In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
The share of Life Insurance Corporation of India (LIC) in monthly new business premium (NBP) in the life insurance sector declined to 58.50 per cent in September 2023 from 68.25 per cent in September 2022 -- a drop of 975 basis points -- owing to shortcomings in the product and distribution side of business. However, the market share saw a marginal uptick from the 57.37 per cent recorded in August this year. According to the monthly business data released for September 2023 by the Life Insurance Council, the NBP of LIC up to September 2023 stood at Rs 92,462.62 crore as compared to about Rs 1.25 trillion in the same period a year ago.
Private life insurers experienced reasonable growth in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24), and the October data is also encouraging. The individual weighted received premium (WRP) for private players grew by 19.8 per cent year-on-year (Y-o-Y) in October. However, Life Insurance Corporation (LIC) of India had slower growth, pulling the industry growth rate down to 13 per cent Y-o-Y.
'We like certain stocks from banking, insurance, retail, hospitals and capital goods.' 'Though some of these stocks may seem expensive, they will compound well over the long term, thus justifying their current multiples.'
Private players continued to show strong momentum in the life insurance individual new business segment during August, 2023. On an aggregate, the industry registered 14 per cent growth year-on-year (Y-o-Y) compared to 15 per cent in July '23. Private players were up 21 per cent Y-o-Y, up from 16 per cent Y-o-Y in July '23, while public insurers' growth was muted at 3 per cent.
ICICI Pru is barred from doing any further business with the state government or any of its departments.
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.
Regulator Irdai on Friday directed SBI Life Insurance Company to takeover the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC. "The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC.
Our partnership with ICICI Bank continues to remain strong. We have an exceptional relationship with them, says group CEO of Prudential.
Biometric cards contain the details of policyholders such as name, age, address and finger prints. Besides helping the customers to pay their renewal premiums, the card will facilitate claim processing. It authorises transactions based on the customer's fingerprints.
Sandeep Bakhshi named chief operating officer, who would be handling all the businesses.
The insurer is a venture between banking major ICICI Bank and the UK's Prudential Corporation Holdings. Singapore's Temasek and Premji Invest are also the shareholders.
ICICI Prudential Life Insurance on Monday said it will hike capital by Rs 50 crore to Rs 575 crore by the end of this fiscal, after posting over 170 per cent jump in business till September.
The first quarter earnings season will dictate the trend in the equity markets in this holiday-shortened week amid absence of major macroeconomic drivers, say analysts. Besides, lacklustre global markets may increase volatility in the market, they added. Equity markets would remain closed on Wednesday for Bakri-Id.
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.
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.
'It is going to be a tough balance for the RBI to manage economic stability and ensure smooth government borrowing.'
Insurance behemoth LIC on Tuesday said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions ahead of its mega initial public offering (IPO). Anchor Investors' (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to exchanges. Out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes, the filing said.
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.
Our focus around technology, cost efficiency, persistency and effective distribution channel will continue, says the ICICI Bank MD and CEO.
'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.'
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.
The life insurance arm of the country's largest private-sector lender does it not to expand workforce, but to maintain its strength, as almost a similar number of staffers keeps leaving every month.
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
More than half a dozen life insurance companies -- that are operating for nearly a decade now -- have cut their branch presence significantly in the last six months in a bid to cut cost and increase efficiency.
Life insurers are aggressively targeting HNIs. A look at some of the products on offer.
Vaidyanathan, former managing director and CEO of ICICI Prudential Life Insurance, as a sign-on bonus got 20 lakh (2 million) warrants worth Rs 47.40 crore (Rs 474 million), DNA said.
Vaidyanathan's compensation is 'a performance-linked booty'.
'The correction could take two to three months and traders need to be careful.' 'For investors, this could be a good time to nibble in.'
Sources said that this is a contingency plan, in the event of an exit of the present heads of its two subsidiaries ICICI Prudential and ICICI Ventures. At present, Shikha Sharma is managing director & chief executive officer (CEO) of ICICI Prudential Life Insurance, while Renuka Ramanathan is managing director and CEO of ICICI Ventures.
To present revival plan to board; Naik meets PMO official.
In a career spanning over 29 years, Sharma has had a wide exposure across the entire spectrum of financial services and has held several leadership positions across various market-leading businesses, the bank said in a statement. Axis Bank is the third-largest private sector bank in India and its network spans across more than 840 offices and over 3,600 ATMs.
V Vaidyanathan joins a growing list of top executives getting a sumptuous sign-on bonus
Some smart moves and course corrections have helped ICICI Prudential turn profitable.
ICICI Prudential Life Insurance has expanded its health insurance portfolio to cover over 1,000 surgical procedures and hospitalisation.
'Markets are back in the 15000-16000 range, it's a barometer of confidence as much as it is of economic prospects.'
Biocon has tied up with ICICI Prudential Life Insurance to market its insulin, Insugen. Accordingly, the company will offer insulin at a subsidised rate to all 'diabetic care' insurance policyholders of the insurance company.
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.
Private sector lender Axis Bank on Monday said its board has recommended the appointment of Shikha Sharma, currently chief of ICICI group's life insurance business, as its next managing director and CEO.
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