SBILIFE
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SBI Life Declares Dividend Of 2.70 Rupees Per Share
Feb 25 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
DIVIDEND OF 2.70 RUPEES PER SHARE
Source text: ID:nnAZN4SIA1K
Further company coverage: SBIL.NS
(([email protected];;))
Feb 25 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
DIVIDEND OF 2.70 RUPEES PER SHARE
Source text: ID:nnAZN4SIA1K
Further company coverage: SBIL.NS
(([email protected];;))
SBI Life Insurance Q3 PAT 5.77 Billion Rupees
Jan 28 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
Q3 PAT 5.77 BILLION RUPEES
Q3 NET PREMIUM INCOME 302.45 BLN RUPEES
Further company coverage: SBIL.NS
(([email protected];;))
Jan 28 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
Q3 PAT 5.77 BILLION RUPEES
Q3 NET PREMIUM INCOME 302.45 BLN RUPEES
Further company coverage: SBIL.NS
(([email protected];;))
India's IndusInd names former SBI MD Arijit Basu as chair after Sunil Mehta steps down
Rewrites, adds details, background throughout
Jan 23 (Reuters) - Indian private lender IndusInd Bank INBK.NS said on Friday that its chairman Sunil Mehta will step down when his term ends in January, and named former State Bank of India SBI.NS Managing Director Arijit Basu as his successor.
Basu, the chairman of non-banking finance company HDB Financial Services HDBF.NS, will take over as IndusInd's chairman on January 31. Basu has also been the CEO at SBI Life Insurance SBIL.NS.
Mehta's exit marks the latest senior leadership change at the private lender, which posted its largest-ever quarterly loss last fiscal year, following a $230 million hit to its accounts, with governance and accounting failures prompting the departure of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana.
IndusInd Bank's shares fell 10% in 2025, making it the worst performer on the Nifty private bank index .NIFPVTBNK, which gained nearly 16%.
The shares were trading flat as of 12:56 p.m. IST on Friday ahead of the lender's December quarter results.
Reuters reported in December, citing sources, that Mehta, informed the board about his desire to step down at the end of his term. Mehta was the lender's chairman since January 2023.
In the past few months, IndusInd has also appointed a new chief financial officer, a chief human resources officer and several other senior executives.
(Reporting by Kashish Tandon and Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)
(([email protected]; 8800437922;))
Rewrites, adds details, background throughout
Jan 23 (Reuters) - Indian private lender IndusInd Bank INBK.NS said on Friday that its chairman Sunil Mehta will step down when his term ends in January, and named former State Bank of India SBI.NS Managing Director Arijit Basu as his successor.
Basu, the chairman of non-banking finance company HDB Financial Services HDBF.NS, will take over as IndusInd's chairman on January 31. Basu has also been the CEO at SBI Life Insurance SBIL.NS.
Mehta's exit marks the latest senior leadership change at the private lender, which posted its largest-ever quarterly loss last fiscal year, following a $230 million hit to its accounts, with governance and accounting failures prompting the departure of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana.
IndusInd Bank's shares fell 10% in 2025, making it the worst performer on the Nifty private bank index .NIFPVTBNK, which gained nearly 16%.
The shares were trading flat as of 12:56 p.m. IST on Friday ahead of the lender's December quarter results.
Reuters reported in December, citing sources, that Mehta, informed the board about his desire to step down at the end of his term. Mehta was the lender's chairman since January 2023.
In the past few months, IndusInd has also appointed a new chief financial officer, a chief human resources officer and several other senior executives.
(Reporting by Kashish Tandon and Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)
(([email protected]; 8800437922;))
India's Canara HSBC Life makes muted debut, valuation at $1.2 billion
Updates stock price in paragraph 2, adds details throughout
By Vivek Kumar M
Oct 17 (Reuters) - India's Canara HSBC Life Insurance CANR.NS made a muted debut on the bourses on Friday, as unappealing pricing and a crowded IPO market clouded the insurer's prospects.
Its stock was trading at 108.9 rupees, as of 10:50 a.m. IST, up 2.7% from its issue and listing price of 106 rupees, yielding the insurer a valuation of 105.15 billion rupees ($1.20 billion).
Peers SBI Life Insurance SBIL.NS and HDFC Life Insurance HDFL.NS are valued around $21 billion and $18 billion, respectively.
Canara HSBC Life Insurance, which is a joint venture between Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, struggled to garner bids from retail and non-institutional investors earlier this week.
Retail investors subscribed 42% of their quota, while high-net-worth individuals subscribed a third of their shares in the $283 million IPO.
Thanks to qualified institutional buyers, the issue was subscribed 2.29 times, which was still lower than most other IPOs that opened in the last couple of weeks.
For instance, another Canara Bank-promoted entity, Canara Robeco Asset Management CANE.NS, received bids worth nearly 10-fold and closed 13% higher in its debut on Thursday.
Choice Broking said the insurer's valuation appeared to be fully priced, with price-to-enterprise value multiple, a stock valuation metric, of 1.6x, while industry averaged 2.4x.
"High dependence on bancassurance (where banks sell insurance) and relatively lower VNB (value of new business) margins compared to peers is expected to keep valuation multiples at a discount to peers," ICICI Direct said.
The insurer got 87% of its new business premium in fiscal year 2024-25 through bancassurance, with Canara Bank contributing 70.6% of this.
The listing caps a busy week for the Indian IPO market, which saw five stock debuts, including a blockbuster listing from LG Electronics India LGEL.NS and a muted start from the country's largest IPO of the year, Tata Capital TATC.NS. ($1 = 87.8387 Indian rupees)
(Reporting by Vivek Kumar M; Editing by Sumana Nandy and Harikrishnan Nair)
(([email protected];))
Updates stock price in paragraph 2, adds details throughout
By Vivek Kumar M
Oct 17 (Reuters) - India's Canara HSBC Life Insurance CANR.NS made a muted debut on the bourses on Friday, as unappealing pricing and a crowded IPO market clouded the insurer's prospects.
Its stock was trading at 108.9 rupees, as of 10:50 a.m. IST, up 2.7% from its issue and listing price of 106 rupees, yielding the insurer a valuation of 105.15 billion rupees ($1.20 billion).
Peers SBI Life Insurance SBIL.NS and HDFC Life Insurance HDFL.NS are valued around $21 billion and $18 billion, respectively.
Canara HSBC Life Insurance, which is a joint venture between Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, struggled to garner bids from retail and non-institutional investors earlier this week.
Retail investors subscribed 42% of their quota, while high-net-worth individuals subscribed a third of their shares in the $283 million IPO.
Thanks to qualified institutional buyers, the issue was subscribed 2.29 times, which was still lower than most other IPOs that opened in the last couple of weeks.
For instance, another Canara Bank-promoted entity, Canara Robeco Asset Management CANE.NS, received bids worth nearly 10-fold and closed 13% higher in its debut on Thursday.
Choice Broking said the insurer's valuation appeared to be fully priced, with price-to-enterprise value multiple, a stock valuation metric, of 1.6x, while industry averaged 2.4x.
"High dependence on bancassurance (where banks sell insurance) and relatively lower VNB (value of new business) margins compared to peers is expected to keep valuation multiples at a discount to peers," ICICI Direct said.
The insurer got 87% of its new business premium in fiscal year 2024-25 through bancassurance, with Canara Bank contributing 70.6% of this.
The listing caps a busy week for the Indian IPO market, which saw five stock debuts, including a blockbuster listing from LG Electronics India LGEL.NS and a muted start from the country's largest IPO of the year, Tata Capital TATC.NS. ($1 = 87.8387 Indian rupees)
(Reporting by Vivek Kumar M; Editing by Sumana Nandy and Harikrishnan Nair)
(([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;))
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];))
SBI Life Insurance Q4 PAT 8.14 Billion Rupees
April 24 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE Q4 PAT 8.14 BILLION RUPEES
SBI LIFE INSURANCE Q4 NET PREMIUM INCOME 238.61 BILLION RUPEES
Source text: [ID:]
Further company coverage: SBIL.NS
(([email protected];))
April 24 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE Q4 PAT 8.14 BILLION RUPEES
SBI LIFE INSURANCE Q4 NET PREMIUM INCOME 238.61 BILLION RUPEES
Source text: [ID:]
Further company coverage: SBIL.NS
(([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
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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
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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
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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
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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
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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
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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
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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
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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
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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 9M FY25 VNB Margin At 26.9%
Jan 17 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
9M FY25 VNB MARGIN AT 26.9%
Source text: [ID:]
Further company coverage: SBIL.NS
(([email protected];;))
Jan 17 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
9M FY25 VNB MARGIN AT 26.9%
Source text: [ID:]
Further company coverage: SBIL.NS
(([email protected];;))
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];))
SBI Life Insurance Q2 PAT 5.29 Billion Rupees
Oct 23 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE Q2 PAT 5.29 BILLION RUPEES
SBI LIFE INSURANCE Q2 NET PREMIUM INCOME 202.66 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: SBIL.NS
(([email protected];;))
Oct 23 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE Q2 PAT 5.29 BILLION RUPEES
SBI LIFE INSURANCE Q2 NET PREMIUM INCOME 202.66 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: SBIL.NS
(([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
India's SBI Life posts higher Q1 profit on demand for market-linked policies
BENGALURU, July 24 (Reuters) - India's SBI Life Insurance Company SBIL.NS posted a 36% rise in first-quarter profit on Wednesday, as premiums were boosted by strong demand for market-linked products.
The insurer's profit rose to 5.2 billion rupees ($62 million) for the three months ended June 30 from 3.81 billion rupees, a year earlier.
Net premium income increased about 15%, while investment income rose 32%.
Demand for market-linked insurance plans (ULIPs) has jumped sharply in recent quarters driven by a rally in India's equity market. Benchmark indexes NSE Nifty 50 .NSEI and the S&P Sensex .BSESN hit record highs in recent months on strong economic growth outlook and foreign fund inflows. .BO
SBI Life's value of new business (VNB), or expected profit from new policies, rose 12% year-on-year to 9.7 billion rupees in the June quarter.
Annualised premium equivalent (APE) sales, a key metric that gives the annualised total value of all single premium and recurring premium policies, rose 20% to 36.4 billion rupees for the quarter.
ULIPs accounted for 61% of the company's overall product mix by APE for the quarter, compared to 53% a year earlier.
The rise in sales of ULIPs, which have a lower profit margin, has resulted in the contraction of the value of new business margins for insurers.
SBI Life's VNB margin declined to 26.8% for the April-June quarter from 28.8% a year earlier.
Peers, HDFC Life HDFL.NS and ICICI Prudential Life ICIR.NS also reported a drop in VNB margin for the June quarter.
SBI Life's shares ended 2.4% higher ahead of the results.
($1 = 83.6860 Indian rupees)
(Reporting by Nishit Navin; Editing by Eileen Soreng)
(([email protected];))
BENGALURU, July 24 (Reuters) - India's SBI Life Insurance Company SBIL.NS posted a 36% rise in first-quarter profit on Wednesday, as premiums were boosted by strong demand for market-linked products.
The insurer's profit rose to 5.2 billion rupees ($62 million) for the three months ended June 30 from 3.81 billion rupees, a year earlier.
Net premium income increased about 15%, while investment income rose 32%.
Demand for market-linked insurance plans (ULIPs) has jumped sharply in recent quarters driven by a rally in India's equity market. Benchmark indexes NSE Nifty 50 .NSEI and the S&P Sensex .BSESN hit record highs in recent months on strong economic growth outlook and foreign fund inflows. .BO
SBI Life's value of new business (VNB), or expected profit from new policies, rose 12% year-on-year to 9.7 billion rupees in the June quarter.
Annualised premium equivalent (APE) sales, a key metric that gives the annualised total value of all single premium and recurring premium policies, rose 20% to 36.4 billion rupees for the quarter.
ULIPs accounted for 61% of the company's overall product mix by APE for the quarter, compared to 53% a year earlier.
The rise in sales of ULIPs, which have a lower profit margin, has resulted in the contraction of the value of new business margins for insurers.
SBI Life's VNB margin declined to 26.8% for the April-June quarter from 28.8% a year earlier.
Peers, HDFC Life HDFL.NS and ICICI Prudential Life ICIR.NS also reported a drop in VNB margin for the June quarter.
SBI Life's shares ended 2.4% higher ahead of the results.
($1 = 83.6860 Indian rupees)
(Reporting by Nishit Navin; Editing by Eileen Soreng)
(([email protected];))
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)
India's SBI Life Insurance reports lower new business margin for FY 2024
BENGALURU, April 26 (Reuters) - India's SBI Life Insurance SBIL.NS reported a weaker new business margin for the year ended March 31, hurt by a rising share of low-margin products amid shifting customer preferences.
The value of new business (VNB) - the expected profit from new policies - rose 9.5% to 55.50 billion rupees ($666.1 million). The VNB margin contracted to 28.1% from 30.1% a year earlier.
Life insurers have seen a rise in the share of low-margin unit-linked insurance plans (ULIPs) amid a strong domestic equity market. This has weighed heavily on the insurers' VNB margins, analysts said.
The NSE Nifty 50 Index .NSEI rose 2.7% in the March quarter, logging its fourth straight quarterly gain and scaling record highs.
SBI Life said its ULIP segment made up 60% of its overall product mix by annualised premium equivalent (APE). The share was 55% a year earlier.
SBI Life's ULIP share is the highest among its peers but the company is able to cushion its margins better with its low-cost structure, analysts have said.
APE, a key metric for insurers, is a gauge of sales that gives the annualised total value of all single premium and recurring premium policies. The company's APE sales rose 17% to 197.20 billion rupees for the year.
SBI Life posted a net premium income growth of 26% to 251.16 billion rupees for the three months ended March 31. Meanwhile, investment income had a more than nine-fold jump to 108.12 billion rupees.
Profit after tax rose 4.4% to 8.11 billion rupees from a year earlier.
Rivals HDFC Life Insurance Co HDFl.NS and ICICI Prudential Life Insurance ICIR.NS both reported a weaker new business margin on a higher share of ULIPs.
Shares closed 2% lower ahead of the results.
($1 = 83.3200 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru; Editing by Sohini Goswami)
(([email protected];))
BENGALURU, April 26 (Reuters) - India's SBI Life Insurance SBIL.NS reported a weaker new business margin for the year ended March 31, hurt by a rising share of low-margin products amid shifting customer preferences.
The value of new business (VNB) - the expected profit from new policies - rose 9.5% to 55.50 billion rupees ($666.1 million). The VNB margin contracted to 28.1% from 30.1% a year earlier.
Life insurers have seen a rise in the share of low-margin unit-linked insurance plans (ULIPs) amid a strong domestic equity market. This has weighed heavily on the insurers' VNB margins, analysts said.
The NSE Nifty 50 Index .NSEI rose 2.7% in the March quarter, logging its fourth straight quarterly gain and scaling record highs.
SBI Life said its ULIP segment made up 60% of its overall product mix by annualised premium equivalent (APE). The share was 55% a year earlier.
SBI Life's ULIP share is the highest among its peers but the company is able to cushion its margins better with its low-cost structure, analysts have said.
APE, a key metric for insurers, is a gauge of sales that gives the annualised total value of all single premium and recurring premium policies. The company's APE sales rose 17% to 197.20 billion rupees for the year.
SBI Life posted a net premium income growth of 26% to 251.16 billion rupees for the three months ended March 31. Meanwhile, investment income had a more than nine-fold jump to 108.12 billion rupees.
Profit after tax rose 4.4% to 8.11 billion rupees from a year earlier.
Rivals HDFC Life Insurance Co HDFl.NS and ICICI Prudential Life Insurance ICIR.NS both reported a weaker new business margin on a higher share of ULIPs.
Shares closed 2% lower ahead of the results.
($1 = 83.3200 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru; Editing by Sohini Goswami)
(([email protected];))
PREVIEW - India's SBI Life Insurance falls ahead of Q3 results
** Shares of SBI Life Insurance SBIL.NS fall 2.6% ahead of Q3 results later in the day
** Analysts at BOB Capital Markets expect 14% YoY growth in Q3 gross premium led by unit-linked insurance plan (ULIP), protection and annuity plans, and VNB margin expansion
** Co has outperformed peers and maintains market leadership with 24.5% share in new business premium (NBP) and 24.9% share in individual annualized premium equivalent (APE) over April-Nov 2023 - BOB
** While insurance industry APE growth has been muted at 2.6% Y/Y for Q3, SBIL has fared better at 13.2% Y/Y - Nirmal Bang
** Rivals HDFC Life Insurance HDFL.NS and ICICI Lombard General Insurance ICIL.NS reported double-digit growth in Q3 profits
** Avg rating of 30 analysts covering SBIL is "strong buy", median PT is 1,6300 rupees - LSEG data
(Reporting by Ashish Chandra in Bengaluru)
(([email protected] (+91 7982114624))
** Shares of SBI Life Insurance SBIL.NS fall 2.6% ahead of Q3 results later in the day
** Analysts at BOB Capital Markets expect 14% YoY growth in Q3 gross premium led by unit-linked insurance plan (ULIP), protection and annuity plans, and VNB margin expansion
** Co has outperformed peers and maintains market leadership with 24.5% share in new business premium (NBP) and 24.9% share in individual annualized premium equivalent (APE) over April-Nov 2023 - BOB
** While insurance industry APE growth has been muted at 2.6% Y/Y for Q3, SBIL has fared better at 13.2% Y/Y - Nirmal Bang
** Rivals HDFC Life Insurance HDFL.NS and ICICI Lombard General Insurance ICIL.NS reported double-digit growth in Q3 profits
** Avg rating of 30 analysts covering SBIL is "strong buy", median PT is 1,6300 rupees - LSEG data
(Reporting by Ashish Chandra in Bengaluru)
(([email protected] (+91 7982114624))
SBI Life Insurance Gets Another Tax Demand Notice For 100.6 Million Rupees From Department Of Goods And Services Tax, Chennai, Tamilnadu
Jan 3 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE - GETS ANOTHER TAX DEMAND NOTICE FOR 100.6 MILLION RUPEES FROM DEPARTMENT OF GOODS AND SERVICES TAX, CHENNAI, TAMILNADU
Source text for Eikon: ID:nNSE7zBGtB
Further company coverage: SBIL.NS
(([email protected];;))
Jan 3 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:
SBI LIFE INSURANCE - GETS ANOTHER TAX DEMAND NOTICE FOR 100.6 MILLION RUPEES FROM DEPARTMENT OF GOODS AND SERVICES TAX, CHENNAI, TAMILNADU
Source text for Eikon: ID:nNSE7zBGtB
Further company coverage: SBIL.NS
(([email protected];;))
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