ICICIGI

Adds details from paragraph 3

Sept 26 (Reuters) - Tata Capital TATC.NS is aiming for a valuation of about $15 billion for its $1.75 billion initial public offering, according to Reuters' calculations, making it India's biggest listing so far this year.

The non-bank lender has set a price band of 310-326 rupees per share, a newspaper advertisement showed on Monday.

The Mumbai-based firm, which filed for the IPO through the confidential route earlier this year, will open the offer for bids on October 6. The company plans to issue up to 210 million new shares, while existing shareholders will offload up to 265.8 million shares.

A confidential IPO filing allows companies to make limited initial disclosures to the public. The details are made public once the company decides to launch its IPO.

Tata Sons, which owns an 88.6% stake, will sell up to 230 million shares in Tata Capital, while early investor International Finance Corporation has proposed to sell up to 35.8 million shares, according to the prospectus.

Tata Capital, the financial services unit of Tata Group, was mandated to list by September, according to central bank norms for so-called "upper layer" non-banking financial companies.

It will be the first Tata Group company to go for an IPO since Tata Technologies TATE.NS in November 2023.

($1 = 88.6480 Indian rupees)

(Reporting by Yagnoseni Das and Vivek Kumar M in Bengaluru; Editing by Sonia Cheema)

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Adds broader context, stock market reaction paragraph 1-2, 4-7

By Nikunj Ohri and Aftab Ahmed

NEW DELHI, Aug 18 (Reuters) - India aims to slash taxes on small cars and insurance premiums as part of a sweeping reform of its goods and services tax (GST), a government source said on Monday, as Prime Minister Narendra Modi's plan sparked a rally in stock markets.

Modi's administration revealed plans of the biggest tax overhaul since 2017 over the weekend, and consumer, auto and insurance companies are likely to emerge as the biggest winners when product prices drop from October, once the reform is approved.

The federal government has suggested lowering GST on small petrol and diesel cars to 18% from the current 28%, said the source who is directly involved in the matter. The GST on health and life insurance premiums may also be lowered to 5% or even zero from 18% currently, the same source said.

Indian markets climbed on Monday, with the benchmark Nifty index trading 1.3% higher, on course for its best day in three months. Auto stocks also rallied.

The tax cuts "would enhance affordability, boost consumption, and make essential and aspirational goods more accessible to a wider population," Mahesh Nandurkar, equity analyst at Jefferies said in a note.

"Maruti (Suzuki) should be the biggest beneficiary of this potential cut," he added.

Modi's deep tax cuts will strain government revenues but are winning praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington.

Federal government officials over the weekend said New Delhi has proposed only two rates of taxation -- 5% and 18% -- under the revamped structure. The highest 28% slab will be abolished.

The new proposal however will impose a 40% tax on 5-7 "sin-goods" like tobacco products and luxury items.

The announcement will not be effective until the GST Council, which is chaired by the federal finance minister and has representatives from all states, gives a nod. A meeting is expected by October.

India's finance ministry did not reply to an e-mail seeking comment.

SHARES ZOOM

Sales of small cars, defined as those having engine capacity below 1200cc for petrol vehicles and 1500cc for diesel and not exceeding 4 metres in length, have slowed over the last few years as buyers switched to bigger, feature-rich SUVs.

Small cars made up a third of the 4.3 million passenger vehicles sold in the world's third-largest automobile market last fiscal year, down from nearly 50% pre-COVID, industry data showed.

The tax cut will be a big win for Maruti MRTI.NS, whose market share has plunged to about 40% from over 50% in the last five years as sales of its small cars such as Alto, Dzire and Wagon-R dropped.

The segment makes up half of all cars sold by Maruti - majority-owned by Japan's Suzuki Motor 7269.T. Carmakers Hyundai Motor India HYUN.NS and Tata Motors TAMO.NS also stand to gain.

Cars with higher engine capacity that currently attract 28% GST and an additional levy of up to 22% - resulting in total taxes of about 50% - may come under a new special rate of 40%, the source said.

The government source added that details are being firmed up to consider if any extra levies should be imposed over the 40% to keep the overall tax incidence for big cars the same at 43%-50%.

On the other hand insurance penetration in India continues to remain low, at 3.8% of GDP, in 2024, according to research firm Swiss Re Institute. The companies believe the lowering of GST will help boost sales of insurance products.

Shares of automakers such as Maruti, Mahindra & Mahindra MAHM.NS, Hero MotoCorp HROM.NS, Bajaj Auto BAJA.NS and Eicher Motors EICH.NS jumped 2%-8% in morning trade. Shares of insurance companies such as ICICI Prudential ICIR.NS, SBI Life SBIL.NS, and LIC LIFI.NS jumped 2%-4%.

(Reporting by Nikunj Ohri; Editing by Aditya Kalra and Raju Gopalakrishnan)

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Aug 11 (Reuters) - Mahindra and Mahindra Financial Services Ltd MMFS.NS:

• MAHINDRA AND MAHINDRA FINANCIAL SERVICES - CO AND ICICI LOMBARD PARTNER FOR MOTOR INSURANCE

Source text: ID:nBSE9NfC1W

Further company coverage: MMFS.NS

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Corrects paragraph 7 to say combined ratio worsened, not improved, and paragraph 8 to clarify related implication

July 15 (Reuters) - India's ICICI Lombard General Insurance ICIL.NS reported a nearly 29% higher first-quarter profit on Tuesday, driven by higher premium income in its retail health insurance and motor segments.

The non-life insurer reported a profit after tax of 7.47 billion rupees ($87.04 million) for the quarter ended June 30.

Demand for health insurance has surged in India in recent years, driven by soaring medical costs and heightened awareness, particularly in the wake of the COVID-19 pandemic.

ICICI Lombard reported solid growth in both retail and corporate health insurance premiums, rising 44% and 10% from a year ago, respectively.

Motor insurance premiums rose 13.5%, higher than the 12% growth in the year-ago quarter.

These segments together helped lift the company's net premiums earned by 14% to 51.36 billion rupees in the quarter ended June 30.

Combined ratio, a key metric that compares claims and expenses to premium income, worsened to 102.9% from 102.3% a year ago.

This indicates the company is earning less in premiums than it is spending on claims and operations.

ICICI Lombard is backed by ICICI Bank ICBK.NS, one of India's largest private lenders. It also offers marine and crop insurance, among other services.

($1 = 85.8240 Indian rupees)

(Reporting by Kashish Tandon and Ananta Agarwal in Bengaluru; Editing by Chandini Monnappa, Vijay Kishore and Shreya Biswas)

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July 3 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• INDIA COURT SETS ASIDE TAX DEMAND ORDER

Source text: ID:nBSE20B3Jg

Further company coverage: ICIL.NS

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BENGALURU, April 15 (Reuters) - India's ICICI Lombard General Insurance ICIL.NS reported a surprise drop in fourth-quarter profit on Tuesday, hurt by a jump in claims paid.

The non-life insurer's profit after tax fell 2% to 5.10 billion rupees ($59.5 million) for the quarter ended March 31. Analysts, on average, expected a profit of 5.92 billion rupees, as per data compiled by LSEG.

The company's claims paid in the quarter rose 25.5% from a year ago to 35.10 billion rupees.

Its gross premiums rose 10% to 69.04 billion rupees, slower than the 17% rise in the year-ago quarter.

Analysts said a regulation change in October mandating insurers to spread long-term policy premiums over the entire policy duration, instead of accounting the entire amount upfront, has reduced the premiums reported in the quarter.

Premiums from the company's retail health insurance segment grew about 30%, as demand remained strong on improved awareness and rising medical costs, while premiums from the motor segment rose 18%.

ICICI Lombard is backed by ICICI Bank >, one of India's largest private lenders. It also offers marine and crop insurance, among other services.

Combined ratio, a key profitability metric for insurance firms, rose to 102.5% from 102.3% a year earlier. A ratio under 100% indicates the insurer is earning more through premiums than what it is paying as claims and other operating expenses.

Shares of the company ended 6% higher ahead of the results.

($1 = 85.6930 Indian rupees)

(Reporting by Nishit Navin; Editing by Sahal Muhammed)

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By Ashwin Manikandan

NEW DELHI, Feb 21 (Reuters) - Indian insurers are considering making New Delhi residents pay 10% to 15% more for new health policies after an extraordinary spike in claims related to air pollution in 2024 in India's capital, according to nine executives aware of the matter.

The plan, now in discussion amongst insurers and which would need approval from the insurance regulator, follows record-breaking air pollution in New Delhi last year. If approved, it would be the first time air pollution was used as a direct factor in figuring health insurance premiums in India, and could be used to justify price hikes in other cities as well.

Toxic air led to more Delhi residents seeking treatment for asthma, chronic obstructive pulmonary disease (COPD) and cardiovascular conditions in 2024, higher than in any prior year, five of the executives said.

All the executives spoke on condition of anonymity as they are not authorized to speak with media.

"We have to start thinking about pollution as a separate factor in the pricing in the sense that can we then start executing a particular charge for the areas which are impacted by it," said Amitabh Jain, the operating chief of Star Health STAU.NS, India's No.1 standalone health insurer.

In 2024, the number of patients with respiratory ailments who needed to be hospitalized rose to 17%-18% in the second half of the year versus 5%-6% in the first half, Jain said.

Also, respiratory claims rose 8.3% from fiscal year 2023 to fiscal year 2025 in the state of Delhi, which recorded the highest rise in healthcare costs in India during that period, according to a joint report from Boston Consulting Group and Indian healthcare administrator Medi Assist.

Star Health and ICICI Lombard ICIL.NS said pollution could soon become a direct factor in determining health insurance premiums if poor air quality persists. Bajaj Allianz General Insurance said the industry could also add new clauses specifically addressing pollution-related health concerns.

The Insurance Regulatory and Development Authority of India (IRDAI) and prominent Indian insurers including Aditya Birla Health Insurance, Tata AIG, New India Assurance THEE.NS and Go Digit GODG.NS did not respond to requests seeking comment.

For 2023/24, Indian insurers collected $12.4 billion in health insurance premiums, an increase of about 20% over the previous year, according to the latest IRDAI annual report.

NOT JUST DELHI

New Delhi chokes on smog every winter due to a blend of vehicle emissions, construction dust and smoke from illegal farm fires. In November, Delhi overtook Pakistan's Lahore as the world's most polluted city in Swiss group IQAir's live rankings, with Mumbai and Kolkata also making it to the list of top 10 cities with the most toxic air.

On November 18, India's pollution control authority said the national capital territory's 24-hour air quality index (AQI) score touched a season-high of 491 on a scale of 500. Anything over 400 is "severe", affecting healthy people as well as "seriously impacting" those with existing health issues.

In India, insurers can vary health insurance premiums by city based on factors ranging from hospitalization costs to demographics.

Getting the regulatory nod to include air pollution as a factor would depend on insurers submitting proof to back the assertion that toxic air is leading to an increase in claims.

"The frequency and severity of hospitalization purely due to the toxicity in the air needs to be isolated," PwC India Financial Services Advisory Leader Joydeep Roy said.

"That involves commissioning longer-term studies."

It is not known how long it would take to conduct such studies or to get the needed approvals from IRDAI.

Senior citizens, children, outdoor professionals and those with preexisting respiratory conditions would likely pay the highest premiums. The plan, if approved, would likely make health insurance unaffordable for many who need it most.

New Delhi's per capita income was $5,331 in 2024 according to the Delhi Statistical Handbook, and under current guidelines health insurance with a coverage limit of $10,000 for a family in the city would cost between $100 to $400 per year.

"In India, owning health insurance cover is a luxury," said Delhi resident and COPD patient Aniket Tiwari, 28, who decided against getting coverage in 2024 because it was too pricey.

(Reporting by Ashwin Manikandan; Editing by Dhanya Skariachan and Tom Hogue)

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Jan 30 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• RECEIVES TAX DEMAND ORDER OF 311.8 MILLION RUPEES

• TAX DEMAND ORDER INCLUDES PENALTY OF 311.8 MILLION RUPEES

Source text: ID:nBSE9LvQYS

Further company coverage: ICIL.NS

(([email protected];;))

Jan 17 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• Q3 PAT 7.24 BILLION RUPEES; IBES PROFIT EST. 6.1 BILLION RUPEES

• Q3 NET PREMIUM EARNED 50.45 BILLION RUPEES

Source text: ID:nBSE55LLJD

Further company coverage: ICIL.NS

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Jan 10 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE CO- RECEIVES COMBINED ORDER FROM CIT(A) MUMBAI

• ICICI LOMBARD GENERAL INSURANCE CO- RELIEF GRANTED ON TAX DISPUTE OF 1.75 BILLION RUPEES

Source text: ID:nBSE4vxkH8

Further company coverage: ICIL.NS

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Dec 17 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• NCDRC DISPOSES COMPLAINT AGAINST ICICI LOMBARD

• CO HAS PAID 450 MILLION RUPEES TO SETTLE LITIGATION

Source text: ID:nBSE53NF08

Further company coverage: ICIL.NS

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Dec 12 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD - DELHI HIGH COURT QUASHES TAX ORDER, ALLOWED CO'S WRIT PETITION

Source text: ID:nBSEb97TvP

Further company coverage: ICIL.NS

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Nov 26 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE - APPROVED INVESTMENT OF 50 MILLION RUPEES IN BIMA SUGAM

• ICICI LOMBARD - APPROVED AGGREGATE INVESTMENT NOT EXCEEDING 10% SHARE CAPITAL OF BIMA SUGAM

Source text: ID:nBSE40S4Rm

Further company coverage: ICIL.NS

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Oct 18 (Reuters) - India's ICICI Lombard General Insurance ICIL.NS reported a 20% increase in its second-quarter profit on Friday, aided by higher premiums in its motor and health insurance units.

The company's profit after tax rose to 6.94 billion rupees ($82.6 million) for the three months ended Sept. 30 from 5.77 billion rupees a year earlier.

Analysts have said that strong growth in the old vehicles' renewal book as well as higher motorcycle sales during the quarter- which helped offset muted car sales- propped up general insurers' bottom line.

Indian carmakers' sales to dealers marked the first decline in 10 quarters in the July-September period, data from an industry body showed.

Motor insurance, ICICI Lombard's biggest segment, contributed nearly half of the total premiums earned and grew 14.4% during the quarter.

Premiums from the company's fastest-growing corporate health insurance unit rose 22%, which analysts attribute to new product launches and increasing awareness about insurance policies post-pandemic.

ICICI Lombard, which is backed by ICICI Bank ICBK.NS, also offers marine and crop insurance, among others.

The company's net premiums earned rose 16.7% to 50.26 billion rupees during the quarter, while claims paid rose about 31%.

Its income from investments rose about 14% to 8.46 billion rupees as equity markets hit several record highs during the September quarter.

However, its combined ratio, a key profitability metric for an insurer's underwriting business, increased to 104.5% during the quarter from 103.9% a year earlier, hurt by impact from "catastrophic" losses, the firm said, without disclosing further details.

A rising combined ratio indicates the insurer is paying out more than it's receiving through premiums.

The company's shares ended 1% lower ahead of results, while the stock has gained nearly 42% so far this year.

($1 = 84.0350 Indian rupees)

(Reporting by Dimpal Gulwani; Editing by Abinaya Vijayaraghavan)

(([email protected];))

Sept 27 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GOT TAX ORDER WITH DEMAND OF 13.89 BILLION RUPEES

Source text for Eikon: ID:nNSE660NJs

Further company coverage: ICIL.NS

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Aug 8 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GOT GST DEMAND NOTICE OF 1 MILLION RUPEES

Further company coverage: ICIL.NS

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July 19 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• Q1 PAT 5.80 BILLION RUPEES

• Q1 NET PREMIUM EARNED 45.04 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: ICIL.NS

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LONDON, June 12 (Reuters) - A group of 50,000 self-employed women in India have become the first beneficiaries of a novel insurance scheme that pays out when temperatures hit certain extremes.

As the temperature crossed 40 degrees Celsius (104 degrees Fahrenheit) between May 18 and May 25, the women in the states of Rajasthan, Gujarat and Maharashtra all received a flat $5 payment.

"This is the first time that insurance payouts and a direct cash assistance program have been combined to supplement the income of women when it's dangerously hot," said Kathy Baughman McLeod, CEO of non-profit Climate Resilience for All, which designed the insurance scheme along with India's Self-Employed Women's Association (SEWA).

The bulk of the women, some 92%, then went on to receive an additional payout when insurance tied to the local conditions and duration of the extreme heat was triggered, with some receiving up to $19.80 each.

Insurance is increasingly seen by policymakers as a tool to help vulnerable communities receive financial support quickly after extreme weather events occur.

Total payments across the programme totalled $341,553.

The insurance was underwritten by reinsurer Swiss Re and provided locally by ICICI Lombard.

(Reporting by Simon Jessop and Katy Daigle; Editing by Sandra Maler)

(([email protected]; +44 (0) 207 542 5052; Reuters Messaging: Reuters Messaging: [email protected]))

May 23 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE CO- GOT SHOW CAUSE NOTICE FOR TAX DEMAND OF 1.50 BILLION RUPEES, INTEREST 1.24 BILLION RUPEES

• ICICI LOMBARD GENERAL INSURANCE CO- CO BELIEVES IT HAS STRONG CASE ON MERIT

Source text for Eikon: ID:nBSE5VWQS3

Further company coverage: ICIL.NS

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May 1 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GETS TAX ORDER FOR GST DEMAND AT 90.8 MILLION RUPEES

Source text for Eikon: ID:nBSE1rtmvx

Further company coverage: ICIL.NS

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April 18 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE COMPANY- GETS ORDER RAISING GST DEMAND OF 7.3 MILLION RUPEES

Source text for Eikon: ID:nBSE9tlmWt

Further company coverage: ICIL.NS

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BENGALURU, April 17 (Reuters) - India's ICICI Lombard General Insurance ICIL.NS reported a nearly 19% rise in fourth-quarter profit on Wednesday, helped by an increase in premiums at its motor and health insurance units.

Profit after tax rose to 5.20 billion Indian rupees ($62.18 million) for the quarter ended March 31 from 4.37 billion rupees a year earlier, the company said in an exchange filing.

ICICI Lombard, which is backed by ICICI Bank ICBK.NS, also offers marine and crop insurance among others.

India saw continued momentum in vehicle sales in the fourth quarter after an earlier boost during a festive period. There was also a sharp growth in the number of health insurance policies sold in the country in fiscal 2024.

Motor insurance, ICICI Lombard's biggest segment, contributed more than 50% to the total premiums earned and grew around 7% in the fourth quarter, while premiums from its fastest-growing health insurance unit rose 36%.

The company's net premiums earned during the quarter rose 17.2% to 43.68 billion rupees, while claims rose 23%.

ICICI Lombard's income from investments rose 24.4% to 7.66 billion rupees as markets hit several record highs during the March quarter.

Combined ratio, a key profitability metric for an insurance firm's underwriting business, improved to 102.2% from 104.2% a year earlier.

The combined ratio measures incurred losses and operating expenses as a percentage of premiums collected. It does not take into account income from investments.

($1 = 83.6263 Indian rupees)

(Reporting by Nishit Navin and Manvi Pant in Bengaluru; Editing by Shounak Dasgupta)

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April 16 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GOT ORDER FROM ADDITIONAL COMMISSIONER, GST & CENTRAL EXCISE WITH PENALTY OF 57.6 MILLION RUPEES

Source text for Eikon: ID:nBSEc7Qr43

Further company coverage: ICIL.NS

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April 11 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GETS TAX ORDER FOR DEMAND AT 14.8 MILLION RUPEES

Source text for Eikon: ID:nBSE670LfX

Further company coverage: ICIL.NS

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April 9 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE COMPANY LTD - ICICI LOMBARD ENTERS INTO A STRATEGIC PARTNERSHIP WITH POLICYBAZAAR

• ICICI LOMBARD GENERAL INSURANCE COMPANY LTD - ACCESS TO 10 MLN CUSTOMERS THROUGH PARTNERSHIP WITH POLICYBAZAAR

Source text for Eikon: [ID:]

Further company coverage: ICIL.NS

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April 3 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE COMPANY LTD - GOT GST ORDER DEMANDING 11 MILLION RUPEES

Source text for Eikon: ID:nNSEbVv2N6

Further company coverage: ICIL.NS

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Feb 27 (Reuters) - ICICI Bank Ltd ICBK.NS:

• BOUGHT 1.65% STAKE IN ICICI LOMBARD ON TUESDAY

• DEAL FOR 13.56 BILLION RUPEES

• BANK'S SHAREHOLDING IN ICICI LOMBARD STANDS AT APPROXIMATELY 49.5%

Source text for Eikon: ID:nBSE6SmYnY

Further company coverage: ICBK.NS

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BENGALURU, Jan 16 (Reuters) - India's ICICI Lombard General Insurance ICIL.NS on Tuesday reported a 22.4% rise in third-quarter profit, helped by a growth in premiums and investment income.

Profit after tax rose to 4.31 billion rupees (nearly $52 million) for the quarter ended Dec. 31 from 3.53 billion rupees ($42.61 million) a year earlier, the ICICI Bank ICBK.NS - backed company said in an exchange filing.

ICICI Lombard, a non-life insurer, offers insurance for health, fire, and motor segments.

Motor insurance, the company's biggest segment, contributed 50.8% to the total premium earned, while its fastest growing health insurance segment posted 42.4% growth.

India saw bumper vehicle sales in the quarter due to the festive and wedding seasons, resulting in a rise in policies for general insurers.

Net premium earned during the quarter rose 13.5% to 43.05 billion rupees.

Income from investments - another key metric - rose nearly 15% to 6.66 billion rupees in the December-quarter.

The insurer's combined ratio, an important profitability metric for an insurance firm's underwriting business, improved to 103.6% from 104.4% a year ago.

The combined ratio measures the incurred losses and operating expenses as a percentage of premium collected. It does not take into account income from investments.

($1 = 83.0699 Indian rupees)

(Reporting by Nishit Navin and Dimpal Gulwani in Bengaluru; Editing by Sonia Cheema)

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Dec 28 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GOT ORDER CONFIRMING GST DEMAND OF 17.29 BILLION RUPEES AND PENALTY OF 1.73 BILLION RUPEES

Further company coverage: ICIL.NS

(([email protected];))

Dec 19 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• RECEIVED AN ORDER FROM THE JOINT COMMISSIONER OF STATE TAX (APPEALS), BHUBANESWAR, ODISHA

• ORDER DISALLOWED INPUT TAX CREDIT OF 10.6 MILLION RUPEES AVAILED BY CO DURING PERIOD JULY 2017 TO MARCH 2018

• ORDER LEVIED INTEREST AND PENALTY OF 10.8 MILLION RUPEES AND 1.1 MILLION RUPEES RESPECTIVELY

Source text for Eikon: ID:nBSE3Jl8td

Further company coverage: ICIL.NS

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