRAs is that (1) there are different types out there, and thus require study and knowledge to find the right one for you, and (2) some of those have limitations as to how much money can de invested on a yearly basis.
http://search.yahoo.com/search?ei=utf-8&fr=slv8-hptb5&p=roth%20IRA&type=
http://en.wikipedia.org/wiki/Roth_IRA
http://www.rothira.com/
This is a biased site. Don't let the name fool you, as ".com" means commercial.
3. LOW RISK MUTUAL FUNDS
With the economy in the shape that it is now, any mutual funds should be kept LOW RISK. Aside from the stock market, one factor that should aid you in determining the strength of your investment is the unemployment rate. After the economy bounces back, you can then decide to go MODERATE or HIGH RISK.
~~~~~~~
YOU are in control of YOUR funds! Only accept accounts that are flexible FOR you! As a consumer, you DO NOT want to be treated any other way. Remember: you want OPTIONS over ULTIMATUMS.
Don't let your financial 'tastebuds' be lulled by a salesman's 'candy' voice. They can slip in an ultimatum or two that can get by the best of us. There is too much information on the net and too many videos on youTube:
http://www.youtube.com/results?search_query=roth+ira&search_type=
..that help you. This is free help.
~~~~~~~~
http://search.yahoo.com/search?ei=UTF-8&fr=slv8-hptb5&p=mutual+funds&SpellState=n-1093607227_q-NGwAm2OuV1xIrMY1taAfvgAAAA%40%40&fr2=sp-qrw-corr-top
http://en.wikipedia.org/wiki/Mutual_fund
Here is information on your representative's banking institution:
http://www.nmfn.com/
The abbreviated name of your institution is "nmfn". In this yahoo! search, you will notice that Northwestern has sites specifically for ertain areas:
http://www.nmfn-nebraska.com/
http://www.nmfn-chicago.com/
http://www.nmfn-maryland.com/
http://www.nmfn.com/toledofinancial
Take this into consideration.
~~~~~~~~
http://www.youtube.com/watch?v=xdocqxSDsAw
http://www.youtube.com/results?search_query=student+loans&search_type=&aq=0&oq=student+loan
Free Blog
April 23, 2009 at 2:02 pm
r34 front end
raje_santosh
April 24, 2009 at 9:02 am
if you want life security you have to check more info
http://www.freewebs.com/getinsurance
vemuri r
April 24, 2009 at 11:08 am
Well, posting to the USA board isn't likely to get you leads for a job in Australia.
CraZyCaT
April 24, 2009 at 6:24 pm
There are several reliable, highly-rated life isnurance companies you can choose from.
Here is a list of some highly-rated life insurance companies for you to consider:
Top Term Life Insurance Companies and Their A.M. Best Financial Strength Ratings
New York Life A++ rated by A.M. Best
Nationwide A+ rated
Globe Life A+ rated
Allstate A+ rated
Prudential A+ rated
Liberty Mutual A rated
Farmers A rated
State Farm A++ rated
AAA Life Insurance A- rated
Metropolitan (MetLife) A+ rated
Northwestern Mutual A++ rated
AIG A++ rated
Liberty National A+ rated
Mutual of Omaha A rated
Country Insurance A+ rated
MEGA Health and Life A- rated
American Family A+ rated
RBC Insurance A rated
I hope that helps.
Cee J
April 25, 2009 at 7:37 am
$1 down? I don't think so. How much is the insurance after the $1 down?
Sounds like a bad deal in the end. Try some big companies, like Prudential, State Farm, Farmers or the company that carries your auto insurance. And, just ask for some term life insurance quotes.
YI
April 25, 2009 at 2:38 pm
1) insurance companies are generally risk averse. In order to beat index returns, I'd imagine there would be significant risk an insurer is not willing to take. At least any insurer I'd want to do business with. Liquidity is a concern, especially with the volatility in the markets not completely diminished. There was a push towards holding higher risk-based capital and the companies would likely not risk money for unsure things at this moment.
2) I wouldn't be so sure about the cap reductions in the near term. It depends on the market fluctuations and other considerations. I don't know if there was a question in point 2.
3a. It would depend on the company, there is no blanket answer for the whole industry. I'm not familiar with Western Reserve Life. I don't think many whole life policies (at least policies considered whole life) have any kind of variable element to them. That sounds like Variable universal life or some other kind of product. Whole life I see is strictly pay your premium(s) and your cash values accrue at a certain rate and that's the end of the story.
3b. Some of the EIA problems stemmed from the accusation that companies issuing EIAs were preying on the elderly and charging unreasonable fees for the products the buyers didn't understand. Variable annuities got creamed in general with the recent market decline and EIAs have guarantees which were probably not favorable for the writers of them. Like your guaranteed minimum return of 2% when the stock markets drop 30%. Another consideration is the prevalence of other benefits. It seems rare that a policy is sold plainly anymore and there are usually things like guaranteed minimum accumulation benefits, or income benefits or death benefits that act as buffers against certain uncertain future events. Most of the above options go into the money as the market declines, so there may be some of that happening.
Blogger
April 25, 2009 at 3:44 pm
Footage from Touge Heroes Volume.1…
sushma k
April 26, 2009 at 4:55 pm
From Fortune magazine's Global Most Admired list for Life & Health Insurance companes from 2006. Company execs rank each other companies in their industry and this is the result:
1 Northwestern Mutual 7.49
2 New York Life 7.19
3 Prudential Financial 7.01
4 ING Group 6.23
5 AXA 6.08
6 MetLife 5.94
7 Aegon 5.36
8 Nippon Life Insurance 5.17
9 Prudential PLC 5.03
10 Aviva 4.97
11 Dai-ichi Mutual Life 4.92
12 CNP Assurances 4.71
13 Assicurazioni Generali 4.64
14 Sumitomo Life Insurance 4.45
15 Meiji Yasuda Life Insurance 4.14
16 China Life Insurance 3.83