Tag: insurance

LIC IPO would be merely a large domestic offering for domestic investors

LIC IPO would be merely a large domestic offering for domestic investors
Tuesday, April 26, 2022
Most large global investors that the Central govt had interacted with for Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO) may give the issue a miss. But in their interactions with the Centre, they have committed to consider investing in the insurer’s future offerings, based on its performance as a listed entity. The Centre had reached out to 180-200 large investors that included sovereign wealth funds, investors who focus on only large IPOs globally, and those who make investment decisions based on environmental, social, and governance (ESG) track records. Even as the board of LIC has approved a reduction in the size of LIC’s IPO to 3.5 per cent or Rs 21,000 crore, the Centre is still in talks and gauging the response from some of these foreign investors to increase the size to 5 per cent, if they choose to participate in the offering. Read more

LIC IPO likely to hit market on May 2;size may be cut to Rs 21K cr

LIC IPO likely to hit market on May 2;size may be cut to Rs 21K cr
Friday, April 22, 2022
The size of the LIC's initial public offering (IPO) may be slashed to Rs 21,000 crore, according to some sources. The IPO, however, may come with a greenshoe option of Rs 9,000 crore. The total IPO size, after accounting for the greenshoe option, will work out to Rs 30,000 crore and will lead to a 5 percent dilution of the government stake. The government currently holds a 100 percent stake in LIC. The IPO is now expected to hit the market on May 2, sources said. The insurance giant’s valuation may be reduced to just Rs 6 trillion, which will be 1.1 times its embedded value of Rs 5.4 trillion, they added. Read more

Star Health: Good opportunity for long-term investors

Star Health: Good opportunity for long-term investors
Thursday, November 25, 2021
Star is the largest standalone health insurer. It has an excellent distribution network and a large hospital network of 11,778 hospitals. The network of 460,000 agents accounted for 79 percent of gross written premium (GWP) in 2020-21. The agent network is three times as large as the next-largest standalone health insurer. All claims processing is in-house, which means lower expenses. Star holds a 15.8 percent market share in the health segment, with a GWP of Rs 9,349 crore in 2020-21 and a GWP of Rs 5,070 crore in the first half of 2021-22. The product suite insured 20.5 million in FY21. Retail health and group health, accounted for 89.3 percent and 10.7 percent respectively, of health GWP in FY21. In retail, Star’s market share was 31 percent (ex-travel) and the CAGR for retail was 33 percent over the past three financial years. Read more

Cabinet approves Rs 4,400 crore capital infusion into Export Credit Guarantee Corp in 5 years

Cabinet approves Rs 4,400 crore capital infusion into Export Credit Guarantee Corp in 5 years
Wednesday, September 29, 2021
The Union Cabinet today(29thSept.2021) approved capital infusion of Rs 4,400 crore in the state-owned Export Credit Guarantee Corporation (ECGC) and its listing through an initial public offering. The government will inject Rs 4,400 crore in the ECGC over a period of five years beginning 2021-22, said Commerce Minister Piyush Goyal told reporters after the Cabinet meeting. He also said Rs 500 crore infusion will be done immediately. The listing of ECGC is likely to happen next year. The minister also informed that exports have totaled Rs 185 billion till September 21, 2021, in the current fiscal. Read more

HDFC Life to acquire Exide Life Insurance

HDFC Life to acquire Exide Life Insurance
Friday, September 3, 2021
The HDFC Life today(3rd Sept.2021) said it will acquire a 100 percent stake in Exide Life Insurance Company for Rs 6,887 crore from Exide Industries Ltd (EIL) and subsequently, it will be merged with HDFC Life, subject to regulatory approvals. This marks one of the first and the largest acquisitions in the life insurance space, which has 23 private players and one state-owned insurer - Life Insurance Corporation (LIC). Previously, HDFC Life had intended to acquire Max Life but the deal did not go through because of regulatory hurdles. Experts said this deal will, however, is not expected to face any such regulatory hurdles. Read more

SBI Life hits new high as Carlyle Asia Partners arm mulls exiting firm

SBI Life hits new high as Carlyle Asia Partners arm mulls exiting firm
Thursday, August 5, 2021
Shares of SBI Life Insurance Company rallied 3 percent and hit a record high of Rs 1,174, on the BSE in intra-day trade on Thursday after US private equity fund CA Emerald Investments, an affiliate of Carlyle Asia Partners, offloaded its entire 1.9 percent stake in the company via multiple block deals. The stock of the life insurer surpassed its previous high of Rs 1,147.95 touched on July 29, 2021. The price range for the share sale has been set at Rs 1,130-Rs 1,136.85, according to the data available. The upper end is SBI Life’s closing price on the BSE on Wednesday. At the lower end, Carlyle will be able to raise Rs 2,147 crore. BofA Securities India is the investment bank handling the share sale. The stock witnessed a surge in volumes and was trading with volumes of 19,157,312 shares, compared to its five-day average of 55,029 shares, an increase of 34,713.37 percent. Read more

These stocks are flashing bearish signals on the tech charts and can dip up to 15% from here

These stocks are flashing bearish signals on the tech charts and can dip up to 15% from here
Tuesday, August 3, 2021
The Indian benchmark indices are trading at all-time high levels, with Nifty50 surging past the 16,000-mark for the first time ever. Analysts expect the market to gain momentum going ahead provided global and domestic cues remain supportive. Charts suggest the possibility of Nifty hitting the 16,100-16,150 level if the current momentum continues. But, there are select stocks that are flashing bearish signals on the tech charts, contrary to the overall market setup. These five stocks from the BSE 500 pack can slip up to 15 percent from here on according to some analysts: Read more

Cabinet Clears amendments for privatisation of general insurance firm

Cabinet Clears amendments for privatisation of general insurance firm
Thursday, July 29, 2021
The cabinet has approved an amendment to the General Insurance Business (Nationalisation) Act, 1972 paving the way for privatisation of one state-run general insurer. At present, there are four state-run general insurance companies - National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, and the United India Insurance Company Limited. According to reports, NITI Aayog which was to recommend suitable candidates for privatisation has suggested the name of United India Insurance to the Core Group of Secretaries on Disinvestment headed by the Cabinet Secretary. Read more

SBI Life Q1 results: Net profit sinks 43% YoY to Rs 223 cr

SBI Life Q1 results: Net profit sinks 43% YoY to Rs 223 cr
Monday, July 26, 2021
SBI Life Insurance Company today(26th July 2021) reported a 43 percent year-on-year decline in its net profit to Rs 223 crore for the quarter ended March. The company's sharp decline in bottom line was on account of additional reserves of Rs 440 crore created by the life insurers towards Covid-19 pandemic-related claims that may come up in the coming quarters. The life insurer said that there was a 1.28 times increase in the number of claims reported from the end of the previous financial year to the end of the June quarter, reflecting the devastating impact of the second wave of Covid-19 pandemic on the country. The company said that the total number of claims in the reported quarter was at 8,956, while claims net of reinsurance stood at around Rs 570 crore. Read more

SBI Life stock to outperform peers over the next one-two years:Analysts

SBI Life stock to outperform peers over the next one-two years:Analysts
Monday, May 10, 2021
As the second wave of the Covid-19 pandemic gripped India, it resulted in an increased demand for insurance products. The institutional players on the Street saw it as an opportunity and lapped up shares of the largest private player - SBI Life Insurance Company. Moreover, an impressive March quarter show made them even more gung-ho on the prospects of the firm. The stock has rewarded handsomely with a rise of 11 percent from March-end, outperforming the benchmark Sensex which has gained 3 percent in the same period, show data available on ACE Equity. The growth prospects for the industry remain robust, underscored by the latest data. In April, the insurance industry posted Annual Premium Equivalent (APE) growth - a measure of new business sales growth in the insurance industry growth - of 70 percent YoY, coming off a low base with private insurers growing 80 percent and LIC at 57 percent. Read more

IRDAI imposes Rs25 lakh penalty on SBI General Insurance for non-compliance

IRDAI imposes Rs25 lakh penalty on SBI General Insurance for non-compliance
Thursday, April 22, 2021
Insurance Regulatory and Development Authority (IRDAI) has imposed a penalty of Rs25.00 lakh on SBI General Insurance Co. Ltd., an unlisted subsidiary of State Bank of India for non-compliance with minimum obligations under Motor Third-Party Business as specified in IRDAI Regulation, 2015 for the financial year 2017-18. It has been imposed for violation of Section 32D of the Insurance Act, 1938, the State Bank of India said in a regulatory filing on Tuesday.SBI is an Indian multinational, public sector banking and financial services statutory body. As of 31 March 2021, the Government of India held a 57.63% stake while Life Insurance Corporation of India held a 9.25% stake in the bank. Shares of SBI Life Insurance Company Ltd ended at Rs.914 per piece up by Rs15.7 or 1.75% from its previous closing of Rs898.30 per piece on the BSE.

ICICI Lombard gains 3 per cent after IRDAI approves acquisition of Bharti AXA General

ICICI Lombard gains 3 per cent after IRDAI approves acquisition of Bharti AXA General
Tuesday, December 1, 2020
Shares of ICICI Lombard General Insurance company gained 3 per cent of Rs. 1499.90 and hit a 52-week high after the Insurance Regulatory and Development Authority of India (IRDAI), on Friday approved, in principle, under Section 35 to 37 of the Insurance Act, 1938 the acquisition of the non-life insurance business of Bharti AXA General Insurance Company by ICICI Lombard General Insurance. The deal will create India's third-largest non-life insurance company, with a combined annual premium of ₹ 16,447 crore and a market share of nearly 8.7 per cent. The board of ICICI Lombard had approved the scheme of arrangement at its meeting held on August 21, 2020. Currently, Bharti Enterprises owns 51 per cent in Bharti AXA General. The firm has a joint venture with French firm AXA which owns 49 per cent stake. With the deal with ICICI Lombard in place, Bharti and AXA will be public shareholders in the combined entity. Read more

SBI Q1 Results:Profit jumps 81% to Rs 4,189.34 crore

SBI Q1 Results:Profit jumps 81% to Rs 4,189.34 crore
Friday, July 31, 2020
State Bank of India (SBI) the country’s largest bank on Friday reported an 81% YoY surge in net profit at Rs 4,189.34 crore for the quarter ended June 2020 compared with a profit of Rs 2,312.20 crore in the same quarter last year driven by a one-time gain from stake sale in SBI Life for Rs 1,539.73 crore. Consequently, SBI's holding in the life insurance firm has fallen to 55.5 % from 57.60 % earlier. On a quarterly basis, the net profit grew 17 % from Rs 3,580.8 crore reported in the March quarter of FY20.On a consolidated basis, the net profit came in at Rs 4,776.5 crore, up 61.88 % YoY, from Rs 2,950.5 crore reported in Q1FY20. Net interest income (NII) for the quarter came in at Rs 26,641 crore compared to Rs 22,938.8 crore in the year-ago period.Profit as well as NII both were ahead of a CNBC-TV18 poll estimates of Rs 3,222.2 crore and Rs 23,940.3 crore respectively. Read more

Prominent insurers looking to hire more people when the lockdown ends

Prominent insurers looking to hire more people when the lockdown ends
Saturday, May 30, 2020
"Financial services, especially insurance, will continue to see heightened hiring activity as risks to life and business become a real concern after the pandemic,” say experts. “Another aspect is that a lot of insurers have access to a wider customer base due to mergers at the parent level. This will also drive employment generation. A lot of hiring is happening in the feet-on-the-street (sales), digital, and bancassurance segments.” State-run lender United Bank of India and Oriental Bank of Commerce were recently merged into Punjab National Bank, which owns 30% in PNB MetLife. A similar amalgamation exercise has also expanded the bancassurance network of Canara HSBC OBC Life, where the recently merged OBC was a promoter. Read more

Life insurance companies shares trading actively

Life insurance companies shares trading actively
Wednesday, May 6, 2020
Shares of listed life insurance companies were trading actively today, rallying up to 7 percent on the BSE, after SBI Life Insurance reported a good set of numbers for the quarter ended March 2020 (Q4FY20). Analysts believe that the overall insurance penetration in India is likely to rise post-COVID-19 scenario with the individual as well as corporate customers becoming more cautious toward such a crisis. They also remain certain that demand for pure protection tends to rise, with individual customers getting more educated toward the risk that such insurance covers. Read more

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