ICICIPRULI
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Icici Prudential Life Insurance Company To Consider Fund Raising Via Debentures
Sept 9 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
TO CONSIDER FUND RAISING VIA DEBENTURES
Source text: ID:nBSE8L7hs5
Further company coverage: ICIR.NS
(([email protected];))
Sept 9 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
TO CONSIDER FUND RAISING VIA DEBENTURES
Source text: ID:nBSE8L7hs5
Further company coverage: ICIR.NS
(([email protected];))
FACTBOX-Winners and losers in India's sweeping GST overhaul
NEW DELHI, Sept 4 (Reuters) - Indian Finance Minister Nirmala Sitharaman unveiled tax cuts for hundreds of consumer items, from soap to cars, in the biggest overhaul of the goods and services tax (GST), set to take effect from September 22.
Here are key highlights:
MAJOR CHANGES
India will have two key tax rates of 5% and 18% from September 22, versus four now. A new tax slab of 40% will apply to high-end goods, but all additional levies above that are to be abolished, bringing down effective tax rates on mid-size and big cars.
REVENUE LOSS, INFLATION IMPACT
The government estimates the cuts will cause revenue loss of 480 billion rupees ($5.5 billion), far lower than economists' estimate ranging from 1 trillion rupees to 1.8 trillion rupees.
Citi said India's inflation could ease as much as 1.1 percentage points if the cuts are fully passed through to consumers. India's retail inflation rate fell in July to its lowest in eight years.
TAX CUTS ON DAILY ITEMS
A tax panel approved lower GST of 5% on items of everyday use such as packaged food, medicines, toothpaste, fruit, milk products, talcum powder and shampoo, against 12% to 18% now.
The cut is expected to lift the sales of fast-moving consumer goods firms such as Hindustan Unilever HLL.NS, Nestle NEST.NS and Godrej Industries GODI.NS, while lowering costs for farmers.
It will abolish tax on individual life and health insurance products sold by companies such as LIC LIFI.NS, SBI Life Insurance SBIL.NS and ICICI Prudential Life Insurance ICIR.NS.
HOLIDAY BOOST TO SALES
The government has cut taxes on items such as cars, TVs and even cement, which could boost sales during the festival season that typically runs from the last week of September until November. India's tax panel also cut GST on air conditioners, ambulances, dishwashers, three-wheelers and hybrid vehicles.
Carmakers such as Maruti MRTI.NS and Toyota 7203.T, and manufacturers of consumer applicance such as LG Electronics LGEL.NS and Sony 6758.T are set to benefit immediately when the new rates kick in.
The tax panel also lowered the effective tax for big cars to 40% from the current rate of as much as 50%, making cars from Mercedes-Benz AGMBGn.DE, AUDI Aktiengesellschaft and BMW BMWG.DE attractive. GST on EVs was kept at 5%, giving relief to carmakers such as Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS after a panel recommended an increase.
The government lowered taxes on fertiliser and tractors to help lower costs for farmers, recently come in the spotlight as Prime Minister Narendra Modi vowed to protect them following a breakdown in India-U.S. trade talks.
MAIN LOSERS
GST was raised to 18% from 12% on apparel and clothing accessories that cost more than 2,500 rupees, which could hurt global brands such as Marks and Spencer MKS.L, Levi Strauss LEVI.N, and Zara.
The tax on coal went to 18% from 5%, but the effective tax rate on fizzy drinks make by PepsiCo PEP.O and Coca-Cola KO.N was held at 40%.
($1=87.5060 Indian rupees)
(Reporting by Aftab Ahmed; Editing by Clarence Fernandez)
(([email protected]; +91 99109 33884;))
NEW DELHI, Sept 4 (Reuters) - Indian Finance Minister Nirmala Sitharaman unveiled tax cuts for hundreds of consumer items, from soap to cars, in the biggest overhaul of the goods and services tax (GST), set to take effect from September 22.
Here are key highlights:
MAJOR CHANGES
India will have two key tax rates of 5% and 18% from September 22, versus four now. A new tax slab of 40% will apply to high-end goods, but all additional levies above that are to be abolished, bringing down effective tax rates on mid-size and big cars.
REVENUE LOSS, INFLATION IMPACT
The government estimates the cuts will cause revenue loss of 480 billion rupees ($5.5 billion), far lower than economists' estimate ranging from 1 trillion rupees to 1.8 trillion rupees.
Citi said India's inflation could ease as much as 1.1 percentage points if the cuts are fully passed through to consumers. India's retail inflation rate fell in July to its lowest in eight years.
TAX CUTS ON DAILY ITEMS
A tax panel approved lower GST of 5% on items of everyday use such as packaged food, medicines, toothpaste, fruit, milk products, talcum powder and shampoo, against 12% to 18% now.
The cut is expected to lift the sales of fast-moving consumer goods firms such as Hindustan Unilever HLL.NS, Nestle NEST.NS and Godrej Industries GODI.NS, while lowering costs for farmers.
It will abolish tax on individual life and health insurance products sold by companies such as LIC LIFI.NS, SBI Life Insurance SBIL.NS and ICICI Prudential Life Insurance ICIR.NS.
HOLIDAY BOOST TO SALES
The government has cut taxes on items such as cars, TVs and even cement, which could boost sales during the festival season that typically runs from the last week of September until November. India's tax panel also cut GST on air conditioners, ambulances, dishwashers, three-wheelers and hybrid vehicles.
Carmakers such as Maruti MRTI.NS and Toyota 7203.T, and manufacturers of consumer applicance such as LG Electronics LGEL.NS and Sony 6758.T are set to benefit immediately when the new rates kick in.
The tax panel also lowered the effective tax for big cars to 40% from the current rate of as much as 50%, making cars from Mercedes-Benz AGMBGn.DE, AUDI Aktiengesellschaft and BMW BMWG.DE attractive. GST on EVs was kept at 5%, giving relief to carmakers such as Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS after a panel recommended an increase.
The government lowered taxes on fertiliser and tractors to help lower costs for farmers, recently come in the spotlight as Prime Minister Narendra Modi vowed to protect them following a breakdown in India-U.S. trade talks.
MAIN LOSERS
GST was raised to 18% from 12% on apparel and clothing accessories that cost more than 2,500 rupees, which could hurt global brands such as Marks and Spencer MKS.L, Levi Strauss LEVI.N, and Zara.
The tax on coal went to 18% from 5%, but the effective tax rate on fizzy drinks make by PepsiCo PEP.O and Coca-Cola KO.N was held at 40%.
($1=87.5060 Indian rupees)
(Reporting by Aftab Ahmed; Editing by Clarence Fernandez)
(([email protected]; +91 99109 33884;))
India proposes slashing taxes on small cars under Modi reforms, sending shares higher
Federal government proposes lowering GST on small cars to 18% from 28%
The move is a win for small carmakers like Maruti, Hyundai
Federal government proposes maximum of 5% GST on insurance premiums
Shares of auto makers, insurance firms rise
Adds comments from Maruti Suzuki chairman in paragraphs 7,8,9
By Nikunj Ohri, Aftab Ahmed and Aditi Shah
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, sparking a rally in Indian stock markets.
Prime Minister Narendra Modi's administration revealed plans over the weekend for the largest tax overhaul since 2017, with consumer, auto and insurance companies 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 consumption tax on health and life insurance premiums may also be lowered to 5% or even zero from 18% currently, the same source said.
Shares of Maruti Suzuki MRTI.NS, the biggest seller of small petrol cars in India, surged nearly 9% on Monday, leading a rally in auto shares that helped push India's benchmark Nifty index 1.3% higher, on course for its best day in three months.
Shares of other carmakers such as Mahindra & Mahindra MAHM.NS, as well as motorbike manufacturers like Hero MotoCorp HROM.NS and Bajaj Auto BAJA.NS, which will also benefit from tax cuts, jumped 2%-4% on Monday.
Stocks of insurance companies such as ICICI Prudential ICIR.NS, SBI Life SBIL.NS, and LIC LIFI.NS rose as much as 2%-5% before pairing some gains.
Modi's deep tax cuts will strain government revenues but have drawn praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington.
Maruti Chairman R.C. Bhargava said the tax rationalisation is a "huge reform".
"With more affordability, more people will come into the purchasing system," said Bhargava, who declined to comment on proposed tax cuts on small cars until the fine print is out.
"This restructuring of the GST will increase competitiveness of Indian products and the opening of trade borders will bring in the necessary competition. Competition, combined with your ability to produce and sell at lower prices, makes for the best efficiency," he added.
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% rate 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 email seeking comment.
PUSH FOR SMALL CARS
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 segment makes up half of all cars sold by Maruti, majority-owned by Japan's Suzuki Motor 7269.T, which saw its market share plunge to about 40% from over 50% in the last five years as sales of its Alto, Dzire and Wagon-R models dropped.
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 lowering of GST will help boost sales of insurance products.
(Reporting by Nikunj Ohri; Editing by Aditya Kalra, Raju Gopalakrishnan and Susan Fenton)
(([email protected]; +91 99109 33884;))
Federal government proposes lowering GST on small cars to 18% from 28%
The move is a win for small carmakers like Maruti, Hyundai
Federal government proposes maximum of 5% GST on insurance premiums
Shares of auto makers, insurance firms rise
Adds comments from Maruti Suzuki chairman in paragraphs 7,8,9
By Nikunj Ohri, Aftab Ahmed and Aditi Shah
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, sparking a rally in Indian stock markets.
Prime Minister Narendra Modi's administration revealed plans over the weekend for the largest tax overhaul since 2017, with consumer, auto and insurance companies 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 consumption tax on health and life insurance premiums may also be lowered to 5% or even zero from 18% currently, the same source said.
Shares of Maruti Suzuki MRTI.NS, the biggest seller of small petrol cars in India, surged nearly 9% on Monday, leading a rally in auto shares that helped push India's benchmark Nifty index 1.3% higher, on course for its best day in three months.
Shares of other carmakers such as Mahindra & Mahindra MAHM.NS, as well as motorbike manufacturers like Hero MotoCorp HROM.NS and Bajaj Auto BAJA.NS, which will also benefit from tax cuts, jumped 2%-4% on Monday.
Stocks of insurance companies such as ICICI Prudential ICIR.NS, SBI Life SBIL.NS, and LIC LIFI.NS rose as much as 2%-5% before pairing some gains.
Modi's deep tax cuts will strain government revenues but have drawn praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington.
Maruti Chairman R.C. Bhargava said the tax rationalisation is a "huge reform".
"With more affordability, more people will come into the purchasing system," said Bhargava, who declined to comment on proposed tax cuts on small cars until the fine print is out.
"This restructuring of the GST will increase competitiveness of Indian products and the opening of trade borders will bring in the necessary competition. Competition, combined with your ability to produce and sell at lower prices, makes for the best efficiency," he added.
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% rate 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 email seeking comment.
PUSH FOR SMALL CARS
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 segment makes up half of all cars sold by Maruti, majority-owned by Japan's Suzuki Motor 7269.T, which saw its market share plunge to about 40% from over 50% in the last five years as sales of its Alto, Dzire and Wagon-R models dropped.
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 lowering of GST will help boost sales of insurance products.
(Reporting by Nikunj Ohri; Editing by Aditya Kalra, Raju Gopalakrishnan and Susan Fenton)
(([email protected]; +91 99109 33884;))
India's ICICI Prudential drops as analysts flag growth concerns
** India's ICICI Prudential Life Insurance Co ICIR.NS sheds 2% to 655.70 rupees
** Life insurer reported a higher first-quarter profit on Tuesday but analysts flag risks to co's growth prospects
** ICIR's margins were better but growth remains challenged, says Goldman Sachs, citing co's "muted" annualised premium equivalent (APE) sales growth
** Macquarie analysts say ICIR's APE growth "disappointed," adding that Q1 results flagged "growth pangs and persistency issues"
** Session's decline trims nearly all YTD gains for stock
(Reporting by Kashish Tandon in Bengaluru)
** India's ICICI Prudential Life Insurance Co ICIR.NS sheds 2% to 655.70 rupees
** Life insurer reported a higher first-quarter profit on Tuesday but analysts flag risks to co's growth prospects
** ICIR's margins were better but growth remains challenged, says Goldman Sachs, citing co's "muted" annualised premium equivalent (APE) sales growth
** Macquarie analysts say ICIR's APE growth "disappointed," adding that Q1 results flagged "growth pangs and persistency issues"
** Session's decline trims nearly all YTD gains for stock
(Reporting by Kashish Tandon in Bengaluru)
ICICI Prudential Life Insurance Q1 PAT 3.02 Bln Rupees
July 15 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
Q1 PAT 3.02 BILLION RUPEES
Q1 NET PREMIUM INCOME 85.03 BILLION RUPEES
APRIL-JUNE VNB MARGIN AT 24%
Source text: ID:nBSE3z1R66
Further company coverage: ICIR.NS
(([email protected];;))
July 15 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
Q1 PAT 3.02 BILLION RUPEES
Q1 NET PREMIUM INCOME 85.03 BILLION RUPEES
APRIL-JUNE VNB MARGIN AT 24%
Source text: ID:nBSE3z1R66
Further company coverage: ICIR.NS
(([email protected];;))
ICICI Prudential Life Insurance Co Says New Business Premium For June 2025 At 15.73 Bln Rupees
July 10 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
APE FOR JUNE DOWN 5.2% Y/Y
NEW BUSINESS PREMIUM FOR JUNE 2025 AT 15.73 BILLION RUPEES
Source text: ID:nBSE6dLrbL
Further company coverage: ICIR.NS
(([email protected];;))
July 10 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
APE FOR JUNE DOWN 5.2% Y/Y
NEW BUSINESS PREMIUM FOR JUNE 2025 AT 15.73 BILLION RUPEES
Source text: ID:nBSE6dLrbL
Further company coverage: ICIR.NS
(([email protected];;))
ICICI Prudential Denies Report Stating Co's MD, CEO Shortlisted For Indusind Bank CEO Position
July 4 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL - DENIES REPORT STATING CO'S MD, CEO SHORTLISTED FOR INDUSIND BANK CEO POSITION
Source text: ID:nNSE4mv59n
Further company coverage: ICIR.NS
(([email protected];;))
July 4 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL - DENIES REPORT STATING CO'S MD, CEO SHORTLISTED FOR INDUSIND BANK CEO POSITION
Source text: ID:nNSE4mv59n
Further company coverage: ICIR.NS
(([email protected];;))
India's ICICI Venture to shift PE, real estate funds businesses to ICICI Pru AMC
MUMBAI, May 9 (Reuters) - India's ICICI Venture Funds Management has approved transferring its private equity and real estate fund management businesses to ICICI Prudential Asset Management, their parent ICICI Bank ICBK.NS said on Friday.
The move is aimed at consolidating investment offerings under ICICI Prudential AMC, so it can provide a full suite of asset classes, including private equity, the bank said in an exchange filing.
Following the transaction, ICICI Venture Funds will continue to provide certain advisory services and manage residual funds.
The cost of this transfer is not expected to be material relative to ICICI Prudential AMC's financial position, ICICI Bank said.
As of March 31, 2025, ICICI Bank held a 51% stake in ICICI Prudential AMC and a 100% stake in ICICI Venture Funds.
The deal is subject to regulatory and other approvals, as well as the execution of definitive agreements, the bank said.
(Reporting by Siddhi Nayak; Editing by Savio D'Souza)
(([email protected]; x.com/siddhiVnayak;))
MUMBAI, May 9 (Reuters) - India's ICICI Venture Funds Management has approved transferring its private equity and real estate fund management businesses to ICICI Prudential Asset Management, their parent ICICI Bank ICBK.NS said on Friday.
The move is aimed at consolidating investment offerings under ICICI Prudential AMC, so it can provide a full suite of asset classes, including private equity, the bank said in an exchange filing.
Following the transaction, ICICI Venture Funds will continue to provide certain advisory services and manage residual funds.
The cost of this transfer is not expected to be material relative to ICICI Prudential AMC's financial position, ICICI Bank said.
As of March 31, 2025, ICICI Bank held a 51% stake in ICICI Prudential AMC and a 100% stake in ICICI Venture Funds.
The deal is subject to regulatory and other approvals, as well as the execution of definitive agreements, the bank said.
(Reporting by Siddhi Nayak; Editing by Savio D'Souza)
(([email protected]; x.com/siddhiVnayak;))
India's ICICI Prudential jumps after profit rise; slowdown fears prompt TP cuts
** Shares of India's ICICI Prudential Life Insurance Company ICIR.NS jump 5.4% to 597 rupees
** Co reported a higher quarterly profit on strong group insurance demand
** Brokerage Nuvama says results "in line"; upgrades ICIR to "buy" from "hold" on ~5% stock drop since the start of April
** Antique says valuations factoring concerns of lower growth and is attractive; maintains "buy" but trims TP by 6% to 650 rupees
** Nomura cuts TP from 715 rupees to 650 rupees, maintains neutral and says "no positive catalyst in sight"
** Of 32 analysts covering the stock, at least 16 cut TPs after results while at least six downgraded ICIR - LSEG data
** Stock has fallen 9%, YTD
(Reporting by Hritam Mukherjee in Bengaluru)
** Shares of India's ICICI Prudential Life Insurance Company ICIR.NS jump 5.4% to 597 rupees
** Co reported a higher quarterly profit on strong group insurance demand
** Brokerage Nuvama says results "in line"; upgrades ICIR to "buy" from "hold" on ~5% stock drop since the start of April
** Antique says valuations factoring concerns of lower growth and is attractive; maintains "buy" but trims TP by 6% to 650 rupees
** Nomura cuts TP from 715 rupees to 650 rupees, maintains neutral and says "no positive catalyst in sight"
** Of 32 analysts covering the stock, at least 16 cut TPs after results while at least six downgraded ICIR - LSEG data
** Stock has fallen 9%, YTD
(Reporting by Hritam Mukherjee in Bengaluru)
ICICI Prudential Life Insurance Reports Q4 PAT Of 3.86 Billion Rupees
April 15 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
Q4 PAT 3.86 BILLION RUPEES
Q4 NET PREMIUM INCOME 16.37 BILLION RUPEES
FY25 VNB MARGIN AT 22.8%
Source text: ID:nBSE7v7XcG
Further company coverage: ICIR.NS
(([email protected];))
April 15 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
Q4 PAT 3.86 BILLION RUPEES
Q4 NET PREMIUM INCOME 16.37 BILLION RUPEES
FY25 VNB MARGIN AT 22.8%
Source text: ID:nBSE7v7XcG
Further company coverage: ICIR.NS
(([email protected];))
ICICI Prudential Life- Receives Income Tax Order For 3.28 Billion Rupees
March 28 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - RECEIVES INCOME TAX ORDER FOR ASSESSMENT YEAR 2023-24
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - FACES TAX DEMAND OF 3.28 BILLION RUPEES
Source text: ID:nBSE3tX9vf
Further company coverage: ICIR.NS
(([email protected];))
March 28 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - RECEIVES INCOME TAX ORDER FOR ASSESSMENT YEAR 2023-24
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - FACES TAX DEMAND OF 3.28 BILLION RUPEES
Source text: ID:nBSE3tX9vf
Further company coverage: ICIR.NS
(([email protected];))
ICICI Bank stock to get 3% boost if ICICI Prudential AMC lists, says Macquarie
** ICICI Bank ICBK.NS will gain about 3% from the last close of 1,253 rupees, if ICICI Prudential Asset Management Company (AMC), says Macquarie
** British insurer Prudential PRU.L is considering listing ICICI Prudential AMC, its JV with ICICI Bank
** Media reports suggest Prudential plans to sell 10% stake for 100 billion rupees ($1.15 billion)
** A listing will also add 2% to Macquarie's fair value on ICICI Bank of 1,670 rupees, already the highest among the 39 analysts covering the stock
** Brokerage keeps "outperform" rating
** Analysts' average rating is a "buy" and their PTs range from 1,290 rupees to 1,670 rupees - LSEG data
** ICBK has shed 1.7% YTD, mirroring benchmark Nifty 50 .NSEI's drop
($1 = 86.8640 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** ICICI Bank ICBK.NS will gain about 3% from the last close of 1,253 rupees, if ICICI Prudential Asset Management Company (AMC), says Macquarie
** British insurer Prudential PRU.L is considering listing ICICI Prudential AMC, its JV with ICICI Bank
** Media reports suggest Prudential plans to sell 10% stake for 100 billion rupees ($1.15 billion)
** A listing will also add 2% to Macquarie's fair value on ICICI Bank of 1,670 rupees, already the highest among the 39 analysts covering the stock
** Brokerage keeps "outperform" rating
** Analysts' average rating is a "buy" and their PTs range from 1,290 rupees to 1,670 rupees - LSEG data
** ICBK has shed 1.7% YTD, mirroring benchmark Nifty 50 .NSEI's drop
($1 = 86.8640 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
ICICI Prudential Life Gets Order Confirming Two Tax Demand Order Of 4.92 Bln Rupees Each
Feb 4 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
GETS ORDER CONFIRMING TWO TAX DEMAND ORDER OF 4.92 BILLION RUPEES EACH
Source text: ID:nBSEbtNFFm
Further company coverage: ICIR.NS
(([email protected];;))
Feb 4 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
GETS ORDER CONFIRMING TWO TAX DEMAND ORDER OF 4.92 BILLION RUPEES EACH
Source text: ID:nBSEbtNFFm
Further company coverage: ICIR.NS
(([email protected];;))
INDIA BUDGET-India raises foreign investment limit in insurance sector to 100% from 74%
MUMBAI, Feb 1 (Reuters) - India, on Saturday, raised the foreign direct investment (FDI) limit in the insurance sector to 100% from the current 74%, a move aimed to boost overseas investments and improve insurance penetration in the country.
The change applies to insurers that invest their entire premium in India, Finance Minister Nirmala Sitharaman said, while presenting the annual budget.
Existing regulations and conditions governing foreign investment in the sector will undergo review and simplification, Sitharaman said.
In November, the Insurance Regulatory and Development Authority of India's (IRDAI) chairperson, Debasish Panda, said the government should allow 100% FDI in insurance.
"To stick to India's target of 'insurance for all' by 2047, we need a lot of capital ... we need a lot of new entities to come in, there may be some consolidation happening," Panda had said.
Shares of insurance companies such as SBI Life SBIL.NS and HDFC Life HDFL.NS rose 2.3% each, while ICICI Prudential Life ICIR.NS gained 3%.
(Reporting by Siddhi Nayak; Editing by Savio D'Souza)
(([email protected]; +91 22 6921 7848; Reuters Messaging: X: https://twitter.com/siddhiVnayak))
MUMBAI, Feb 1 (Reuters) - India, on Saturday, raised the foreign direct investment (FDI) limit in the insurance sector to 100% from the current 74%, a move aimed to boost overseas investments and improve insurance penetration in the country.
The change applies to insurers that invest their entire premium in India, Finance Minister Nirmala Sitharaman said, while presenting the annual budget.
Existing regulations and conditions governing foreign investment in the sector will undergo review and simplification, Sitharaman said.
In November, the Insurance Regulatory and Development Authority of India's (IRDAI) chairperson, Debasish Panda, said the government should allow 100% FDI in insurance.
"To stick to India's target of 'insurance for all' by 2047, we need a lot of capital ... we need a lot of new entities to come in, there may be some consolidation happening," Panda had said.
Shares of insurance companies such as SBI Life SBIL.NS and HDFC Life HDFL.NS rose 2.3% each, while ICICI Prudential Life ICIR.NS gained 3%.
(Reporting by Siddhi Nayak; Editing by Savio D'Souza)
(([email protected]; +91 22 6921 7848; Reuters Messaging: X: https://twitter.com/siddhiVnayak))
ICICI Prudential Life Insurance Company Says Got Tax Demand Order For Total Of 6.3 Million Rupees
Jan 29 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL LIFE INSURANCE COMPANY - GOT GST DEMAND ORDER FOR TOTAL OF 6.3 MILLION RUPEES
Source text: [ID:]
Further company coverage: ICIR.NS
(([email protected];))
Jan 29 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL LIFE INSURANCE COMPANY - GOT GST DEMAND ORDER FOR TOTAL OF 6.3 MILLION RUPEES
Source text: [ID:]
Further company coverage: ICIR.NS
(([email protected];))
India's ICICI Prudential Life falls on lower VNB margins
** Shares of ICICI Prudential Life Insurance ICIR.NS fall as much as 10% to 572 rupees, last down 8.7%
** Co's Q3 profit jumped 43% y/y to 3.26 bln rupees ($37.7 mln), but VNB margins contracted to 22.8% from 26.7% last year
** Stock set for biggest single-day drop since Feb 1, 2023
** Jefferies trims FY26-27 VNB margins forecast by 3%-4%; cuts PT to 740 rupees from 760 rupees, maintains "buy"
** Morgan Stanley trims VNB margins forecast by ~2% for FY25-27; cuts PT to 695 rupees from 710 rupees
** Analysts' avg rating is "buy"; median PT is 750 rupees, ~30% higher than current price - LSEG data
** At least 15 of 32 analysts covering stock lowered co's PT after results - LSEG data
** Peers HDFC Life Insurance and SBI Life Insurance also rated "buy" - LSEG
** ICIR rose 22.4% in 2024
($1 = 86.5190 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru)
(([email protected]; +91 8697274436;))
** Shares of ICICI Prudential Life Insurance ICIR.NS fall as much as 10% to 572 rupees, last down 8.7%
** Co's Q3 profit jumped 43% y/y to 3.26 bln rupees ($37.7 mln), but VNB margins contracted to 22.8% from 26.7% last year
** Stock set for biggest single-day drop since Feb 1, 2023
** Jefferies trims FY26-27 VNB margins forecast by 3%-4%; cuts PT to 740 rupees from 760 rupees, maintains "buy"
** Morgan Stanley trims VNB margins forecast by ~2% for FY25-27; cuts PT to 695 rupees from 710 rupees
** Analysts' avg rating is "buy"; median PT is 750 rupees, ~30% higher than current price - LSEG data
** At least 15 of 32 analysts covering stock lowered co's PT after results - LSEG data
** Peers HDFC Life Insurance and SBI Life Insurance also rated "buy" - LSEG
** ICIR rose 22.4% in 2024
($1 = 86.5190 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru)
(([email protected]; +91 8697274436;))
India's ICICI Prudential Life Q3 profit jumps on new policy sales
Jan 21 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS reported a 43% jump in third-quarter profit on Tuesday, driven by higher premiums from new policy sales.
The life insurer reported a standalone profit of 3.26 billion rupees (about $38 million) for the quarter ended Dec. 31, compared to 2.27 billion rupees a year ago.
Its net premium income grew 23.5% to 12.26 billion rupees, driven by a 78% jump in single premiums or new policy sales.
Insurance awareness has been historically low in India, a country of more than 1.4 billion people, but the sector has seen rapid growth in recent years, particularly since the COVID-19 pandemic.
ICICI Prudential's larger peers HDFC Life Insurance HDFL.NS and SBI Life Insurance SBIL.NS reported strong third-quarter profits as well, on the back of strong retail insurance policy sales.
ICICI Prudential's value of new business (VNB), or expected profit from new policies, rose 8.5% year-on-year to 15.75 billion rupees for the nine months to the end of December.
Annualised premium equivalent (APE) sales, the annualised total value of all single- and recurring-premium policies, jumped 27% to 54.30 billion rupees for the nine-month period.
Insurers generally report cumulative data for metrics such as VNB and APE.
However, VNB margins slipped to 22.8% from 26.7% last year, due to a higher share of market- or unit-linked insurance plans (ULIP), which have a lower profit margin compared to term policies, the company said.
ULIPs accounted for 50.8% of its overall product mix by APE, up from 43.1% a year ago.
($1 = 86.5670 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K)
(([email protected]; Mobile: +91 9591011727;))
Jan 21 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS reported a 43% jump in third-quarter profit on Tuesday, driven by higher premiums from new policy sales.
The life insurer reported a standalone profit of 3.26 billion rupees (about $38 million) for the quarter ended Dec. 31, compared to 2.27 billion rupees a year ago.
Its net premium income grew 23.5% to 12.26 billion rupees, driven by a 78% jump in single premiums or new policy sales.
Insurance awareness has been historically low in India, a country of more than 1.4 billion people, but the sector has seen rapid growth in recent years, particularly since the COVID-19 pandemic.
ICICI Prudential's larger peers HDFC Life Insurance HDFL.NS and SBI Life Insurance SBIL.NS reported strong third-quarter profits as well, on the back of strong retail insurance policy sales.
ICICI Prudential's value of new business (VNB), or expected profit from new policies, rose 8.5% year-on-year to 15.75 billion rupees for the nine months to the end of December.
Annualised premium equivalent (APE) sales, the annualised total value of all single- and recurring-premium policies, jumped 27% to 54.30 billion rupees for the nine-month period.
Insurers generally report cumulative data for metrics such as VNB and APE.
However, VNB margins slipped to 22.8% from 26.7% last year, due to a higher share of market- or unit-linked insurance plans (ULIP), which have a lower profit margin compared to term policies, the company said.
ULIPs accounted for 50.8% of its overall product mix by APE, up from 43.1% a year ago.
($1 = 86.5670 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K)
(([email protected]; Mobile: +91 9591011727;))
ICICI Prudential Life Insurance Company Says New Business Premium For December Up 3.9% Y-O-Y
Jan 10 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - APE FOR DECEMBER 2024 AT 8.66 BILLION RUPEES, 15.6% Y-O-Y GROWTH
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - NEW BUSINESS PREMIUM FOR DECEMBER UP 3.9% Y-O-Y
Source text: ID:nBSE3NQ9gb
Further company coverage: ICIR.NS
(([email protected];;))
Jan 10 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - APE FOR DECEMBER 2024 AT 8.66 BILLION RUPEES, 15.6% Y-O-Y GROWTH
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - NEW BUSINESS PREMIUM FOR DECEMBER UP 3.9% Y-O-Y
Source text: ID:nBSE3NQ9gb
Further company coverage: ICIR.NS
(([email protected];;))
Icici Prudential Life Insurance Company Says Commissioner Upholds Total Tax Demand Against Co
Jan 6 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL LIFE INSURANCE COMPANY - COMMISSIONER UPHOLDS TOTAL TAX DEMAND AGAINST CO
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - TO APPEAL TAX DEMAND ORDER
Source text: ID:nBSE73vdHT
Further company coverage: ICIR.NS
(([email protected];;))
Jan 6 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL LIFE INSURANCE COMPANY - COMMISSIONER UPHOLDS TOTAL TAX DEMAND AGAINST CO
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - TO APPEAL TAX DEMAND ORDER
Source text: ID:nBSE73vdHT
Further company coverage: ICIR.NS
(([email protected];;))
India New Issue-ICICI Prudential Life accepts bids for bond issue, bankers say
MUMBAI, Dec 18 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS has accepted bids worth 10.40 billion rupees ($122.5 million) for subordinated bonds maturing in 10 years, two merchant bankers said on Wednesday.
The private insurer will pay an annual coupon of 8.03% on this issue and had invited bids from bankers and investors for its debut bond offering earlier in the day, the bankers added.
The bonds have a call option at the end of five years and every year thereafter.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 18:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Prudential Life Insurance | 10 years | 8.03 | 10.40 | Dec. 18 | AAA (Crisil, Icra) |
HDB Financial Services | 2 years and 11 months | To be decided | 5+5 | Dec. 19 | AAA (Crisil, Care) |
LIC Housing Feb 2027 reissue | 2 years and 2 months | To be decided | 6+20 | Dec. 19 | AAA (Crisil, Icra) |
Bajaj Housing Finance | 3 years and 3 months | To be decided | 5+5 | Dec. 19 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 84.9230 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
MUMBAI, Dec 18 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS has accepted bids worth 10.40 billion rupees ($122.5 million) for subordinated bonds maturing in 10 years, two merchant bankers said on Wednesday.
The private insurer will pay an annual coupon of 8.03% on this issue and had invited bids from bankers and investors for its debut bond offering earlier in the day, the bankers added.
The bonds have a call option at the end of five years and every year thereafter.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 18:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Prudential Life Insurance | 10 years | 8.03 | 10.40 | Dec. 18 | AAA (Crisil, Icra) |
HDB Financial Services | 2 years and 11 months | To be decided | 5+5 | Dec. 19 | AAA (Crisil, Care) |
LIC Housing Feb 2027 reissue | 2 years and 2 months | To be decided | 6+20 | Dec. 19 | AAA (Crisil, Icra) |
Bajaj Housing Finance | 3 years and 3 months | To be decided | 5+5 | Dec. 19 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 84.9230 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
India New Issue-ICICI Prudential Life to issue 10-year bonds, bankers say
MUMBAI, Dec 16 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS plans to raise 14 billion rupees ($165.03 million), including a greenshoe option of 2 billion rupees, through the sale of subordinated bonds maturing in 10 years, two merchant bankers said on Monday.
The private insurer has invited bids from bankers and investors for its debut bond offering on Wednesday, the bankers added.
The bonds have a call option at the end of five years.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 16:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Prudential Life Insurance | 10 years | To be decided | 12+2 | Dec. 18 | AAA (Crisil, Icra) |
NDR InvIT Trust | 8 years | 8.05 (payable quarterly) | 6.30 | Dec. 20 | AAA (Care, India Ratings) |
Punjab & Sind Bank | 10 years | To be decided | 5+25 | Dec. 18 | AA (Crisil, India Ratings) |
Mumbai Urja Marg | 13 years, 9 months and 15 days | 8.10 (payable quarterly) | 24.50 | Dec. 13 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 84.8330 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Editing by Abinaya Vijayaraghavan)
MUMBAI, Dec 16 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS plans to raise 14 billion rupees ($165.03 million), including a greenshoe option of 2 billion rupees, through the sale of subordinated bonds maturing in 10 years, two merchant bankers said on Monday.
The private insurer has invited bids from bankers and investors for its debut bond offering on Wednesday, the bankers added.
The bonds have a call option at the end of five years.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 16:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Prudential Life Insurance | 10 years | To be decided | 12+2 | Dec. 18 | AAA (Crisil, Icra) |
NDR InvIT Trust | 8 years | 8.05 (payable quarterly) | 6.30 | Dec. 20 | AAA (Care, India Ratings) |
Punjab & Sind Bank | 10 years | To be decided | 5+25 | Dec. 18 | AA (Crisil, India Ratings) |
Mumbai Urja Marg | 13 years, 9 months and 15 days | 8.10 (payable quarterly) | 24.50 | Dec. 13 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 84.8330 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Editing by Abinaya Vijayaraghavan)
ICICI Prudential Life Insurance Co Says Nov APE Growth Of 54.8% Y/Y
Dec 9 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
NOV APE GROWTH OF 54.8% Y/Y
NOV NEW BUSINESS PREMIUM GROWTH OF 149.6% Y/Y
Source text: ID:nNSE3TkR5T
Further company coverage: ICIR.NS
(([email protected];))
Dec 9 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
NOV APE GROWTH OF 54.8% Y/Y
NOV NEW BUSINESS PREMIUM GROWTH OF 149.6% Y/Y
Source text: ID:nNSE3TkR5T
Further company coverage: ICIR.NS
(([email protected];))
FUNDVIEW-India's ICICI Pru Life eyes curve steepening, running 7-yr avg duration, exec says
By Dharamraj Dhutia
MUMBAI, Dec 5 (Reuters) - India's ICICI Prudential Life Insurance expects Indian government bond yield curve to steepen, and is running a weighted average duration of around seven years in its debt portfolio, a fund manager said.
"Within the sovereign portfolio, we prefer the liquid 10-year bond, 15-year bond and long bonds of 30-to-50-year maturity," said Vidya Iyer, Head - Fixed Income, ICICI Prudential Life Insurance Co.
"Long bonds tend to do well in the last quarter of the year as that is the period when long-term investors get decent flows into their funds"
Government securities account for about 65% of Iyer's debt portfolio, with the remaining 35% in corporate bonds of up to 5 years from a carry perspective.
The fund house manages debt assets worth 1.65 trillion rupees ($19.48 billion) as of end-October.
The insurer remains constructive on Indian bonds from a medium- to long-term perspective and expects the 10-year benchmark bond yield IN067934G=CC to ease to 6.50% by end of March, from 6.68% on Thursday.
POLICY EXPECTATIONS
On the Reserve Bank of India's monetary policy expectations, Iyer said weaker growth data has opened up room for rate cuts, but believes that the need of the hour is some sort of liquidity infusion more than the repo rate cut.
"We expect the RBI to cut Cash Reserve Ratio (CRR) by 50 basis points...Given the fact that we are still above the pre-pandemic levels of 4% on CRR, the case for a CRR cut becomes even stronger."
Easier liquidity conditions will bring down market interest rates even without a direct policy rate cut.
The RBI policy decision is due on Friday. Iyer, however, expects a 25-basis-point rate cut in February policy.
"Given that inflation is still well above the RBI's comfort level, we think the RBI will wait out for couple of more readings on inflation before embarking on the rate cut cycle."
($1 = 84.7230 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Dec 5 (Reuters) - India's ICICI Prudential Life Insurance expects Indian government bond yield curve to steepen, and is running a weighted average duration of around seven years in its debt portfolio, a fund manager said.
"Within the sovereign portfolio, we prefer the liquid 10-year bond, 15-year bond and long bonds of 30-to-50-year maturity," said Vidya Iyer, Head - Fixed Income, ICICI Prudential Life Insurance Co.
"Long bonds tend to do well in the last quarter of the year as that is the period when long-term investors get decent flows into their funds"
Government securities account for about 65% of Iyer's debt portfolio, with the remaining 35% in corporate bonds of up to 5 years from a carry perspective.
The fund house manages debt assets worth 1.65 trillion rupees ($19.48 billion) as of end-October.
The insurer remains constructive on Indian bonds from a medium- to long-term perspective and expects the 10-year benchmark bond yield IN067934G=CC to ease to 6.50% by end of March, from 6.68% on Thursday.
POLICY EXPECTATIONS
On the Reserve Bank of India's monetary policy expectations, Iyer said weaker growth data has opened up room for rate cuts, but believes that the need of the hour is some sort of liquidity infusion more than the repo rate cut.
"We expect the RBI to cut Cash Reserve Ratio (CRR) by 50 basis points...Given the fact that we are still above the pre-pandemic levels of 4% on CRR, the case for a CRR cut becomes even stronger."
Easier liquidity conditions will bring down market interest rates even without a direct policy rate cut.
The RBI policy decision is due on Friday. Iyer, however, expects a 25-basis-point rate cut in February policy.
"Given that inflation is still well above the RBI's comfort level, we think the RBI will wait out for couple of more readings on inflation before embarking on the rate cut cycle."
($1 = 84.7230 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
(([email protected];))
ICICI Prudential Life Insurance Co Approves Investment Of Up To 10% In Bima Sugam India Federation
Nov 21 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
APPROVED INVESTMENT OF UP TO 10% IN BIMA SUGAM INDIA FEDERATION
PROPOSED TO INVEST UPTO 100 MILLION RUPEES
Source text: ID:nBSE8NSWDQ
Further company coverage: ICIR.NS
(([email protected];;))
Nov 21 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
APPROVED INVESTMENT OF UP TO 10% IN BIMA SUGAM INDIA FEDERATION
PROPOSED TO INVEST UPTO 100 MILLION RUPEES
Source text: ID:nBSE8NSWDQ
Further company coverage: ICIR.NS
(([email protected];;))
ICICI Prudential Life Insurance Company Says Oct New Business Premium Up 25.3% Y/Y
Nov 8 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL LIFE INSURANCE COMPANY - OCT NEW BUSINESS PREMIUM UP 25.3% Y/Y
ICICI PRUDENTIAL LIFE INSURANCE COMPANY - OCT APE UP 18.2% Y/Y
Source text: ID:nNSE4zhJJD
Further company coverage: ICIR.NS
(([email protected];))
Nov 8 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
ICICI PRUDENTIAL LIFE INSURANCE COMPANY - OCT NEW BUSINESS PREMIUM UP 25.3% Y/Y
ICICI PRUDENTIAL LIFE INSURANCE COMPANY - OCT APE UP 18.2% Y/Y
Source text: ID:nNSE4zhJJD
Further company coverage: ICIR.NS
(([email protected];))
Indian insurer SBI Life's Q2 profit rises on higher investment income
BENGALURU, Oct 23 (Reuters) - India's SBI Life Insurance Company SBIL.NS reported a nearly 40% year-on-year rise in second-quarter profit on Wednesday, helped by higher investment income and sustained demand for insurance products.
SBI Life said its profit rose to 5.29 billion rupees ($62.92 million) for the quarter ended Sept. 30, from 3.8 billion rupees a year earlier.
Net premium income rose 1% to 202.66 billion rupees, while investment income more than doubled to 197.53 billion rupees.
SBI Life's annualised premium equivalent (APE) sales, a key metric that gives annualised total value of all single premium and recurring premium policies, rose 9% to 90.3 billion rupees for the half-year ended Sept. 30.
The insurer's value of new business (VNB), or expected profit from new policies, rose 2% to 24.2 billion rupees for the half-year.
A strong equity market has boosted demand for market- or unit-linked insurance plans (ULIPs) in recent quarters.
ULIPs accounted for 63% of SBI Life's overall product mix for April-September, up from 56% a year earlier.
This resulted in the contraction of VNB margins for SBI Life to 26.8% for the half-year from 28.6% a year ago.
Peers HDFC Life HDFL.NS and ICICI Prudential ICIR.NS also reported a drop in VNB margins for the half-year.
Shares of SBI Life were up around 1% after the results.
($1 = 84.0725 Indian rupees)
(Reporting by Nishit Navin; Editing by Mrigank Dhaniwala)
(([email protected];))
BENGALURU, Oct 23 (Reuters) - India's SBI Life Insurance Company SBIL.NS reported a nearly 40% year-on-year rise in second-quarter profit on Wednesday, helped by higher investment income and sustained demand for insurance products.
SBI Life said its profit rose to 5.29 billion rupees ($62.92 million) for the quarter ended Sept. 30, from 3.8 billion rupees a year earlier.
Net premium income rose 1% to 202.66 billion rupees, while investment income more than doubled to 197.53 billion rupees.
SBI Life's annualised premium equivalent (APE) sales, a key metric that gives annualised total value of all single premium and recurring premium policies, rose 9% to 90.3 billion rupees for the half-year ended Sept. 30.
The insurer's value of new business (VNB), or expected profit from new policies, rose 2% to 24.2 billion rupees for the half-year.
A strong equity market has boosted demand for market- or unit-linked insurance plans (ULIPs) in recent quarters.
ULIPs accounted for 63% of SBI Life's overall product mix for April-September, up from 56% a year earlier.
This resulted in the contraction of VNB margins for SBI Life to 26.8% for the half-year from 28.6% a year ago.
Peers HDFC Life HDFL.NS and ICICI Prudential ICIR.NS also reported a drop in VNB margins for the half-year.
Shares of SBI Life were up around 1% after the results.
($1 = 84.0725 Indian rupees)
(Reporting by Nishit Navin; Editing by Mrigank Dhaniwala)
(([email protected];))
Indian insurer ICICI Prudential's key margin shrinks in H1 on sale of market-linked policies
BENGALURU, Oct 22 (Reuters) - Indian insurer ICICI Prudential Life Insurance Company ICIR.NS on Tuesday reported a decline in a key margin in the first half of the fiscal year due to higher sales of market-linked policies.
Demand for market- or unit-linked insurance plans (ULIPs) has been strong in recent quarters, driven by India's rising equity market.
More sales of such policies, which have a lower profit margin, lead to the contraction of value of new business (VNB) margins for insurers.
ICICI Prudential's VNB margin dropped to 23.7% for the half-year ended Sept. 30 from 28.8% a year earlier as the share of ULIPs in the product mix jumped to 51.6% from 42.4%.
Its annualised premium equivalent sales, a key metric that gives annualised total value of all single premium and recurring premium policies, rose 26.8% to 44.67 billion rupees ($531.44 million) for the half-year.
The insurer's profit rose 3% on-year to 2.52 billion rupees for the quarter ended Sept. 30, while its net premium income grew around 7%.
Shares of the company ended down 2.5% ahead of the results.
($1 = 84.0540 Indian rupees)
(Reporting by Nishit Navin; Editing by Mrigank Dhaniwala)
(([email protected];))
BENGALURU, Oct 22 (Reuters) - Indian insurer ICICI Prudential Life Insurance Company ICIR.NS on Tuesday reported a decline in a key margin in the first half of the fiscal year due to higher sales of market-linked policies.
Demand for market- or unit-linked insurance plans (ULIPs) has been strong in recent quarters, driven by India's rising equity market.
More sales of such policies, which have a lower profit margin, lead to the contraction of value of new business (VNB) margins for insurers.
ICICI Prudential's VNB margin dropped to 23.7% for the half-year ended Sept. 30 from 28.8% a year earlier as the share of ULIPs in the product mix jumped to 51.6% from 42.4%.
Its annualised premium equivalent sales, a key metric that gives annualised total value of all single premium and recurring premium policies, rose 26.8% to 44.67 billion rupees ($531.44 million) for the half-year.
The insurer's profit rose 3% on-year to 2.52 billion rupees for the quarter ended Sept. 30, while its net premium income grew around 7%.
Shares of the company ended down 2.5% ahead of the results.
($1 = 84.0540 Indian rupees)
(Reporting by Nishit Navin; Editing by Mrigank Dhaniwala)
(([email protected];))
ICICI Prudential Life Insurance Says Sept New Business Premium Grew 20.6% Y/Y
Oct 11 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
SEPT NEW BUSINESS PREMIUM GREW 20.6% Y/Y
SEPT APE GREW 20.2% Y/Y
Source text for Eikon: ID:nBSE1mtHvV
Further company coverage: ICIR.NS
(([email protected];;))
Oct 11 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
SEPT NEW BUSINESS PREMIUM GREW 20.6% Y/Y
SEPT APE GREW 20.2% Y/Y
Source text for Eikon: ID:nBSE1mtHvV
Further company coverage: ICIR.NS
(([email protected];;))
FUNDVIEW-India's ICICI Prudential Life bullish on long-term govt bonds, official says
By Dharamraj Dhutia
MUMBAI, Sept 4 (Reuters) - Indian private insurer ICICI Prudential Life Insurance plans to raise investments in longer duration federal government bonds, including the 10-year benchmark, as the demand-supply outlook is "quite favourable", a senior official said on Wednesday.
"Given the long-term nature of the life insurance business, we have larger investments in the 10-year segment and the long bonds (30-40 year government bonds), with the 50-year government bonds being used for managing our annuity products," said Ketan Parikh, head of fixed income investments at the insurer, which manages debt assets of more than 1.62 trillion rupees ($19.30 billion).
India aims to gross borrow 14.01 trillion rupees this financial year to meet a fiscal deficit of 4.9% of gross domestic product. Debt auctions have seen a good response amid demand from foreign and long-term investors.
ICICI Prudential Life is keen on buying federal government bonds as the additional returns offered by state government and corporate bonds have diminished, Parikh said.
Bond yields will fall gradually as market positioning is "quite heavy", and as India's monetary easing cycle may be shallow, the fund manager said.
The Reserve Bank of India could cut the key repo rate by 50-75 basis points in this cycle, unlike the U.S., where cumulative rate cuts of 225 bps are being priced in, he said.
India's central bank has kept interest rates on hold for nine consecutive meetings as it aims to lower inflation to target amid food price-led spikes.
ICICI Prudential Life's Parikh expects the gap between yields on 10-year and 40-year bonds to narrow on demand from insurance companies and other long-term investors, and as interest in derivatives like forward rate agreements has picked up.
Private insurance companies have been absorbing 25%-30% of the supply of long bonds through forward rate agreements and STRIPs, Parikh said. STRIPs are bond instruments that dealers "strip" to sell principal payment and coupon rates separately.
India's 10-year benchmark bond yield IN071034G=CC was at 6.86% on Wednesday, while the 30-year IN30YT=RR and 40-year bond yields IN40YT=RR ended around 7.01% on Tuesday.
($1 = 83.9520 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Sept 4 (Reuters) - Indian private insurer ICICI Prudential Life Insurance plans to raise investments in longer duration federal government bonds, including the 10-year benchmark, as the demand-supply outlook is "quite favourable", a senior official said on Wednesday.
"Given the long-term nature of the life insurance business, we have larger investments in the 10-year segment and the long bonds (30-40 year government bonds), with the 50-year government bonds being used for managing our annuity products," said Ketan Parikh, head of fixed income investments at the insurer, which manages debt assets of more than 1.62 trillion rupees ($19.30 billion).
India aims to gross borrow 14.01 trillion rupees this financial year to meet a fiscal deficit of 4.9% of gross domestic product. Debt auctions have seen a good response amid demand from foreign and long-term investors.
ICICI Prudential Life is keen on buying federal government bonds as the additional returns offered by state government and corporate bonds have diminished, Parikh said.
Bond yields will fall gradually as market positioning is "quite heavy", and as India's monetary easing cycle may be shallow, the fund manager said.
The Reserve Bank of India could cut the key repo rate by 50-75 basis points in this cycle, unlike the U.S., where cumulative rate cuts of 225 bps are being priced in, he said.
India's central bank has kept interest rates on hold for nine consecutive meetings as it aims to lower inflation to target amid food price-led spikes.
ICICI Prudential Life's Parikh expects the gap between yields on 10-year and 40-year bonds to narrow on demand from insurance companies and other long-term investors, and as interest in derivatives like forward rate agreements has picked up.
Private insurance companies have been absorbing 25%-30% of the supply of long bonds through forward rate agreements and STRIPs, Parikh said. STRIPs are bond instruments that dealers "strip" to sell principal payment and coupon rates separately.
India's 10-year benchmark bond yield IN071034G=CC was at 6.86% on Wednesday, while the 30-year IN30YT=RR and 40-year bond yields IN40YT=RR ended around 7.01% on Tuesday.
($1 = 83.9520 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
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ICICI Prudential Life Insurance Co Gets Total Tax Demand Order For 386.6 Mln Rupees
Aug 30 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
GOT TOTAL TAX DEMAND ORDER FOR 386.6 MILLION RUPEES
Source text for Eikon: ID:nBSE39gTj
Further company coverage: ICIR.NS
(Reporting by VijayDattaram Malkar)
(([email protected];))
Aug 30 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:
GOT TOTAL TAX DEMAND ORDER FOR 386.6 MILLION RUPEES
Source text for Eikon: ID:nBSE39gTj
Further company coverage: ICIR.NS
(Reporting by VijayDattaram Malkar)
(([email protected];))
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