ICICIPRULI

** ICICI Bank ICBK.NS will gain about 3% from the last close of 1,253 rupees, if ICICI Prudential Asset Management Company (AMC), says Macquarie

** British insurer Prudential PRU.L is considering listing ICICI Prudential AMC, its JV with ICICI Bank

** Media reports suggest Prudential plans to sell 10% stake for 100 billion rupees ($1.15 billion)

** A listing will also add 2% to Macquarie's fair value on ICICI Bank of 1,670 rupees, already the highest among the 39 analysts covering the stock

** Brokerage keeps "outperform" rating

** Analysts' average rating is a "buy" and their PTs range from 1,290 rupees to 1,670 rupees - LSEG data

** ICBK has shed 1.7% YTD, mirroring benchmark Nifty 50 .NSEI's drop

($1 = 86.8640 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Feb 4 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• GETS ORDER CONFIRMING TWO TAX DEMAND ORDER OF 4.92 BILLION RUPEES EACH

Source text: ID:nBSEbtNFFm

Further company coverage: ICIR.NS

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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))

Jan 29 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• ICICI PRUDENTIAL LIFE INSURANCE COMPANY - GOT GST DEMAND ORDER FOR TOTAL OF 6.3 MILLION RUPEES

Source text: [ID:]

Further company coverage: ICIR.NS

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** Shares of ICICI Prudential Life Insurance ICIR.NS fall as much as 10% to 572 rupees, last down 8.7%

** Co's Q3 profit jumped 43% y/y to 3.26 bln rupees ($37.7 mln), but VNB margins contracted to 22.8% from 26.7% last year

** Stock set for biggest single-day drop since Feb 1, 2023

** Jefferies trims FY26-27 VNB margins forecast by 3%-4%; cuts PT to 740 rupees from 760 rupees, maintains "buy"

** Morgan Stanley trims VNB margins forecast by ~2% for FY25-27; cuts PT to 695 rupees from 710 rupees

** Analysts' avg rating is "buy"; median PT is 750 rupees, ~30% higher than current price - LSEG data

** At least 15 of 32 analysts covering stock lowered co's PT after results - LSEG data

** Peers HDFC Life Insurance and SBI Life Insurance also rated "buy" - LSEG

** ICIR rose 22.4% in 2024

($1 = 86.5190 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

Jan 21 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS reported a 43% jump in third-quarter profit on Tuesday, driven by higher premiums from new policy sales.

The life insurer reported a standalone profit of 3.26 billion rupees (about $38 million) for the quarter ended Dec. 31, compared to 2.27 billion rupees a year ago.

Its net premium income grew 23.5% to 12.26 billion rupees, driven by a 78% jump in single premiums or new policy sales.

Insurance awareness has been historically low in India, a country of more than 1.4 billion people, but the sector has seen rapid growth in recent years, particularly since the COVID-19 pandemic.

ICICI Prudential's larger peers HDFC Life Insurance HDFL.NS and SBI Life Insurance SBIL.NS reported strong third-quarter profits as well, on the back of strong retail insurance policy sales.

ICICI Prudential's value of new business (VNB), or expected profit from new policies, rose 8.5% year-on-year to 15.75 billion rupees for the nine months to the end of December.

Annualised premium equivalent (APE) sales, the annualised total value of all single- and recurring-premium policies, jumped 27% to 54.30 billion rupees for the nine-month period.

Insurers generally report cumulative data for metrics such as VNB and APE.

However, VNB margins slipped to 22.8% from 26.7% last year, due to a higher share of market- or unit-linked insurance plans (ULIP), which have a lower profit margin compared to term policies, the company said.

ULIPs accounted for 50.8% of its overall product mix by APE, up from 43.1% a year ago.

($1 = 86.5670 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K)

(([email protected]; Mobile: +91 9591011727;))

Jan 10 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - APE FOR DECEMBER 2024 AT 8.66 BILLION RUPEES, 15.6% Y-O-Y GROWTH

• ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - NEW BUSINESS PREMIUM FOR DECEMBER UP 3.9% Y-O-Y

Source text: ID:nBSE3NQ9gb

Further company coverage: ICIR.NS

(([email protected];;))

Jan 6 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• ICICI PRUDENTIAL LIFE INSURANCE COMPANY - COMMISSIONER UPHOLDS TOTAL TAX DEMAND AGAINST CO

• ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD - TO APPEAL TAX DEMAND ORDER

Source text: ID:nBSE73vdHT

Further company coverage: ICIR.NS

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MUMBAI, Dec 18 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS has accepted bids worth 10.40 billion rupees ($122.5 million) for subordinated bonds maturing in 10 years, two merchant bankers said on Wednesday.

The private insurer will pay an annual coupon of 8.03% on this issue and had invited bids from bankers and investors for its debut bond offering earlier in the day, the bankers added.

The bonds have a call option at the end of five years and every year thereafter.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 18:

*Size includes base plus greenshoe for some issues

($1 = 84.9230 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

MUMBAI, Dec 16 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS plans to raise 14 billion rupees ($165.03 million), including a greenshoe option of 2 billion rupees, through the sale of subordinated bonds maturing in 10 years, two merchant bankers said on Monday.

The private insurer has invited bids from bankers and investors for its debut bond offering on Wednesday, the bankers added.

The bonds have a call option at the end of five years.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 16:

*Size includes base plus greenshoe for some issues

($1 = 84.8330 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Editing by Abinaya Vijayaraghavan)

(([email protected]))

Dec 9 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• NOV APE GROWTH OF 54.8% Y/Y

• NOV NEW BUSINESS PREMIUM GROWTH OF 149.6% Y/Y

Source text: ID:nNSE3TkR5T

Further company coverage: ICIR.NS

(([email protected];))

By Dharamraj Dhutia

MUMBAI, Dec 5 (Reuters) - India's ICICI Prudential Life Insurance expects Indian government bond yield curve to steepen, and is running a weighted average duration of around seven years in its debt portfolio, a fund manager said.

"Within the sovereign portfolio, we prefer the liquid 10-year bond, 15-year bond and long bonds of 30-to-50-year maturity," said Vidya Iyer, Head - Fixed Income, ICICI Prudential Life Insurance Co.

"Long bonds tend to do well in the last quarter of the year as that is the period when long-term investors get decent flows into their funds"

Government securities account for about 65% of Iyer's debt portfolio, with the remaining 35% in corporate bonds of up to 5 years from a carry perspective.

The fund house manages debt assets worth 1.65 trillion rupees ($19.48 billion) as of end-October.

The insurer remains constructive on Indian bonds from a medium- to long-term perspective and expects the 10-year benchmark bond yield IN067934G=CC to ease to 6.50% by end of March, from 6.68% on Thursday.

POLICY EXPECTATIONS

On the Reserve Bank of India's monetary policy expectations, Iyer said weaker growth data has opened up room for rate cuts, but believes that the need of the hour is some sort of liquidity infusion more than the repo rate cut.

"We expect the RBI to cut Cash Reserve Ratio (CRR) by 50 basis points...Given the fact that we are still above the pre-pandemic levels of 4% on CRR, the case for a CRR cut becomes even stronger."

Easier liquidity conditions will bring down market interest rates even without a direct policy rate cut.

The RBI policy decision is due on Friday. Iyer, however, expects a 25-basis-point rate cut in February policy.

"Given that inflation is still well above the RBI's comfort level, we think the RBI will wait out for couple of more readings on inflation before embarking on the rate cut cycle."

($1 = 84.7230 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)

(([email protected];))

Nov 21 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• APPROVED INVESTMENT OF UP TO 10% IN BIMA SUGAM INDIA FEDERATION

• PROPOSED TO INVEST UPTO 100 MILLION RUPEES

Source text: ID:nBSE8NSWDQ

Further company coverage: ICIR.NS

(([email protected];;))

Nov 8 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• ICICI PRUDENTIAL LIFE INSURANCE COMPANY - OCT NEW BUSINESS PREMIUM UP 25.3% Y/Y

• ICICI PRUDENTIAL LIFE INSURANCE COMPANY - OCT APE UP 18.2% Y/Y

Source text: ID:nNSE4zhJJD

Further company coverage: ICIR.NS

(([email protected];))

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];))

Oct 22 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• ICICI PRUDENTIAL LIFE INSURANCE Q2 PAT 2.52 BILLION RUPEES

• ICICI PRUDENTIAL Q2 NET PREMIUM INCOME 107.54 BILLION RUPEES

• ICICI PRUDENTIAL- H1 FY25 VNB MARGIN AT 23.7%

Source text for Eikon: ID:nBSEGBhhV

Further company coverage: ICIR.NS

(([email protected];;))

Oct 11 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• SEPT NEW BUSINESS PREMIUM GREW 20.6% Y/Y

• SEPT APE GREW 20.2% Y/Y

Source text for Eikon: ID:nBSE1mtHvV

Further company coverage: ICIR.NS

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By Dharamraj Dhutia

MUMBAI, Sept 4 (Reuters) - Indian private insurer ICICI Prudential Life Insurance plans to raise investments in longer duration federal government bonds, including the 10-year benchmark, as the demand-supply outlook is "quite favourable", a senior official said on Wednesday.

"Given the long-term nature of the life insurance business, we have larger investments in the 10-year segment and the long bonds (30-40 year government bonds), with the 50-year government bonds being used for managing our annuity products," said Ketan Parikh, head of fixed income investments at the insurer, which manages debt assets of more than 1.62 trillion rupees ($19.30 billion).

India aims to gross borrow 14.01 trillion rupees this financial year to meet a fiscal deficit of 4.9% of gross domestic product. Debt auctions have seen a good response amid demand from foreign and long-term investors.

ICICI Prudential Life is keen on buying federal government bonds as the additional returns offered by state government and corporate bonds have diminished, Parikh said.

Bond yields will fall gradually as market positioning is "quite heavy", and as India's monetary easing cycle may be shallow, the fund manager said.

The Reserve Bank of India could cut the key repo rate by 50-75 basis points in this cycle, unlike the U.S., where cumulative rate cuts of 225 bps are being priced in, he said.

India's central bank has kept interest rates on hold for nine consecutive meetings as it aims to lower inflation to target amid food price-led spikes.

ICICI Prudential Life's Parikh expects the gap between yields on 10-year and 40-year bonds to narrow on demand from insurance companies and other long-term investors, and as interest in derivatives like forward rate agreements has picked up.

Private insurance companies have been absorbing 25%-30% of the supply of long bonds through forward rate agreements and STRIPs, Parikh said. STRIPs are bond instruments that dealers "strip" to sell principal payment and coupon rates separately.

India's 10-year benchmark bond yield IN071034G=CC was at 6.86% on Wednesday, while the 30-year IN30YT=RR and 40-year bond yields IN40YT=RR ended around 7.01% on Tuesday.

($1 = 83.9520 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected];))

Aug 30 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• GOT TOTAL TAX DEMAND ORDER FOR 386.6 MILLION RUPEES

Source text for Eikon: ID:nBSE39gTj

Further company coverage: ICIR.NS

(Reporting by VijayDattaram Malkar)

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Aug 21 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• GETS TOTAL TAX DEMAND OF 208.5 MILLION RUPEES

Source text for Eikon: ID:nBSE1gQQ9g

Further company coverage: ICIR.NS

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Aug 20 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• ICICI PRUDENTIAL LIFE INSURANCE CO- GETS TAX ORDER FOR TOTAL AMOUNT AT 3.7 MILLION RUPEES

Source text for Eikon: ID:nBSE4bdGnC

Further company coverage: ICIR.NS

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Aug 12 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• ICICI PRUDENTIAL LIFE INSURANCE COMPANY - JULY APE GREW 24.1% Y/Y

Source text for Eikon: [ID:]

Further company coverage: ICIR.NS

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** Shares of ICICI Prudential Life Insurance Company ICIR.NS rise 7.3% to 685.25 rupees; on track for best day since April 27, 2020, if gains hold

** Stock at highest since Oct. 7, 2021

** Insurer's Q1 profit rose ~9% YoY

** Rival HDFC Life Insurance's HDFL.NS profit rose ~15%, SBI Life Insurance SBIL.NS to report on Wednesday

** ICIR, HDFL rated "buy" on avg, SBIL rated "strong buy" - LSEG data

** ICIR up ~28% YTD, HDFL and SBIL up ~1% and ~15%, respectively

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

July 23 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• ICICI PRUDENTIAL LIFE INSURANCE Q1 PAT 2.25 BILLION RUPEES

• ICICI PRUDENTIAL Q1 NET PREMIUM INCOME 78.75 BILLION RUPEES

Source text for Eikon: ID:nBSE9FB95Q

Further company coverage: ICIR.NS

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July 8 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• ICICI PRUDENTIAL LIFE INSURANCE COMPANY - Q1FY25 NEW BUSINESS PREMIUM UP 23.5% Y/Y

Source text for Eikon: ID:nBSE5SGD4s

Further company coverage: ICIR.NS

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May 30 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• IRDAI APPROVED APPOINTMENT SANDEEP BATRA AS CHAIRMAN OF BOARD OF DIRECTORS.

Source text for Eikon: ID:nBSE4BQwkZ

Further company coverage: ICIR.NS

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Adds analyst estimates on likely inflows into Adani Ports in paragraph 5

By Bharath Rajeswaran

BENGALURU, May 24 (Reuters) - India's Adani Ports and Special Economic Zone APSE.NS will replace Wipro WIPR.NS in the 30-stock blue-chip S&P BSE Sensex .BSESN, the operator of the index said on Friday.

The BSE, in its semi-annual rebalancing exercise, included the country's largest private port operator, making it the first Adani Group company to join the Sensex, effective June 24.

The Sensex ended the session muted ahead of the announcement. .BO

Two Adani Group companies - Adani Enterprises ADEL.NS and Adani Ports are already part of the other benchmark index NSE Nifty 50 .NSEI.

Adani Ports could see inflows of $252 million after inclusion into the Sensex, while Wipro will likely witness outflows worth $161 million, said Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.

Adani Ports' inclusion into the Sensex came on the same day when shares of Adani Enterprises recovered in intraday trade to levels last seen in January 2023, before a report by Hindenburg Research triggered a sell-off in Gautam Adani's ports-to-power conglomerate.

Since that report, Adani Ports and Adani Power ADAN.NS have been the best-performing group stocks, rising 86.04% and 157.4%, respectively. They were also the first two Adani companies to bounce back from the drop.

Earlier in May, Adani Ports posted a 76% rise in its fourth-quarter profit, helped by record cargo volumes.

Its stock has jumped 6% this week, its best weekly performance since early February.

Besides the Sensex rejig, REC RECM.NS, HDFC Asset Management HDFA.NS, Canara Bank CNBK.NS, Cummins India CUMM.NS and Punjab National Bank PNBK.NS have been included in the BSE 100 index .BSE100.

The stocks replaced in that index are Page Industries PAGE.NS, SBI Cards and Payment Services SBIC.NS, ICICI Prudential Life Insurance ICIR.NS, Jubilant FoodWorks JUBI.NS and Zee Entertainment Enterprises ZEE.NS.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sohini Goswami and Varun H K)

(([email protected]; +91 9769003463;))

April 29 (Reuters) - ICICI Prudential Life Insurance Company Ltd ICIR.NS:

• GETS TAX DEMAND OF 220.7 MILLION RUPEES

Source text for Eikon: ID:nNSE2M00yl

Further company coverage: ICIR.NS

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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];))

** ICICI Prudential Life Insurance Co ICIR.NS reports a lower new business margin for FY 24

** Value for news business margin (VNB), or expected profit margin from new policies, declined to 24.6% from 32%

** Shares fell as much as 6.3%, last down 3.1%

VNB MARGIN DECLINE ON HIGHER ULIP SHARE

** Jefferies ("buy," PT: 680 rupees) pins decline in VNB margin on weaker mix of premiums and a higher share of low margin unit-linked insurance plans (ULIPs)

** Yes Securities ("add," PT: 700 rupees) said ICICI Prudential now is a margin laggard amongst listed players and "performance warrants investor caution"

** Emkay Global Financial Services ("buy," PT: 700 rupees)said VNB margin decline was worse than expected even when annualised premium equivalent (APE) growth of 4.7% beat estimates

(Reporting by Dimpal Gulwani in Bengaluru)

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