The country's largest private sector life insurer, ICICI Prudential Life, on Wednesday said it will hire 3,000 people in the next two months, debunking reports of any reduction in workforce.
Life insurers are aggressively targeting HNIs. A look at some of the products on offer.
ICICI Lombard General Insurance Company Ltd will consider an initial public offering on reaching an overall market share of around 10 per cent even as ICICI Prudential Life Insurance plans to increase its capital base in the current fiscal.
In order for life insurance customers to attain maximum benefits, it is crucial for the persistency ratio to be far higher than its current level, top executives of the industry said at the Business Standard BFSI Insight Summit on Thursday. The persistency ratio is a metric that measures the number of policyholders who continue paying renewal premium and is gauged at varying stages in the life of a policy. A higher persistency ratio is seen as an indicator of an insurance product that caters satisfactorily to the needs of a customer.
New India Assurance and Niva Bupa have invested in the Bima Sugam India Federation.
Gautam Adani-owned Adani Ports and Special Economic Zone (APSEZ) will replace IT major Wipro in the 30-share BSE Sensex from June 24, according to an official announcement on Friday. This marks the first inclusion of any Adani Group firm in Sensex. The group has 10 listed firms with a combined market valuation surpassing Rs 17 lakh crore.
Bupa and Axa have already declared their intention to raise stakes.
As of March 25, life insurers have paid Rs 1,986 crore towards 25,500 Covid death claims
Life insurers' new business premium (NBP) reported stellar performance in November after a poor showing in October, on the back of strong growth in group single premiums for both private insurers and Life Insurance Corporation (LIC) of India. In November, 24 life insurers, including LIC, reported NBP to the tune of Rs 27,177 crore, up 42 per cent year-on-year (YoY) from the year-ago period. Private insurers' NBP rose 58.63 per cent YoY to Rs 11,209.75 crore as group single premiums more than doubled during this period.
Private life insurers are expected to deliver decent growth in the first quarter of the 2023-24 financial year (Q1FY24) on the back of stronger group business performance and easing supply-side constraints on individual protection. Life Insurance Corporation (LIC), though, is likely to see a decline. Healthy 12 per cent year-on-year (YoY) retail annual premium equivalent (APE) growth for private players, coupled with 11 per cent year-on-year (YoY) decline in LIC, will pull retail APE growth to a mere 3 per cent YoY in June 2023.
Make sure the rider adds value rather than just adding to cost.
ICICI Pru's IPO is being managed by 10 investment banks, including Bank of America Merrill Lynch and ICICI Securities
Life insurance companies reported a 17 per cent year-on-year (YoY) drop in new business premium (NBP) in February as state-owned Life Insurance Corporation of India's premiums contracted 32 per cent during this period on account of a drop in its group single premium segment. According to data released by the Life Insurance Council, the industry earned an NBP of Rs 22,847.65 crore in February - a drop of 17 per cent from the same period a year ago.
Although the pricing for the IPO is yet to be finalised, people in the know said the band could be Rs 275-300
Sandeep Bakhshi named chief operating officer, who would be handling all the businesses.
A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.
Top Indian private sector lender ICICI Bank, which owns nearly 68 percent of the insurer, is selling up to 181.34 million shares in the IPO.
Of the existing set of potential leaders, Bakhshi was clearly the only choice as he beat out other high-level candidates that included executive directors Anup Bagchi, Vishakha Mulye, NS Kannan, and Vijay Chandok who were lacking the all-round game that Bakhshi has.
Kochhar retires by rotation, and being eligible, has offered herself for reappointment as director, said the broking arm in a notice for its Annual General Meeting to be held on August 30
Our focus around technology, cost efficiency, persistency and effective distribution channel will continue, says the ICICI Bank MD and CEO.
Unit linked insurance plans are probably the hottest selling product for most life insurance companies today.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
A month down the line, you may be holding insurance policies in electronic form. According to sector experts, the regulator is in the last lap of checking repositories' preparedness and infrastructure, and is likely to allot licences by May-end or early June.
'If through growth and serving the customer we become number one, we will be very happy and very proud.'
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
"There is a large workforce working as agents for life insurance companies and other banking and financial products who require specialised training as financial advisers," ICICI Prudential AMC, head -- retail sales and distribution, Vikram Kaushal said. Of the estimated 68,000 financial advisers available in the country, almost 38,000 are working for ICICI Prudential, he said.
High-value insurance policies experienced muted growth in the first six months of the current financial year after the Centre decided to tax such products in this year's Budget. Simultaneously, there has been a marked improvement in the growth of policies with premiums of 'less than Rs 5 lakh', mainly originating from smaller cities. During this year's Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit linked insurance plans or ULIPs) with an aggregate premium exceeding Rs 5 lakh, and the maturity amount, would not be exempt from tax.
Visa and 20 insurance companies in India have joined forces to make paying life and general insurance premiums "faster and easier" through a range of new payment options for Visa cardholders
Some of the key names include: Maruti, M&M, Ashok Leyland, Britannia, Ultratech, JK Cement, Havells, Voltas, Amber, Metro, Trent, LemonTree, Indian Hotels, Niva Bupa, HDFC Life, IGL, Acme Solar, Suzlon, Swiggy, Delhivery, ICICI Bank, HDFC Bank, Bajaj Finance, Shriram Finance," according to a report by Motilal Oswal Financial Services.
SBI Life, ICICI Pru have seen their valuations increase by 33 per cent and 35 per cent recently. SBI Life Insurance has seen its valuation soar after just 3 months while ICICI Prudential's valuation has increased in just 5 months.
Insurance companies reported nearly 23 per cent growth in first year premium in the first quarter of financial year 2024-25, when compared to the same period last year, with market leader LIC leading the charge with 28 per cent growth. According to the data released by the Life Insurance Council, the new business premium (NBP) increased by 22.91 per cent year-on-year (Y-o-Y) to ~89,726.7 crore in Q1FY25 from ~73,004.87 crore in Q1 FY24, reflecting a robust demand for insurance policies in the country.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
Prudential, the leading international financial services company, would hire at least 10,000 new staff in India this year for its joint venture insurance operation.
With at least three IPOs in the offing this year, stock market investors have a lot to look forward to.
In HDFC Life, the company has to pare 1.43 per cent, and in HDFC Ergo, it has to pare only 0.58 per cent.
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