GIC GIVES A FREE HAND TO SUBSIDIARIES, PERSONNEL-LY
Article Abstract:
As a first step towards granting functionary autonomy to its four subsidiaries, the General Insurance Corporation of India (GIC) has allowed the companies to take their own decision in personnel matters. The subsidiaries are the National Insurance Co Ltd, the New India Assurance Co Ltd, the Oriental Insurance Co Ltd and the United India Assurance Co Ltd. They have been given the right to appoint the required number of officers, relax age limited for recruitment on compassionate grounds and appoint the dependent to an executive cadre if the dependent possesses professional qualifications. The companies can grant leave of absence to its employees for studies abroad if they have completed five years of service and the marketing officers can be transferred to the administrative side if they are not in a position to perform field functions due to ailments. The subsidiaries can also promote its employees to higher cadre if they excel in sports at national or international level or have secured any national or international award in any cultural, literary or scientific activities. (gsh)
Comment:
Allows its 4 subsidiaries to take their own decision in personnel matters as first step towards granting functionary autonomy
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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GIC FIGURES MAKE A CASE FOR REFORM
Article Abstract:
The splendid performance of the General Insurance Corporation (GIC) in 1996-97 reveals that the sector is ready for liberalisation. GIC's gross premium income has increased by 16.1 percent to Rs7,021 crore in 1996-97. In net terms also its premium income rose by 18.8 percent to Rs6,041 crore. Its gross profit in 1996-97 was up by 30.5 percent to Rs1,084 crore and net profit increased by 30.5 percent to Rs719 crore. Investments too moved higher by 14.5 percent to Rs14,386 crore in 1996-97.(uh)
Comment:
Ups gross profit in 1996-97 by 30.5% to Rs1,084 crore and net profit by 30.5% to Rs719 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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LIC SETS UP EQUITY RESEARCH UNIT
Article Abstract:
Life Insurance Corporation of India has set up a project appraisal and equity research section under its investment department to foray into the equity investment sector. The corporation had been investing in projects based on appraisals mainly by the Industrial Development Bank of India despite managing funds of over Rs100,000 crore. It has invested 17.18 percent of its total assets of Rs105,832.89 crore in the corporate sector as of March 1998. (khr)
Comment:
Life Insurance Corporation of India has set up a project appraisal and equity research section under its investment department to foray into the equity investment sector.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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