ICICI Prudential Life Insurance Company has launched a completely online term insurance plan named 'iProtect' on Tuesday.
ICICI Pru is barred from doing any further business with the state government or any of its departments.
Prudential CEO Tidjane Thiam today indicated that the British company would sell its stake in Tata AIG Life to the Indian conglomerate. In March, Prudential had acquired AIG's Asia business for $35.5 billion, which included the 26 per cent stake in Tata AIG.
Some smart moves and course corrections have helped ICICI Prudential turn profitable.
Equity-focused schemes may perform better in a bull market, while debt-oriented ones may offer greater stability during volatile periods.
Commissions paid to mutual fund distributors (MFDs) increased by over 20 per cent for most large fund houses in 2023-24 (FY24), driven by a sharp market rally and strong inflows. The largest fund house, SBI Mutual Fund (MF), which now manages nearly Rs 10 trillion in assets, paid Rs 2,025 crore to its major distributors - 21 per cent higher than the Rs 1,675 crore payout in 2022-23 (FY23).
'It's advisable not to go overboard on a banking sector fund or any other sector fund.'
After life insurance, DLF Ltd is foraying into asset management by offering local and global mutual funds through a joint venture with Prudential Financial Inc of the United States.
'A possible post-election growth momentum may be lost.'
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.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
Out of six finals played, India have won three World titles, including two ODI World Cups (1983 and 2011) and one T20 World Cup in 2007.
Mutual funds' largecap investment universe is expected to see seven changes in the upcoming stock reclassification exercise by the Association of Mutual Funds in India (Amfi). According to a report by IIFL Securities, Hero MotoCorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals, Bosch and Samvardhana Motherson are expected to earn upgrades in the revised list of largecap, midcap and smallcap stocks set to be released in the first week of July. Amfi revises the list at the start of January and July every year based on the previous six-month performance of the stock.
Concerned over household savings moving towards alternative investment avenues, RBI Governor Shaktikanta Das on Thursday asked banks to mobilise deposits through innovative products and services by leveraging their vast branch network. "Banks are taking greater recourse to short-term non-retail deposits and other instruments of liability to meet the incremental credit demand. "This, as I emphasised elsewhere, may potentially expose the banking system to structural liquidity issues," he said.
India's financial sector is dominated by large government-owned and private-sector banks.
Prudential has two JVs with ICICI Bank in the country, one in insurance business with 26 per cent stake and another in the mutual fund business with 49 per cent equity. While asserting that the two businesses were well-capitalised and did not need any immediate capital infusion, Tucker said Prudential was open to consider raising its stake in the insurance JV as and when the regulatory framework permitted the same.
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.
'In phases when smaller stocks do well, an equal-weight index performs better than its market cap-weighted peer.'
Younger people, who usually have a longer investment horizon which allows them to handle the interim volatility, may go for them.
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.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
Prudential, the second biggest British insurance group, on Thursday announced that it might axe 2,000 jobs in the UK and 1,000 jobs in India to reduce costs despite posting a pre-tax net profit of 1.98 billion in 2006.
India start as the big favourites in both the white ball series and it will take a Herculean effort from Sri Lanka to upset the odds.
'The real repo rate is very high in terms of core inflation.'
PIDP follows a bottom-up stock-picking strategy and prefers to invest in companies that have the potential to compound their cash flows over the years
Midcap stocks Hero MotoCorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals, Bosch, and Samvardhana Motherson are expected to earn upgrades.
In a bid to tap the growing potential of mutual fund business in the country, ICICI Bank has decided to raise its stake in Prudential ICICI Asset Management Company to 51 per cent, by buying out six per cent stake from Prudential Plc.
'The structural story of India is a multi-decadal story.' 'One should stay invested in that story and avoid reacting to what is happening globally.'
Federal Bank on Thursday said the Reserve Bank of India has accorded approval to ICICI Prudential Asset Management Company Ltd () for acquiring up to 9.95 per cent stake in the bank. RBI accorded the approval subject to conditions on Thursday, Federal Bank said in a regulatory filing.
State-backed Life Insurance Corporation of India (LIC) recorded strong growth in the value of new business (VNB) margin in the third quarter of financial year 2023-24 (Q3FY24) while major listed private life insurers reported a weak performance. VNB refers to the profit that an insurer is likely to garner from new business, which comes from policies sold in a particular period. VNB margin is the profit margin of the insurer.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Unperturbed by election uncertainty, investors poured record sums into equity mutual fund (MF) schemes in May, driving India closer to a $5 trillion market capitalisation. The Rs 34,697 crore net inflows into actively managed equity funds last month surpassed the previous high of Rs 28,463 crore recorded in March 2022. In April 2024, equity schemes had garnered nearly Rs 19,000 crore.
All the four listed private life insurance companies recorded a drop in value of new business (VNB) margin in the financial year 2023-24 (FY24) as compared to FY23. This is because of a higher share of unit-linked insurance plans (Ulips) in the product mix. VNB is a measure of the economic value of profits expected to emerge from a new business.
With more players, products and rising consciousness about the need for insurance, the market has to grow. As for the team, the existing management team continues (at ICICI Prudential) to be there. The team has built a solid business, an excellent brand. The systems are in place, so it is a good stepping stone, says Vaidyanathan.
'Those satisfied with returns and not expecting further rally could be booking profits and also stopping SIPs.'
'Those trying to use these funds for quick gains should avoid them due to risk of being late to the party.'
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Mutual funds are looking to tap into the special opportunities theme ahead of the results of the general election results and the continued uncertainty on the geo-political and interest rate fronts. Two fund houses - WhiteOak Capital and Samco - are set to launch special opportunities funds next week. Kotak MF has also filed papers with the regulator to launch a scheme in the same category.
However, three of the policy's four funds have been performing below the benchmarks, for the last two years.
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