SBILIFE

Feb 28 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:

• SBI LIFE - DIVIDEND OF 2.7 RUPEES PER SHARE

Source text: ID:nBSEf6VtM

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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

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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

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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

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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)

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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)

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** 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)

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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

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Nov 12 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:

• APPOINTS CHALLA SREENIVASULU SETTY AS CHAIRMAN AND NOMINEE DIRECTOR

Source text: ID:nBSE2s9rYP

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Nov 7 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:

• GETS TAX ORDER WITH TOTAL AMOUNT OF 3 MILLION RUPEES

Source text: ID:nBSE3QZ8v4

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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:]

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SBI Life Insurance Company Ltd SBIL.NS:

• SBI LIFE- DINESH KUMAR KHARA RESIGNED AS A NON-EXECUTIVE DIRECTOR

Source text for Eikon: ID:nBSE7kll5H

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** 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)

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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

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** 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)

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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)

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** 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)

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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

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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)

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** 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)

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BENGALURU, Oct 27 (Reuters) - India's SBI Life Insurance Co Ltd SBIL.NS reported a near-flat quarterly profit on Friday as higher expenses offset a surge in premium income.

SBI Life, one of India's largest life insurers, reported profit after tax of 3.8 billion rupees ($45.66 million) for the three months ended Sept. 30, compared with 3.77 billion rupees a year earlier.

Net premium income rose 21.7% to 200.5 billion rupees from 164.77 billion rupees, while expenses surged 22.1%, mainly due to higher commissions and rewards during the quarter.

The insurer did not mention whether the commissions and rewards were for employees or agents.

The value of new business, which measures expected profit from new premiums and is a key gauge for growth, rose 12% during the first half of the year from the same period a year earlier.

Last week, smaller rival ICICI Prudential Life Insurance ICIR.NS reported a 22.4% jump in quarterly profit, while HDFC Life Insurance HDFL.NS posted a 15.5% increase on strong premium growth.

Analysts say insurers are seeing robust policy sales despite an increase in taxes on high-value products, thanks to growing awareness in the largely underpenetrated market.

Embedded value, a measure of future cash flows for life insurers and a key financial gauge, stood at 512.6 billion rupees at the end of the first half of the year, rising 21% from a year earlier.

Total annualised premium equivalent, a closely watched metric of insurance sales, rose 21% in the first half of the fiscal year 2024, the company said.

($1 = 83.2214 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru; Editing by Sohini Goswami)

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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

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Sept 25 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:

• RECEIVED ORDER FROM BIHAR - ADDITIONAL COMMISSIONER STATE TAX (APPEAL), CENTRAL DIVISION, PATNA

• TOTAL AMOUNT OF IMPACT ON FINANCIAL, OPERATION OR OTHER ACTIVITIES OF CO AT 361.1 MILLION RUPEES

Source text for Eikon: ID:nNSE2K5LQY

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Aug 8 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:

• IRDA APPROVED APPOINTMENT OF AMIT JHINGRAN AS MANAGING DIRECTOR & CEO

Source text for Eikon: ID:nNSE9R0wh9

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** Shares of India's SBI Life Insurance Co SBIL.NS down 2% at 1,275.25 rupees

** Insurer's value of new business (VNB), a key gauge of growth, declined in Q1 although profit rose on higher premiums

** Morgan Stanley says margin outlook for VNB weak, given slow Q1, non-par savings growth

** MS retains Annual Premium Equivalent (APE) estimates at 16%, lower than co's 20% guidance for FY24

** Kotak says co's business will remain volatile Q/Q, but believes APE may bounce back; raises TP to 1,550 rupees from 1,500 rupees

** About 1.7 mln shares changed hands by 12:26 p.m. IST, 1.6X 30-day avg

** 29 out of 30 analysts rate the stock "buy" or higher, 1 suggests "hold"; median TP 1,565 rupees - Refinitiv data

** Including session's losses, SBIL has risen ~5% YTD as compared to more than 8% rise in financials .NIFTYFIN

(Reporting by Hritam Mukherjee in Bengaluru)

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July 25 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:

• JUNE-QUARTER PAT 3.81 BILLION RUPEES VERSUS 2.63 BILLION RUPEES

• JUNE-QUARTER NET PREMIUM INCOME 131.04 BILLION RUPEES VERSUS 110.36 BILLION RUPEES

Source text for Eikon: [ID:]

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June 28 (Reuters) - SBI Life Insurance Company Ltd SBIL.NS:

• REAPPOINTS MAHESH KUMAR SHARMA, AS A MANAGING DIRECTOR, CEO

Source text for Eikon: ID:nNSE5jSHXD

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June 13 (Reuters) -

• SECURITIES APPELLATE TRIBUNAL STAYS INDIAN INSURANCE REGULATOR’S ORDER TO TRANSFER LIFE INSURANCE BUSINESS OF SAHARA INDIA LIFE TO SBI LIFE

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By Nikunj Ohri

NEW DELHI, June 2 (Reuters) - India's insurance regulator on Friday ordered the takeover of a unit of Sahara India Life Insurance by SBI Life Insurance SBIL.NS, following the company's "continuous deterioration of financial position".

The Insurance Regulatory and Development Authority of India (IRDAI) on Friday said the life insurance business of Sahara India Life will be transferred to SBI Life with immediate effect.

Sahara India Life has been under the regulator's scrutiny since 2017 for allegedly acting against policyholders' interests and IRDAI had appointed an administrator to run the insurer the same year.

The administrator had found that Sahara India Life's promoters were no longer fit to run the company and had allegedly diverted funds.

"If the trend is allowed to continue, the situation will worsen and lead to erosion of capital and Sahara India Life Insurance Co may not be able to discharge its liabilities towards policyholders," IRDAI said on Friday.

As per the regulator's order, SBI Life will take over the liabilities of about 200,000 policies and assets of Sahara India Life.

A spokesperson for SBI Life did not immediately respond to Reuters' emailed queries.

SBI Life will have to integrate the systems for its life insurance business with that of Sahara India Life within one year, the IRDAI order said.

The insurance regulator has formed an internal committee to oversee the acquisition in a "time bound" and "smooth" manner.

"IRDAI will continue to monitor the situation and also issue necessary directions as required in the interest of the policyholders of Sahara Life," the regulator's statement said.

(Reporting by Nikunj Ohri in New Delhi; Editing by Pooja Desai)

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Updates shares, adds background

BENGALURU, May 19 (Reuters) - India's Nexus Select Trust NEXE.NS rose nearly 4% in their trading debut on Friday, giving the Blackstone Inc BX.N-backed retail REIT a valuation of 157.56 billion rupees ($1.93 billion).

The company, better known as Nexus Malls, saw its units rise to 104 rupees, compared to the 100-rupees-a-unit price of its initial public offering (IPO), in which it raised 32 billion rupees.

The IPO, the first-ever by an Indian retail REIT, comes as public floats show signs of recovery after volatile markets and global macroeconomic challenges spoiled several listing plans in India.

Nexus Malls, which will be India's first publicly traded retail REIT, comprises 17 shopping complexes, two hotels and three office buildings.

Its IPO was subscribed around 5.5 times last week, in a vote of confidence from institutional and other investors.

Asian fund Prusik and Indian insurance firms such as SBI Life Insurance SBIL.NS and Reliance General Insurance REGI.NS invested in the anchor portion of the IPO.

Axis Capital, IIFL Securities and BofA Securities India were among the lead managers for the IPO.

($1 = 81.7800 Indian rupees)

(Reporting by Rama Venkat and Chris Thomas in Bengaluru; Editing by Savio D'Souza)

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