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IndiaFirst Life Insurance Company recorded its highest five-year growth in terms of New Business Individual Rated Premium (IRP) amongst life insurers with PSU bank percentage, with a CAGR of 27.3% between fiscal 2017 to fiscal 2022.

“We had planned (the IPO in) March 2022 but before that the Ukraine war happened and Nasdaq started crashing. So, all the multiples were going down,” Taku said on the sidelines of an event, adding that the fintech firm continues to be in an IPO ‘ready mode’.

Bullion has gained over $100 after the collapse of U.S.-based Silicon Valley Bank earlier this month, as investors scrambled for the safe haven.

Following a sharp fall on Monday, European bank bonds rose once again, including Additional Tier 1 (AT1) bonds issued by companies such as Deutsche Bank, BNP Paribas, UBS and Credit Suisse whose bonds were written down to zero as part of a rescue merger with UBS. Holders of AT1 debt were told that they would only suffer losses after shareholders had been wiped out. The loss of Credit Suisse AT1s is believed to pose little or no risk to the stability of other European banks. However, the bank debt market remained vulnerable, according to Joost Beaumont of ABN AMRO.

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Bank stocks, including First Republic Bank, saw gains after the rescue of Credit Suisse eased concerns about the health of smaller US lenders and financial stability in general. Federal Reserve policymakers are expected to discuss the recent market upheaval at their current meeting

US Treasury Secretary, Janet Yellen, has reassured depositors and investors that the country’s banking system is sound, despite a series of bank failures this month. Yellen said government intervention was necessary to protect the broader banking system and warned that additional rescue arrangements may be necessary if smaller institutions suffer deposit runs that pose the risk of contagion. The government has launched investigations into the causes of the bank failures and President Joe Biden called on Congress to strengthen rules on regional banks and impose tougher penalties on executives of failed banks.

Investor confidence globally is at its lowest level in 20 years due to the US banking system chaos and renewed recession fears, with a recent BoA survey showing investors are taking on heightened risk levels. European fund managers are reportedly especially pessimistic, with a third of respondents saying "a systemic credit event" appears to be the most significant market threat. In Germany, another survey shows a significant decline in investor sentiment. Following the recent collapses of Silicon Valley Bank and Signature Bank, concerns have grown over the prospects of other potential bank crises occurring.

There is a preference for single opportunities that rank at par with institutional investors as opposed to blind pool private equity funds. New-age and tech-oriented promoters with wealth generated through private- and public-market exits have a larger allocation to private equity.

The rally in stocks on Wall Street comes a day before a crucial interest-rate decision from the US Federal Reserve