Local insurance player gets fresh capital infusion from mother company in India to meet required capital

  • 📰 inquirerdotnet
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 86%

Business News News

Business Business Latest News,Business Business Headlines

Non-life player SGI Philippines General Insurance Co. Inc. has already pumped up its capitalization to P1.3 billion ahead of the 2022 deadline for insurers to raise paid-up capital. | bendeveraINQ

Non-life player SGI Philippines General Insurance Co. Inc. has already pumped up its capitalization to P1.3 billion ahead of the 2022 deadline for insurers to raise paid-up capital.

In a statement on Monday , Insurance Commissioner Dennis B. Funa said SGI’s mother company, Shriram General Insurance Co. Ltd, an Indian firm, had “infused fresh capital” of P624 million.Because of this, SGI’s net worth “surged” from P710 million to P1.35 billion, “thereby making it compliant” with the required paid-up capital hike.

Funa said SGI’s move, in accordance with the Amended Insurance Code, “is commendable” since it would project confidence that the company “has a solid source of capital to deliver its promises to the insuring public.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

bendeveraINQ warlough 👆🏻

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Airlines, tourism industry to launch drive to cushion COVID-19 impactAirline companies are readying the launch of their respective local promotion campaigns to give Filipinos the chance to “see the world in the Philippines.”
Source: manilabulletin - 🏆 25. / 51 Read more »