Latest news with #25thAnnualGeneralMeeting
&w=3840&q=100)
Business Standard
17-07-2025
- Business
- Business Standard
HDFC Life aims to expand and focus on tech amid macro opportunities in FY26
In FY26, as the Indian economy is expected to grow, HDFC Life Insurance is poised to seize macroeconomic opportunities and plans to expand while transforming the ecosystem using technology, Keki Mistry, Chairman of the insurer, said during its 25th Annual General Meeting (AGM). Mistry noted that although risks remain due to ongoing geopolitical tensions, trade uncertainties, and weather-related challenges that could impact growth, the economy is expected to grow in FY26, driven by private consumption and increased fixed capital formation. Investment activity is also likely to improve due to increased capacity utilisation, healthier corporate balance sheets, and sustained government capital expenditure. 'Despite global challenges, our economy showed resilience and steady growth. We remain optimistic about the year ahead,' said Keki Mistry, Chairman, HDFC Life Insurance. The life insurance sector in India saw mixed growth in FY25, with individual weighted received premiums growing by 10 per cent, while the number of policies declined by 7 per cent. Private insurers outperformed, growing 15 per cent in total premiums and 5 per cent in terms of the number of policies. The total sum assured by Indian life insurers rose 16 per cent to ₹102.6 lakh crore by March 2025. However, India's insurance sector remains largely under-penetrated, with life insurance penetration at 2.8 per cent, and the country faces the highest protection gap in Asia, at 91 per cent. 'Insurers are tapping into the opportunity by rapidly expanding into Tier 2 and Tier 3 cities, leveraging the distribution presence of partner banks and microfinance lenders to offer appropriate insurance solutions,' Mistry said. In FY25, HDFC Life's assets under management (AUM) stood at ₹3.36 trillion, with an embedded value of ₹55,423 crore. While the solvency ratio remained robust at 194 per cent, the new business margin for the year was 25.6 per cent, delivering a value of new business (VNB) of ₹3,962 crore. 'Despite challenges such as increased surrender values and an adverse product mix, our new business margins demonstrated resilience, declining by only 70 basis points, thanks to proactive mitigations,' Mistry said. He added that the insurer's customer base expanded to over 5 crore lives. The insurer's subsidiaries – HDFC Pension Management Company – had the highest AUM among pension fund managers, with AUM crossing ₹1.15 trillion. HDFC Life International and Re successfully completed 9 years and expanded its presence across the Gulf Cooperation Council (GCC), the broader Middle East, North Africa, and select emerging markets. 'Looking ahead, we are poised to seize the immense macroeconomic opportunities before us. Our strategy is clear: to expand thoughtfully and purposefully while transforming our entire ecosystem through cutting-edge technology. This tech-led evolution will empower us to deliver an unparalleled, best-in-class experience to every customer we serve,' Mistry concluded.
Time of India
03-07-2025
- Business
- Time of India
Indian Overseas Bank shares in focus after shareholders nod for Rs 4,000 crore fundraise
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Indian Overseas Bank (IOB) will be in focus on Thursday after shareholders approved a proposal to raise up to Rs 4,000 crore in equity capital through various routes, including qualified institutional placements (QIPs), rights issues, and employee stock proposal was cleared during the bank's 25th Annual General Meeting (AGM) held on July 2 via video conferencing. According to the scrutiniser's report filed with the exchanges, the special resolution was passed with an overwhelming stated that the fundraise will be carried out in FY26 in one or more tranches. The capital infusion may take the form of QIPs, follow-on public offers (FPOs), rights issues, preferential allotments to institutional investors such as LIC and mutual funds, or issuances under SEBI-regulated employee share benefit part of the programme, shareholders also approved the issuance of equity shares worth up to Rs 4,000 crore to permanent employees under the IOB-ESPS 2025–26 eight resolutions at the AGM — including the adoption of the FY25 annual report, appointment of directors, and approval of the secretarial auditor — were passed with the required also endorsed the continuation of three government-nominated directors — B. Chandra Reddy, Deepak Sharma, and Suresh Kumar Rungta — for one-year terms starting April 11, 2025. These appointments were made in consultation with the Department of Financial meeting was attended by key officials, including MD & CEO Ajay Kumar Srivastava and Jitendra Asati, Director at the Department of Financial bank plans to deploy the fresh capital to expand its retail, SME, and corporate lending businesses, as well as to enhance its digital banking capabilities.
Mint
12-06-2025
- Business
- Mint
ICICI Prudential, Trent to Tata Chemicals: 5 stocks to trade Ex-Dividend Today
Dividend Stocks: ICICI Prudential, Tata Chemicals, Trent Limited, Avantel Ltd and JK Lakshmi Cement Ltd are the 5 stocks that will trade Ex-Dividend Today The record date for determining the list of eligible shareholders to receive the dividend was set as Thursday June 12, 2025, by ICICI Prudential , Tata Chemicals, Trent Limited and JK Lakshmi Cement Limited. The June 12 record date suggests that in order for their names to be listed among the eligible shareholders to receive the dividend payout, investors who want to take advantage of the company's dividend payout should have purchased shares of these companies at least one day prior to the record date, in accordance with the T+1 settlement procedure. ICICI Prudential Life Insurance - Company Limited - A final dividend of ₹ 0.85 per equity share of face value of ₹ 10 each had been declared by ICICI Prudential for the financial year ended March 31, 2025. The approval of the dividend will be sought from shareholders at the 25th Annual General Meeting ('AGM') of the Members of the Company to be held on Friday, June 27, 2025. . Trent Ltd- Subject to shareholder approval, the Trent Ltd's board of directors has proposed a 500% dividend, or Rs. 5/-per equity share of Re. 1/-each. If authorized, the dividend will be paid on or after the fourth day following the end of the 73rd Annual General Meeting. Tata Chemicals: In its meeting on Wednesday, May 7, 2025, the Board of Directors of Trent had proposed a dividend of ₹ 11 per common share of ₹ 10, which would need to be approved by the company's members at the 86th AGM. The Annual General Meeting or AGM is to be held on 30 June 2025. The dividend if approved at the AGM will be paid on or after Monday, July 7, 2025, subject to any required tax deduction at the source. JK Lakshmi Cement Limited- JK Lakshmi had recommended dividend of ₹ 6.50/-per equity share of ₹ 5 (130%) for the fiscal year that ended on March 31, 2025. Thursday, June 12, 2025, has been set by the company as the Record Date for determining members' entitlements to dividend payments of ₹ 6.50/-per equity share of ₹ 5 (130%) for the fiscal year that concluded on March 31, 2025. Avantel Ltd - A final dividend of Re.0.20/- per equity share (i.e., 10% of the face value) of nominal value of Rs.2/- each for the financial year 2024-25, was recommended by Avantel Ltd Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Biz Bahrain
19-04-2025
- Business
- Biz Bahrain
CIBAFI Celebrates a Decade of Impact and Future Vision at Annual Meetings with 2025 Innovation Award Ceremony
The General Council for Islamic Banks and Financial Institutions (CIBAFI), successfully concluded its Annual Meetings and Events yesterday in Madinah, Kingdom of Saudi Arabia, with parallel participation online. The event brought together CIBAFI members, global stakeholders and the members of CIBAFI`s committees for a series of high-level meetings and a celebration of innovation in advancing financial inclusion through Islamic finance. The day commenced with the 15th CIBAFI Members Consultative Group (MCG) Meeting, where members reviewed ongoing initiatives and exchanged views on how to further enhance CIBAFI's collective impact. This was followed by the 51st CIBAFI Board of Directors Meeting, during which the Board reviewed strategic developments, assessed ongoing projects, and discussed forward-looking plans to reinforce CIBAFI's leadership role in the Islamic finance industry. The programme culminated with the 25th Annual General Meeting (AGM), a cornerstone event that underscored CIBAFI's ongoing commitment to transparency, inclusiveness, and good governance. A key highlight of the AGM was the official launch of the CIBAFI Activities Report 2014–2024. This publication outlines a decade of achievements across CIBAFI's four strategic pillars: supporting the added value of Islamic finance, policy and regulatory advocacy, awareness-raising, and professional development. The AGM also featured the presentation of the Membership expansion progress. The day concluded with the highly anticipated CIBAFI Award 2025 Ceremony, held under the theme: 'Innovation for Advancing Financial Inclusion and Islamic Finance Objectives.' The ceremony opened with inspiring remarks by Mr. Houssem Ben Haj Amor, Group Chief Executive Officer of Al Baraka Group and Vice Chairman of Jordan Islamic Bank, who highlighted the essential role of financial inclusion in achieving the higher objectives of Islamic finance. He commended institutions leading with innovation to bring meaningful change to underserved communities. This year's CIBAFI Award was conferred upon Faisal Islamic Bank – Egypt, in recognition of its outstanding and innovative efforts to promote financial inclusion. The Bank was applauded for its impactful initiatives aimed at expanding access to Shariah-compliant financial services, particularly for unbanked and underserved populations. Its contributions support inclusive growth and embody the ethical and social values at the heart of Islamic finance. CIBAFI reaffirms its unwavering commitment to empowering the Islamic financial services industry by fostering global collaboration, recognising institutional excellence, and advancing initiatives that promote innovation, sustainability, and inclusive development within the financial ecosystem.
Zawya
22-02-2025
- Business
- Zawya
Kuwait Credit Information Network Company achieves highest net profits in its history
Strategy to increase capital and enhance financial solvency New services to provide comprehensive solutions for various sectors in credit and risk management Launching awareness campaigns on credit scoring Increasing the national workforce rate to 55% Kuwait: Kuwait Credit Information Network Company (CINET), Kuwait's leading and sole provider of credit information and credit rating, reported a net profit of KD 2,737,951 for the fiscal year ending 30 September 2024, with total revenue reaching KD 5,698,163 and shareholders' equity rising to KD 22,274,880. These results were presented at CINET's 25th Annual General Meeting (AGM), where the company outlined key financial achievements and strategic milestones. To strengthen the company's financial position, the Board of Directors recommended no cash dividend distribution, opting instead to proceed with a capital increase plan targeting KD 25 million. Mrs. Alia Bader Al-Humaidhi, Chairperson of CINET, highlighted the company's strategic vision and commitment to growth, stating: 'Our achievements reflect CINET's steadfast dedication to innovation and operational excellence. As we navigate the evolving financial landscape, we continue to expand our role in shaping Kuwait's credit ecosystem, ensuring that our services align with the country's economic ambitions under Kuwait Vision 2035. We are focused on long-term value creation for our shareholders while maintaining our leadership in digital transformation and financial data intelligence.' Achievements and Innovation Strategy CINET has achieved significant milestones and completed strategic projects in the last year to deliver exceptional value to its customers. The company has implemented several initiatives aimed at enhancing its services and expanding its scope of operations. One of the most notable achievements was the launch of the Bounce Cheques System, designed to include data related to returned cheques within the credit profile, reducing risk, and fostering a transparent financial environment. Additionally, the company introduced a new brand identity to enhance its market presence and expand its services beyond the banking sector. And as part of its corporate social responsibility efforts, CINET also launched the "Shlonik" campaign to raise awareness about the credit score and highlight its benefits in improving credits worthiness. Furthermore, the company introduced tailored products and services that address the unique challenges of the fintech space, to welcome "Buy Now, Pay Later" companies in its credit portfolios, taking a customer-centric approach to ensure delivering holistic and comprehensive views in credit reporting. Mrs. Mai B. Al-Owaish, CEO of CINET, emphasized the company's operational advancements, stating: 'Our focus in ensuring that every innovation is backed by robust data and cybersecurity protection measures has positioned CINET as a trusted partner in Kuwait's financial sector. Furthermore, we have been working to diversify our product portfolio to ensure CINET remains agile and responsive to the demands of an ever-changing market as we transform from a traditional credit bureau into a data and analytics provider that offers holistic solutions to the financial sector in credit and risk management.' Reinforcing National Workforce and Expanding Credit Services in Kuwait In alignment with Kuwait's national workforce development strategy, CINET has successfully increased the percentage of Kuwaiti employees to 55.17%, up from 44.68% in the previous fiscal year. The company remains committed to fostering local talent in specialized fields such as information systems and data science. CINET will continue to enhance its internal operations and foster a culture of innovation within its team to deliver advanced credit solutions that facilitate access to financial data and promote credit awareness. It also plans to expand its credit data to include new sectors, to diversify its product portfolio, leveraging emerging technologies to develop solutions that address the evolving needs of credit and financial risk management. In her closing statement, Al-Humaidhi said: 'On behalf of the Board of Directors, I extend our sincere appreciation to the Central Bank of Kuwait for their ongoing support and to our shareholders for their trust and confidence. We remain committed to sustainable growth and innovation, ensuring CINET continues to be a driving force in expanding Kuwait's financial ecosystem by providing leading credit solutions to contribute to economic development and financial stability in Kuwait.' About CINET Kuwait Credit Information Network (CINET) seeks to provide inquiry services, credit score, and credit information in an innovative manner and with the highest levels of professionalism and trustworthiness. The company contributes to strengthening the credit system, improving the credit culture, and raising the degree of trust among clients in the credit community. The activities of the Kuwait Credit Information Network Company are subject to the control and supervision of the Central Bank of Kuwait. Law No. 9 of 2019 regulates the exchange of credit information. Executive regulations of Law No. 9 of 2019. For more information: Kuwait Credit Information Network Company Al Mirqab - Othman Bin Affan Street - Capital Tower - Floor: 35 Website:
