SBILIFE
New to Zerodha? Sign-up for free.
New to Zerodha? Sign-up for free.
-
Share Price
-
Financials
-
Revenue mix
-
Shareholdings
-
Peers
-
Forensics
- 5D
- 1M
- 6M
- YTD
- 1Y
- 5Y
- MAX
This data is currently unavailable for this company.
-
Summary
-
Profit & Loss
-
Balance sheet
-
Cashflow
This data is currently unavailable for this company.
| (In Cr.) |
|---|
| (In Cr.) | ||||
|---|---|---|---|---|
|
This data is currently unavailable for this company. |
| (In %) |
|---|
| (In Cr.) |
|---|
| Financial Year (In Cr.) |
|---|
-
Product wise
-
Location wise
Revenue Mix
This data is currently unavailable for this company.
Revenue Mix
This data is currently unavailable for this company.
Recent events
-
News
-
Corporate Actions
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;))
AU Small Finance Bank Partners With SBI Life For Insurance Access
Aug 4 (Reuters) - AU Small Finance Bank Ltd AUFI.NS:
PARTNERS WITH SBI LIFE FOR INSURANCE ACCESS
Source text: ID:nBSEb96Vjk
Further company coverage: AUFI.NS
(([email protected];;))
Aug 4 (Reuters) - AU Small Finance Bank Ltd AUFI.NS:
PARTNERS WITH SBI LIFE FOR INSURANCE ACCESS
Source text: ID:nBSEb96Vjk
Further company coverage: AUFI.NS
(([email protected];;))
SBI Life Insurance Q1 PAT 5.94 Billion Rupees
July 24 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE Q1 PAT 5.94 BILLION RUPEES
SBI LIFE INSURANCE Q1 NET PREMIUM INCOME 171.79 BILLION RUPEES
Source text: [ID:]
Further company coverage: SBIL.NS
(([email protected];))
July 24 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE Q1 PAT 5.94 BILLION RUPEES
SBI LIFE INSURANCE Q1 NET PREMIUM INCOME 171.79 BILLION RUPEES
Source text: [ID:]
Further company coverage: SBIL.NS
(([email protected];))
India's SBI Life quarterly profit flat, group insurance demand slows
April 24 (Reuters) - India's SBI Life Insurance Company SBIL.NS posted flat year-on-year fourth-quarter profit on Thursday amid a slowdown in group insurance business.
Profit rose 0.3% to 8.14 billion rupees ($95.5 million) for the quarter ended March 31 from 8.10 billion rupees a year earlier.
Analysts said heightened competition in the group insurance category has affected SBI Life's premiums earned in the segment.
Peers ICICI Prudential Life Insurance ICIR.NS and HDFC Life Insurance HDFL.NS reported a rise in quarterly profit, boosted by their group insurance offerings.
SBI Life's net premium income fell about 5% to 238.61 billion rupees as single premiums dropped nearly 73% while first-year premiums rose about 7%.
The company's value of new business (VNB), or expected profit from new policies - one of the key metrics for insurers - rose 10% year-on-year.
Its annualised premium equivalent (APE) sales, which is the total value of all single- and recurring-premium policies, rose 2% to 54.5 billion rupees, as per a Reuters calculation.
Demand for market or unit-linked insurance plans (ULIP) dropped as India's stock markets underwent a sharp correction.
Market-linked insurance plans, which have a lower profit margin compared to term policies, accounted for 64% of SBI Life's overall product mix by individual APE during the fiscal year, compared with 60% in the previous fiscal year.
VNB margins contracted to 27.8% for the fiscal year from 28.1% a year earlier.
($1 = 85.2640 Indian rupees)
(Reporting by Shivani Tanna in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected];))
April 24 (Reuters) - India's SBI Life Insurance Company SBIL.NS posted flat year-on-year fourth-quarter profit on Thursday amid a slowdown in group insurance business.
Profit rose 0.3% to 8.14 billion rupees ($95.5 million) for the quarter ended March 31 from 8.10 billion rupees a year earlier.
Analysts said heightened competition in the group insurance category has affected SBI Life's premiums earned in the segment.
Peers ICICI Prudential Life Insurance ICIR.NS and HDFC Life Insurance HDFL.NS reported a rise in quarterly profit, boosted by their group insurance offerings.
SBI Life's net premium income fell about 5% to 238.61 billion rupees as single premiums dropped nearly 73% while first-year premiums rose about 7%.
The company's value of new business (VNB), or expected profit from new policies - one of the key metrics for insurers - rose 10% year-on-year.
Its annualised premium equivalent (APE) sales, which is the total value of all single- and recurring-premium policies, rose 2% to 54.5 billion rupees, as per a Reuters calculation.
Demand for market or unit-linked insurance plans (ULIP) dropped as India's stock markets underwent a sharp correction.
Market-linked insurance plans, which have a lower profit margin compared to term policies, accounted for 64% of SBI Life's overall product mix by individual APE during the fiscal year, compared with 60% in the previous fiscal year.
VNB margins contracted to 27.8% for the fiscal year from 28.1% a year earlier.
($1 = 85.2640 Indian rupees)
(Reporting by Shivani Tanna in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected];))
India's ICICI Prudential Life posts higher quarterly profit on strong group insurance demand
April 15 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS on Tuesday reported a surge in fourth-quarter profit, helped by strong demand for its group insurance offerings.
The insurer's standalone profit more than doubled to 3.86 billion rupees ($45 million) for the quarter ended March 31. Its quarterly net premium income grew 11% to 16.37 billion rupees, driven by a 30% jump in single premiums.
Demand for its market or unit-linked insurance plans (ULIP) dropped during the fourth quarter as India's stock markets underwent a sharp correction.
In the previous quarters, demand for ULIPs rose consistently as the stock markets traded at record high levels.
However, analysts pointed out that a rise in the demand for group insurance plans during the January-March quarter has boosted premium income for ICICI Prudential.
Group insurance policies cover multiple people in the same plan and are generally taken by companies to provide coverage for employees.
ICICI Prudential's value of new business (VNB), or expected profit from new policies, rose 2.5% to 7.95 billion rupees for the quarter, according to Reuters calculations.
However, the insurer's annualised premium equivalent (APE) sales, which is the total value of all single- and recurring-premium policies, fell 3.1% to 35.02 billion rupees during the quarter due to the drop in the sales of ULIPs.
Meanwhile, ICICI Prudential's VNB margins for the full year deteriorated to 22.8% from 24.6% a year ago.
ULIPs accounted for 48.3% of the company's overall product mix, down from 50.8% a year earlier.
Peer HDFC Life HDFL.NS will report its quarterly results later this week, while SBI Life Insurance SBIL.NS is scheduled to post its earnings next week.
($1 = 85.7230 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Shreya Biswas)
(([email protected]; 8800437922;))
April 15 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS on Tuesday reported a surge in fourth-quarter profit, helped by strong demand for its group insurance offerings.
The insurer's standalone profit more than doubled to 3.86 billion rupees ($45 million) for the quarter ended March 31. Its quarterly net premium income grew 11% to 16.37 billion rupees, driven by a 30% jump in single premiums.
Demand for its market or unit-linked insurance plans (ULIP) dropped during the fourth quarter as India's stock markets underwent a sharp correction.
In the previous quarters, demand for ULIPs rose consistently as the stock markets traded at record high levels.
However, analysts pointed out that a rise in the demand for group insurance plans during the January-March quarter has boosted premium income for ICICI Prudential.
Group insurance policies cover multiple people in the same plan and are generally taken by companies to provide coverage for employees.
ICICI Prudential's value of new business (VNB), or expected profit from new policies, rose 2.5% to 7.95 billion rupees for the quarter, according to Reuters calculations.
However, the insurer's annualised premium equivalent (APE) sales, which is the total value of all single- and recurring-premium policies, fell 3.1% to 35.02 billion rupees during the quarter due to the drop in the sales of ULIPs.
Meanwhile, ICICI Prudential's VNB margins for the full year deteriorated to 22.8% from 24.6% a year ago.
ULIPs accounted for 48.3% of the company's overall product mix, down from 50.8% a year earlier.
Peer HDFC Life HDFL.NS will report its quarterly results later this week, while SBI Life Insurance SBIL.NS is scheduled to post its earnings next week.
($1 = 85.7230 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Shreya Biswas)
(([email protected]; 8800437922;))
SBI Life Insurance Company Gets Tax Penalty Of 238 Million Rupees
March 26 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
GETS TAX PENALTY AMOUNT OF 238 MILLION RUPEES
Source text: ID:nNSE8lMTq7
Further company coverage: SBIL.NS
(([email protected];))
March 26 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
GETS TAX PENALTY AMOUNT OF 238 MILLION RUPEES
Source text: ID:nNSE8lMTq7
Further company coverage: SBIL.NS
(([email protected];))
SBI Life Insurance Company Gets Income Tax Order of 3.5 Bln Rupees
March 24 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE COMPANY LTD - RECEIVES INCOME TAX ORDER
SBI LIFE INSURANCE - ORDER INCLUDES TAX DEMAND OF 3.53 BILLION RUPEES INTEREST OF 785 MILLION RUPEES
SBI LIFE INSURANCE COMPANY LTD - INCOME TAX ORDER HAS NO ADVERSE MATERIAL IMPACT ON SBI LIFE
Source text: ID:nBSEbPzhJq
Further company coverage: SBIL.NS
(([email protected];))
March 24 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE COMPANY LTD - RECEIVES INCOME TAX ORDER
SBI LIFE INSURANCE - ORDER INCLUDES TAX DEMAND OF 3.53 BILLION RUPEES INTEREST OF 785 MILLION RUPEES
SBI LIFE INSURANCE COMPANY LTD - INCOME TAX ORDER HAS NO ADVERSE MATERIAL IMPACT ON SBI LIFE
Source text: ID:nBSEbPzhJq
Further company coverage: SBIL.NS
(([email protected];))
SBI Life Dividend Of 2.7 Rupees Per Share
Feb 28 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE - DIVIDEND OF 2.7 RUPEES PER SHARE
Source text: ID:nBSEf6VtM
Further company coverage: SBIL.NS
(([email protected];))
Feb 28 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE - DIVIDEND OF 2.7 RUPEES PER SHARE
Source text: ID:nBSEf6VtM
Further company coverage: SBIL.NS
(([email protected];))
SBI Life Insurance Company Gets Total Tax Demand Of 396 Million Rupees
Feb 26 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE COMPANY LTD - TOTAL GST DEMAND AMOUNTS TO 396 MILLION RUPEES
Source text: ID:nBSE4TkxGN
Further company coverage: SBIL.NS
(([email protected];;))
Feb 26 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE COMPANY LTD - TOTAL GST DEMAND AMOUNTS TO 396 MILLION RUPEES
Source text: ID:nBSE4TkxGN
Further company coverage: SBIL.NS
(([email protected];;))
SBI Life Insurance Company Appoints Dorababu Daparti As Deputy CEO
Feb 24 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE COMPANY LTD - APPOINTS DORABABU DAPARTI AS DEPUTY CEO EFFECTIVE FEBRUARY 24, 2025
Source text: ID:nBSEb9BY8M
Further company coverage: SBIL.NS
(([email protected];;))
Feb 24 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE COMPANY LTD - APPOINTS DORABABU DAPARTI AS DEPUTY CEO EFFECTIVE FEBRUARY 24, 2025
Source text: ID:nBSEb9BY8M
Further company coverage: SBIL.NS
(([email protected];;))
SBI Life Insurance Gets Tax Order For Demand Of 396.8 Million Rupees
Feb 3 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE CO - GOT TAX ORDER FOR DEMAND OF 396.8 MILLION RUPEES
Source text: ID:nBSE8zZh1Q
Further company coverage: SBIL.NS
(([email protected];;))
Feb 3 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE CO - GOT TAX ORDER FOR DEMAND OF 396.8 MILLION RUPEES
Source text: ID:nBSE8zZh1Q
Further company coverage: SBIL.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))
SBI Life Insurance posts higher Q3 profit on policy renewals, new sales
Jan 17 (Reuters) - India's SBI Life Insurance Company SBIL.NS posted a higher third-quarter profit on Friday, led by growth in renewed and new insurance policies.
Its profit rose 71% to 5.51 billion rupees ($63.6 million) for the quarter ended Dec. 31, from 3.22 billion rupees a year earlier.
The insurer's net premium income grew 11% to 248.28 billion rupees, driven by a 13% rise in renewal premiums, or premiums that keep policies active, and a 12% jump in first-year premiums.
Insurance penetration has historically been low in India, but rising financial awareness and accelerated demand for cover - especially for life and health insurance - after the COVID-19 pandemic has led to higher policy sales.
The company's value of new business (VNB), or expected profit from new policies - one of the key metrics for insurers - rose 6% year-on-year to 42.9 billion rupees for the nine months to the end of December.
Its annualised premium equivalent (APE) sales, a closely watched metric that gives the annualised total value of all single and recurring premium policies, was up 11% at 159.7 billion rupees for the nine month period.
Meanwhile, market- or unit-linked insurance plans (ULIP), which have a lower profit margin compared to term policies, accounted for 67% of SBI Life's overall product mix by individual APE during the quarter, up from 61% a year ago.
Demand for ULIPs has been strong, especially in the first-half of the current fiscal year, driven by India's buoyant stock market.
The rise in the share of ULIPs, however, led to VNB margins contracting to 26.9% for the April to December period from 28.1% a year earlier. Its VNB margins were largely flat on a sequential basis.
To cushion margins, insurers have pushed for higher sales of high-margin policies.
Peer HDFC Life HDFL.NS reported a higher quarterly profit and an improvement in VNB margins on a sequential basis.
SBI Life's shares ended 1.8% higher after the results.
($1 = 86.5910 Indian rupees)
(Reporting by Nishit Navin and Kashish Tandon in Bengaluru; Editing by Sonia Cheema)
(([email protected]; 8800437922;))
Jan 17 (Reuters) - India's SBI Life Insurance Company SBIL.NS posted a higher third-quarter profit on Friday, led by growth in renewed and new insurance policies.
Its profit rose 71% to 5.51 billion rupees ($63.6 million) for the quarter ended Dec. 31, from 3.22 billion rupees a year earlier.
The insurer's net premium income grew 11% to 248.28 billion rupees, driven by a 13% rise in renewal premiums, or premiums that keep policies active, and a 12% jump in first-year premiums.
Insurance penetration has historically been low in India, but rising financial awareness and accelerated demand for cover - especially for life and health insurance - after the COVID-19 pandemic has led to higher policy sales.
The company's value of new business (VNB), or expected profit from new policies - one of the key metrics for insurers - rose 6% year-on-year to 42.9 billion rupees for the nine months to the end of December.
Its annualised premium equivalent (APE) sales, a closely watched metric that gives the annualised total value of all single and recurring premium policies, was up 11% at 159.7 billion rupees for the nine month period.
Meanwhile, market- or unit-linked insurance plans (ULIP), which have a lower profit margin compared to term policies, accounted for 67% of SBI Life's overall product mix by individual APE during the quarter, up from 61% a year ago.
Demand for ULIPs has been strong, especially in the first-half of the current fiscal year, driven by India's buoyant stock market.
The rise in the share of ULIPs, however, led to VNB margins contracting to 26.9% for the April to December period from 28.1% a year earlier. Its VNB margins were largely flat on a sequential basis.
To cushion margins, insurers have pushed for higher sales of high-margin policies.
Peer HDFC Life HDFL.NS reported a higher quarterly profit and an improvement in VNB margins on a sequential basis.
SBI Life's shares ended 1.8% higher after the results.
($1 = 86.5910 Indian rupees)
(Reporting by Nishit Navin and Kashish Tandon in Bengaluru; Editing by Sonia Cheema)
(([email protected]; 8800437922;))
India's SBI Life Insurance set to snap three-year gaining streak
** Shares of SBI Life Insurance Co SBIL.NS fall ~3% in 2024, set to snap three-year winning streak
** Insurer down ~1% at 1,391.80 rupees during the session, on track for third straight session of losses, if trend holds
** YTD, Nifty financial services index .NIFTYFIN and Nifty 50 index .NSEI up ~9% each
** Avg rating of 31 analysts covering SBIL at "buy" while peers ICICI Prudential Life Insurance Co ICIR.NS and HDFC Life Insurance Co HDFL.NS also rated "buy" - data compiled by LSEG
** Median PT for SBIL at 1,940 rupees - LSEG data
** YTD, ICIR up ~21% while HDFL down ~5%
(Reporting by Dimpal Gulwani in Bengaluru)
** Shares of SBI Life Insurance Co SBIL.NS fall ~3% in 2024, set to snap three-year winning streak
** Insurer down ~1% at 1,391.80 rupees during the session, on track for third straight session of losses, if trend holds
** YTD, Nifty financial services index .NIFTYFIN and Nifty 50 index .NSEI up ~9% each
** Avg rating of 31 analysts covering SBIL at "buy" while peers ICICI Prudential Life Insurance Co ICIR.NS and HDFC Life Insurance Co HDFL.NS also rated "buy" - data compiled by LSEG
** Median PT for SBIL at 1,940 rupees - LSEG data
** YTD, ICIR up ~21% while HDFL down ~5%
(Reporting by Dimpal Gulwani in Bengaluru)
SBI Life Insurance Company To Invest 66 Million Rupees In Bima Sugam
Dec 30 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
APPROVES INVESTMENT OF 66 MILLION RUPEES IN BIMA SUGAM
INVESTMENT FOR NOT EXCEEDING 10% OF PAID-UP EQUITY CAPITAL OF BIMA SUGAM
Source text: ID:nBSE379vPd
Further company coverage: SBIL.NS
(([email protected];))
Dec 30 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
APPROVES INVESTMENT OF 66 MILLION RUPEES IN BIMA SUGAM
INVESTMENT FOR NOT EXCEEDING 10% OF PAID-UP EQUITY CAPITAL OF BIMA SUGAM
Source text: ID:nBSE379vPd
Further company coverage: SBIL.NS
(([email protected];))
SBI Life Insurance Company Appoints Challa Sreenivasulu Setty As Chairman And Nominee Director
Nov 12 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
APPOINTS CHALLA SREENIVASULU SETTY AS CHAIRMAN AND NOMINEE DIRECTOR
Source text: ID:nBSE2s9rYP
Further company coverage: SBIL.NS
(([email protected];;))
Nov 12 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
APPOINTS CHALLA SREENIVASULU SETTY AS CHAIRMAN AND NOMINEE DIRECTOR
Source text: ID:nBSE2s9rYP
Further company coverage: SBIL.NS
(([email protected];;))
SBI Life Gets Tax Order With Total Amount Of 3 Million Rupees
Nov 7 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
GETS TAX ORDER WITH TOTAL AMOUNT OF 3 MILLION RUPEES
Source text: ID:nBSE3QZ8v4
Further company coverage: SBIL.NS
(([email protected];))
Nov 7 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
GETS TAX ORDER WITH TOTAL AMOUNT OF 3 MILLION RUPEES
Source text: ID:nBSE3QZ8v4
Further company coverage: SBIL.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];))
SBI Life- Dinesh Kumar Khara Resigned As A Non-Executive Director
SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE- DINESH KUMAR KHARA RESIGNED AS A NON-EXECUTIVE DIRECTOR
Source text for Eikon: ID:nBSE7kll5H
Further company coverage: SBIL.NS
SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE- DINESH KUMAR KHARA RESIGNED AS A NON-EXECUTIVE DIRECTOR
Source text for Eikon: ID:nBSE7kll5H
Further company coverage: SBIL.NS
BUZZ - PREVIEW-India's SBI Life Insurance rises ahead of Q1 results
** Shares of SBI Life Insurance SBIL.NS gain 3% to 1,645 rupees ahead of Q1 results later in the day
** Antique Stock Broking sees insurance sector's annualized premium equivalent (APE) growth to come above estimates in Q1, expects a 18%-20% growth in APE for SBI Life
** Life insurers are seeing a rising share of low margin market-linked policies (ULIPs) in a booming stock market resulting in shrinking of their value for new business (VNB) margins, analysts said
** Q1 growth likely fueled by ULIPs, cos are making concerted efforts to cushion VNB margins by increasing term policies and higher coverage on savings policies - Kotak
** Brokerage sees 21% y/y growth in APE, 80 bps compression in margins for SBIL
** Peers HDFC Life HDFL.NS, ICICI Prudential Life ICIR.NS reported drop in VNB margins in Q1
** Analysts' avg rating on SBIL is "Buy", in line with ratings on HDFL and ICIR - LSEG data
** Including session's gains, SBIL up ~15% YTD vs ~13% rise in Nifty 50 index .NSEI
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Shares of SBI Life Insurance SBIL.NS gain 3% to 1,645 rupees ahead of Q1 results later in the day
** Antique Stock Broking sees insurance sector's annualized premium equivalent (APE) growth to come above estimates in Q1, expects a 18%-20% growth in APE for SBI Life
** Life insurers are seeing a rising share of low margin market-linked policies (ULIPs) in a booming stock market resulting in shrinking of their value for new business (VNB) margins, analysts said
** Q1 growth likely fueled by ULIPs, cos are making concerted efforts to cushion VNB margins by increasing term policies and higher coverage on savings policies - Kotak
** Brokerage sees 21% y/y growth in APE, 80 bps compression in margins for SBIL
** Peers HDFC Life HDFL.NS, ICICI Prudential Life ICIR.NS reported drop in VNB margins in Q1
** Analysts' avg rating on SBIL is "Buy", in line with ratings on HDFL and ICIR - LSEG data
** Including session's gains, SBIL up ~15% YTD vs ~13% rise in Nifty 50 index .NSEI
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
SBI Life Insurance Company Says Veeraraghavan Srinivasan Relinquished Charge Of Deputy CEO
May 22 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE COMPANY LTD - VEERARAGHAVAN SRINIVASAN RELINQUISHED CHARGE OF DEPUTY CEO
Source text for Eikon: ID:nNSE6bKXr1
Further company coverage: SBIL.NS
(([email protected];))
May 22 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE COMPANY LTD - VEERARAGHAVAN SRINIVASAN RELINQUISHED CHARGE OF DEPUTY CEO
Source text for Eikon: ID:nNSE6bKXr1
Further company coverage: SBIL.NS
(([email protected];))
Street View - India's SBI Life Insurance to continue market dominance
** SBI Life Insurance's SBIL.NS reports value of new business margin of 28.1% in FY24 from 30.1% in FY23, hurt by higher share of low-margin unit-linked insurance plans
** ULIP segment made up 60% of its overall product mix by annualised premium equivalent from 55% a year earlier
** At least 10 analysts raise PT; avg rating at "strong buy" and median PT at 1,740 rupees; shares up as much as 3.2%
LIMITED MARGIN COMPRESSION AMONGST PEERS
** Emkay Global Financial Services ("buy," PT: 1,800 rupees) says co had limited margin compression compared to peers despite being a ULIP-heavy player
** Expects VNB margin of ~28.5% for FY25-26
** BOB Capital Markets ("buy," PT: 2,040 rupees) expects the "top pick" co to continue its market dominance
** However, it trims VNB margin FY25/FY26 estimates by 100/150 bps at 27.5%
** Nirmal Bang Institutional Equities ("buy," PT: 1,785 rupees) expects VNB margin to improve to ~28.4% in FY25 as co focuses on growth in non-ULIP portfolio
(Reporting by Dimpal Gulwani in Bengaluru)
** SBI Life Insurance's SBIL.NS reports value of new business margin of 28.1% in FY24 from 30.1% in FY23, hurt by higher share of low-margin unit-linked insurance plans
** ULIP segment made up 60% of its overall product mix by annualised premium equivalent from 55% a year earlier
** At least 10 analysts raise PT; avg rating at "strong buy" and median PT at 1,740 rupees; shares up as much as 3.2%
LIMITED MARGIN COMPRESSION AMONGST PEERS
** Emkay Global Financial Services ("buy," PT: 1,800 rupees) says co had limited margin compression compared to peers despite being a ULIP-heavy player
** Expects VNB margin of ~28.5% for FY25-26
** BOB Capital Markets ("buy," PT: 2,040 rupees) expects the "top pick" co to continue its market dominance
** However, it trims VNB margin FY25/FY26 estimates by 100/150 bps at 27.5%
** Nirmal Bang Institutional Equities ("buy," PT: 1,785 rupees) expects VNB margin to improve to ~28.4% in FY25 as co focuses on growth in non-ULIP portfolio
(Reporting by Dimpal Gulwani in Bengaluru)
PREVIEW: India's SBI Life Insurance trades lower ahead of results
** Shares of SBI Life Insurance Co SBIL.NS fall 0.6% to 1,436.15 rupees, ahead of Q4 results later in the day
** SBIL top pick for BOB Capital; expects a 10% annualized premium equivalent (APE) growth in Q4, highest among other insurers like ICICI Prudential Life Insurance ICIR.NS and HDFC Life Insurance HDFL.NS
** Despite a higher share of low margin unit-linked insurance plans (ULIPs) compared with peers, SBIL's value for new business margin (VNB) might continue to surprise due to its low-cost structure - Antique Stock Broking
** Life insurers' VNB margins have been a key watch due to pressure from customer preference shifting towards ULIPs - analysts
** Thirty analysts covering the stock on average have a "strong buy" rating; median PT is 1,700 rupees - LSEG data
** Stock up ~0.2% YTD vs a ~3.6% rise in Nifty 50 Index .NSEI
(Reporting by Dimpal Gulwani in Bengaluru)
** Shares of SBI Life Insurance Co SBIL.NS fall 0.6% to 1,436.15 rupees, ahead of Q4 results later in the day
** SBIL top pick for BOB Capital; expects a 10% annualized premium equivalent (APE) growth in Q4, highest among other insurers like ICICI Prudential Life Insurance ICIR.NS and HDFC Life Insurance HDFL.NS
** Despite a higher share of low margin unit-linked insurance plans (ULIPs) compared with peers, SBIL's value for new business margin (VNB) might continue to surprise due to its low-cost structure - Antique Stock Broking
** Life insurers' VNB margins have been a key watch due to pressure from customer preference shifting towards ULIPs - analysts
** Thirty analysts covering the stock on average have a "strong buy" rating; median PT is 1,700 rupees - LSEG data
** Stock up ~0.2% YTD vs a ~3.6% rise in Nifty 50 Index .NSEI
(Reporting by Dimpal Gulwani in Bengaluru)
India's SBI Life Insurance posts weaker new business margin for April-Dec
BENGALURU, Jan 25 (Reuters) - India's SBI Life Insurance SBIL.NS reported a decline in new business margin for nine months ending Dec. 31 on Thursday, hit by a rise in sales of low-margin products.
The value for new business (VNB) - the expected profit from new policies - rose 11% to 40.40 billion rupees ($486 million), the company said, although margins contracted to 28.1% from 29.6% a year earlier.
Growth in low-margin unit-linked insurance plans (ULIP) and the government's move to tax total returns of high-value policies have weighed on life insurers' VNB margins. However, SBI Life is immune to the regulation as it has the lowest share of such products, analysts said.
The increasing share for ULIPs was driven by a rally in Indian blue-chip indexes. Nifty 50 Index .NSEI rose nearly 11% during the December quarter - its best quarterly performance since September 2021 - on expectations of early interest rate cuts by the U.S. Federal Reserve.
SBI Life Insurance said its net premium income for the three months ended Dec. 31 rose 16.4% to 223.16 billion rupees, compared with a 21.7% rise in the September quarter. Meanwhile, its investment income more than doubled.
Profit after tax rose 5.8% to 3.22 billion rupees in the third quarter.
Its annualized premium equivalent (APE) sales grew 17% to 143.90 billion rupees for the nine-month period. APE is a gauge of sales that gives the annualized total value of all single premium and recurring premium policies.
Last week smaller rival ICICI Prudential Life Insurance ICIR.NS reported a decline in new business margins, hit by weaker demand for high-value policies. Meanwhile, HDFC Life Insurance's HDFL.NS VNB margin was unchanged for the April-December period.
Shares of SBI Life Insurance extended losses to as much as 3.8%, hitting a two-month low, after the results.
($1 = 83.0825 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru; Editing by Eileen Soreng)
(([email protected];))
BENGALURU, Jan 25 (Reuters) - India's SBI Life Insurance SBIL.NS reported a decline in new business margin for nine months ending Dec. 31 on Thursday, hit by a rise in sales of low-margin products.
The value for new business (VNB) - the expected profit from new policies - rose 11% to 40.40 billion rupees ($486 million), the company said, although margins contracted to 28.1% from 29.6% a year earlier.
Growth in low-margin unit-linked insurance plans (ULIP) and the government's move to tax total returns of high-value policies have weighed on life insurers' VNB margins. However, SBI Life is immune to the regulation as it has the lowest share of such products, analysts said.
The increasing share for ULIPs was driven by a rally in Indian blue-chip indexes. Nifty 50 Index .NSEI rose nearly 11% during the December quarter - its best quarterly performance since September 2021 - on expectations of early interest rate cuts by the U.S. Federal Reserve.
SBI Life Insurance said its net premium income for the three months ended Dec. 31 rose 16.4% to 223.16 billion rupees, compared with a 21.7% rise in the September quarter. Meanwhile, its investment income more than doubled.
Profit after tax rose 5.8% to 3.22 billion rupees in the third quarter.
Its annualized premium equivalent (APE) sales grew 17% to 143.90 billion rupees for the nine-month period. APE is a gauge of sales that gives the annualized total value of all single premium and recurring premium policies.
Last week smaller rival ICICI Prudential Life Insurance ICIR.NS reported a decline in new business margins, hit by weaker demand for high-value policies. Meanwhile, HDFC Life Insurance's HDFL.NS VNB margin was unchanged for the April-December period.
Shares of SBI Life Insurance extended losses to as much as 3.8%, hitting a two-month low, after the results.
($1 = 83.0825 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru; Editing by Eileen Soreng)
(([email protected];))
SBI Life Insurance Company Gets Another Tax Demand Notice For 63.4 Million Rupees Including Penalty
Jan 3 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE COMPANY LTD - GETS ANOTHER TAX DEMAND NOTICE FOR 63.4 MILLION RUPEES INCLUDING PENALTY
Source text for Eikon: ID:nNSE802JpV
Further company coverage: SBIL.NS
(([email protected];;))
Jan 3 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE COMPANY LTD - GETS ANOTHER TAX DEMAND NOTICE FOR 63.4 MILLION RUPEES INCLUDING PENALTY
Source text for Eikon: ID:nNSE802JpV
Further company coverage: SBIL.NS
(([email protected];;))
Indian lawmakers to hold discussions with select banks, insurance companies - govt document
Corrects headline to say Indian lawmakers not lawyers
By Sarita Chaganti Singh and Nikunj Ohri
Dec 17 (Reuters) - A committee of Indian lawmakers will hold discussions with four government-owned banks early next year under banking laws which among other things govern mergers and acquisitions, according to a government document.
The meeting will also include “informal discussions” with India’s central bank over the law governing its functioning and regulatory supervision, besides separate deliberations with five insurance companies over the country’s insurance laws, said the document.
Informal discussions will be held with representatives of UCO Bank UCBK.NS and Union Bank of India UNBK.NS on January 2, 2024 and between Bank of Maharashtra BMBK.NS and Bank of India BOI.NS on January 6, 2024 in western cities of Mumbai and Goa, said the document issued on Nov. 16.
It did not specify reasons for the talks.
A meeting with Insurance Regulatory and Development Authority of India, Life Insurance Corporation LIFI.NS, SBI Life Insurance SBIL.NS, National Insurance Co, Oriental Insurance and the New India Assurance Co THEE.NS is also proposed on Jan. 2.
Two Indian finance ministry sources, who spoke on condition of anonymity, told Reuters that no proposal to merge the public sector banks is being considered by the government and that the discussions were part of ‘routine exercise.’ An email sent to the country’s federal finance ministry remained unanswered.
Indian government, in 2019, announced the merger of 10 state-owned banks into four lenders.
Government owned banks still account for over 60% of India’s banking system by assets and deposits.
(Reporting by Dhwani Pandya; Editing by Michael Perry)
(([email protected];))
Corrects headline to say Indian lawmakers not lawyers
By Sarita Chaganti Singh and Nikunj Ohri
Dec 17 (Reuters) - A committee of Indian lawmakers will hold discussions with four government-owned banks early next year under banking laws which among other things govern mergers and acquisitions, according to a government document.
The meeting will also include “informal discussions” with India’s central bank over the law governing its functioning and regulatory supervision, besides separate deliberations with five insurance companies over the country’s insurance laws, said the document.
Informal discussions will be held with representatives of UCO Bank UCBK.NS and Union Bank of India UNBK.NS on January 2, 2024 and between Bank of Maharashtra BMBK.NS and Bank of India BOI.NS on January 6, 2024 in western cities of Mumbai and Goa, said the document issued on Nov. 16.
It did not specify reasons for the talks.
A meeting with Insurance Regulatory and Development Authority of India, Life Insurance Corporation LIFI.NS, SBI Life Insurance SBIL.NS, National Insurance Co, Oriental Insurance and the New India Assurance Co THEE.NS is also proposed on Jan. 2.
Two Indian finance ministry sources, who spoke on condition of anonymity, told Reuters that no proposal to merge the public sector banks is being considered by the government and that the discussions were part of ‘routine exercise.’ An email sent to the country’s federal finance ministry remained unanswered.
Indian government, in 2019, announced the merger of 10 state-owned banks into four lenders.
Government owned banks still account for over 60% of India’s banking system by assets and deposits.
(Reporting by Dhwani Pandya; Editing by Michael Perry)
(([email protected];))
India's SBI Life Insurance hits record high
** Shares of SBI Life Insurance SBIL.NS rise 5.5% to a record high of 1,434.5 rupees
** Morgan Stanley reiterates "overweight" on SBIL and maintains target price at 1,650 rupees, an implied upside of 21.33% to stock's last close
** Brokerage says after an interaction with the management that it sees no near-term risk of increase in co's commission payments to parent State Bank of India SBI.NS
** Stock top gainer on benchmark Nifty 50 index .NSEI, which is down 0.07% at 2:29 p.m. IST
** More than 2 mln shares change hands by 1:20 p.m. IST, 2.6x the 30-day avg
** Avg rating of 31 analysts close to equivalent of 'strong buy;' median PT is 1,612.5 rupees - LSEG data
** Including Friday's gains, stock up ~ 11% since reporting Q2 results on Oct. 27; SBIL up ~14.7% so far this year, far outperforming Nifty finance index .NIFTYFIN which is up ~3%
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected]; +91 6001289066;))
** Shares of SBI Life Insurance SBIL.NS rise 5.5% to a record high of 1,434.5 rupees
** Morgan Stanley reiterates "overweight" on SBIL and maintains target price at 1,650 rupees, an implied upside of 21.33% to stock's last close
** Brokerage says after an interaction with the management that it sees no near-term risk of increase in co's commission payments to parent State Bank of India SBI.NS
** Stock top gainer on benchmark Nifty 50 index .NSEI, which is down 0.07% at 2:29 p.m. IST
** More than 2 mln shares change hands by 1:20 p.m. IST, 2.6x the 30-day avg
** Avg rating of 31 analysts close to equivalent of 'strong buy;' median PT is 1,612.5 rupees - LSEG data
** Including Friday's gains, stock up ~ 11% since reporting Q2 results on Oct. 27; SBIL up ~14.7% so far this year, far outperforming Nifty finance index .NIFTYFIN which is up ~3%
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected]; +91 6001289066;))
India's SBI Life Insurance Q2 PAT At 3.8 Bln Rupees
Oct 27 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE Q2 NET PREMIUM INCOME 200.5 BILLION RUPEES
INDIA'S SBI LIFE INSURANCE Q2 PAT 3.8 BLN RUPEES
SBI LIFE INSURANCE YEAR AGO Q2 PAT 3.77 BILLION RUPEES, NET PREMIUM INCOME 164.77 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: SBIL.NS
(([email protected];))
Oct 27 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE Q2 NET PREMIUM INCOME 200.5 BILLION RUPEES
INDIA'S SBI LIFE INSURANCE Q2 PAT 3.8 BLN RUPEES
SBI LIFE INSURANCE YEAR AGO Q2 PAT 3.77 BILLION RUPEES, NET PREMIUM INCOME 164.77 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: SBIL.NS
(([email protected];))
SBI Life Insurance Company Approved Appointment Of Amit Jhingran As Managing Director, CEO
Sept 28 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
MAHESH KUMAR SHARMA POSTED AS DEPUTY MANAGING DIRECTOR
APPROVED APPOINTMENT OF AMIT JHINGRAN AS MANAGING DIRECTOR, CEO
Source text for Eikon: ID:nBSE8722KD
Further company coverage: SBIL.NS
(([email protected];))
Sept 28 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
MAHESH KUMAR SHARMA POSTED AS DEPUTY MANAGING DIRECTOR
APPROVED APPOINTMENT OF AMIT JHINGRAN AS MANAGING DIRECTOR, CEO
Source text for Eikon: ID:nBSE8722KD
Further company coverage: SBIL.NS
(([email protected];))
Events:
Dividend
Dividend
Dividend
Dividend
Dividend
Dividend
Dividend
More Large Cap Ideas
See similar 'Large' cap companies with recent activity
Promoter Buying
Companies where the promoters are bullish
Capex
Companies investing on expansion
Superstar Investor
Companies where well known investors have invested