City Union Bank (CUB) and Aditya Birla Health Insurance have announced in front of a media to collaborate for distribution of health insurance products through the bank’s network. While this is the 14th agreement by Aditya Birla Health Insurance with a bank for the with a worthy partnership, City Union Bank has already entered into MoU’s with two other health insurance players for the purpose of distribution health insurance products. On the other hand, Royal Sundaram General Insurance Co Limited has also entered into a assurance partnership with City Union Bank on Monday. This arrangement will enable the customers of the bank will have direct access to general insurance products from Royal Sundaram across its more than 720+ branches, a statement said. Aditya Birla Health Insurance with a market share of 12% in the single firm health insurance will offer unique products for the customers of City Union Bank with the health insurer is looking at having a strong power in the south states.
Maynak Bathwal, CEO, Aditya Birla Health Insurance, “60% of their net profit comes from banks. We are covering about 19 million lives at the end of last financial year. We are looking at 40% growth in the current fiscal,” he added. N Kamakodi, MD & CEO, City Union Bank, said the “bank branches would have a designated officer who will explain the products offered by different insurance companies that the bank has tied up. We have not fixed any target on volume of business that would be generated from the distribution insurance products for this financial year.”
Tata Steel CEO T V Narendran explained the first four months of this fiscal to be a empowered quarter because of rising interest rates, supply chain constraints and a Covid-related slowdown in Asian and European markets. “Despite these multiple headwinds, Tata Steel has delivered a strong performance. Our strong marketing franchise and superior business model in India enabled us to successfully pivot and increase our deliveries to counter country-wide deliver of 15% duty imposed on steel exports in the middle of the quarter,” also said