78358
The measure was approved during cabinet's session on Dec. 20. 
The measure was approved during cabinet's session on Dec. 20. 

Iran Government Approves Major Insurance Divestiture

Iran Government Approves Major Insurance Divestiture

The Cabinet of President Hassan Rouhani’s administration approved a measure based on which the government will sell its remaining shares in three major insurance companies which–barring Iran Insurance Company–are the only firms in which the government still holds a stake.
All remaining shares belonging to the government in Asia Insurance Company, Alborz Insurance Company and Dana Insurance Company are to be divested.
After rates are devised by a specialized council, the Iranian Privatization Company will float them on the capital market, according to the official news portal of the Presidential Office, IBENA reported.
Minister of Economic Affairs and Finance Masoud Karbasian had heralded the divestiture of the government’s remaining shares in the three companies in the 24th National Conference on Insurance and Development held in Tehran on Dec. 4.
“The privatization of insurance companies is a must and as I personally believe that the three insurance companies owned by the government [Asia, Alborz and Dana] must be divested, I will vigorously follow up this process,” he told the audience at the biggest Iranian insurance event of the year held to mark National Insurance Day.
Asia Insurance Company is 20% owned by the government while the government’s share in Alborz Insurance Company stands around 17%.
According to Dana Insurance Company’s chief executive, about 30% of the company’s shares are owned by the government through the Social Security Organization and the Social Security Investment Company.
If the three aforementioned insurance firms are fully ceded to the private sector, Iran Insurance Company will remain the sole state-owned insurer. However, that will not be remotely equal to the government forfeiting its share in insurance companies, as Iran Insurance Company alone earns about 60% of all premium incomes.

 

Short URL : https://goo.gl/fSsuPQ
  1. https://goo.gl/T2Nx8o
  • https://goo.gl/W8AUy6
  • https://goo.gl/gxVbBw
  • https://goo.gl/Te9zNf
  • https://goo.gl/bN9pu1

You can also read ...

Support for  Forex Measures
The head of Competition Council welcomed efforts made by the...
The looming crisis in the emerging markets, set off by the run on the Turkish lira, has had a more direct impact on the Iranian rial than anything the US has claimed.
Since the beginning of the fiscal 2018-19, the Iranian rial...
Yu Chang Hwang (L) and Mohammad Reza Bakhtiari
South Korea’s new ambassador to Iran, Yu Chang Hwang, said...
UK Firm: Progress Made With Iran Airport Contract
UK-based security solutions supplier Westminster Group said it...
Without Waivers, US Sanctions on Iran Will Cripple Iraq
Iraqi officials, struggling to form a new government months...
CBI: Currency Inflow Growing Steadily
Governor of the Central Bank of Iran said on Saturday that...
Uber in Talks to Buy Food-Delivery Company
Uber Technologies Inc. is in early talks to buy food-delivery...
Aston Martin Aims to Steer  Around Brexit to $6.7b IPO
Luxury British carmaker maker Aston Martin is seeking a price...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus