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The life insurance industry delivered healthy retail APE growth of 14.4% for Aug-23, led by the private sector growing strongly at 20.7% and LIC posting a muted show at 3% YoY for Aug-23. For YTDFY24, the private sector delivered decent 12.7% retail APE growth; however, LIC’s flat performance (+0.1% YoY) resulted in the overall industry delivering 8% YoY retail APE growth. Healthy growth in retail APE among private players is expected to be driven by traction in the retail protection se...
Insurance Sector Update : Life New Business — Aug-23: Robust growth for the private sector By Emkay Global Financial Services
The life insurance industry delivered healthy retail APE growth of 14.4% for Aug-23, led by the private sector growing strongly at 20.7% and LIC posting a muted show at 3% YoY for Aug-23. For YTDFY24, the private sector delivered decent 12.7% retail APE growth; however, LIC’s flat performance (+0.1% YoY) resulted in the overall industry delivering 8% YoY retail APE growth. Healthy growth in retail APE among private players is expected to be driven by traction in the retail protection se...
Insurance Sector Update : The life insurance industry delivered healthy retail APE growth of 14.4% By Emkay Global Financial Services
Maintains 20% growth and 28-30% VNB margin guidance * SBILIFE reported a slightly muted performance in 1QFY24. APE grew 4% YoY (in line), while VNB was flat YoY as margins contracted 290bp QoQ to 28.7%, due to product mix shifting towards ULIPs. PAT grew 45% YoY to INR3.8b (27% beat). * In terms of NBP, annuity saw a healthy growth of 102% YoY, while Non-Par savings declined 28% YoY in 1QFY24. Protection/ULIP segment saw modest growth of 11%/10% YoY. * We slightly lower our VNB margi...
Buy SBI Life Insurance Ltd For Target Rs.1,570 - Motilal Oswal Financial Services
General Insurance Corporation of India (GIC Re), the national reinsurer released its Customized Corporate My Stamp (CCMS) commemorating it’s Golden Jubilee last evening, 05th September 2023. The stamp was released by Shri Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance and the occasion was graced by Shri Krishan Kumar Sharma, Chief Postmaster General, Maharashtra Circle. The Corporation celebrated its 50th Foundation Day on 22nd November 2021....
`General Insurance Corporation of India (GIC Re) Unveils Customized Corporate My Stamp (CCMS) to Commemorate Golden Jubilee`
ICICI Lombard , one of India's leading private general insurers, unveiled its latest technological innovation, the "Cloud Calling" feature. The unique feature is designed to reshape customer communication during the motor claims process by enhancing customer experience, expediting claims settlements, and underscore ICICI Lombard's commitment to leveraging cutting-edge technology to meet the evolving needs of its valued customers. "Cloud Calling" introduces...
``ICICI Lombard Unveils `Cloud Calling' Feature, Transforming Motor Claims Interaction and Accelerating Settlements``
Aviva Life Insurance, India’s most trusted private life insurance company, announced the launch of the Aviva Signature 3D Term Plan. The non-linked, non-participating individual Pure risk life insurance plan is designed to provide customers a comprehensive financial cover and safeguard them from unforeseen life occurrences: Death, Disease, and Disability. The plan offers a wide range of benefits, ensuring coverage that helps customers achieve their life goals and remain pro...
Aviva India Introduces Aviva Signature 3D Term Plan To Its Flagship Signature Series
Future Outlook • The Life Insurance Behemoth is likely to close the current fiscal with Net Premium of almost Rs 5000bn and has all the levers in place to maintain its Industry leading position. • While it's share of Par Products in the Individual Business remains at 90%, the ULIP products did drag it's Non- Par margins during Q1. However we expect the Insurer to fare much better in August & September which should improve margins. Technical Commentary • ...
Buy Life Insurance Corporation of India Ltd For Target Rs.770 / 840 - LKP Securities
Building a ‘healthier’ future! Stepping into the spotlight | All growth levers at play * Star Health (STARHEAL) is expected to clock 20% retail health premium CAGR over FY23-25 led by: 1) increasing sum assured per policy, 2) price hike in its flagship product, and 3) deeper penetration that is driving growth in the number of policies. * Management is intensely focusing on growing the business through the banca channel, with the help of the benefit-based products that hav...
Buy Star Health and Allied Insurance Ltd For Target Rs.730 - Motilal Oswal Financial Services
Bajaj Allianz Life, one of the leading private life insurers in India, has launched a unique fund proposition in the ULIP segment. Bajaj Allianz Life’s Dynamic Asset Allocation Fund offers customers the opportunity to allocate between equity and debt, dynamically. The benchmark index is Crisil Dynamic Asset Allocation Index (45% Equity, 45% Debt and 10% Liquid). The NFO period for Dynamic Asset Allocation fund ends on 25th September 2023. The asset allocation (between debt and e...
Bajaj Allianz Life Launches Bajaj Allianz Life Dynamic Asset Allocation Fund
Below The Reaction quote on recent IRDAI's amendments to the reinsurance regulations Mr. Sharad Mathur, MD & CEO, Universal Sompo General Insurance. “The recent regulatory amendments by IRDAI mark a decisive stride towards positioning India as a formidable global reinsurance hub. The strategic harmonization of regulations and simplification of compliance intricacies create an environment primed for growth, while also attracting reinsurers to our nation. This transformati...
Reaction quote on recent IRDAI`s amendments to the reinsurance regulations By Mr. Sharad Mathur, Universal Sompo General Insurance.
Plum, India’s leading insurtech platform offering group health insurance and business insurance solutions to over 3500+ corporations, has observed that 98% of India’s senior citizen population remains devoid of health insurance coverage. With the increasing cost of healthcare services, the need for comprehensive health coverage for senior citizens has become more apparent; however, the penetration continues to be a challenge. As per census reports, India has 138 million e...
The Silent Crisis: Less than 2% of senior citizens hold health insurance coverage: Plum
Decline in APE leads to a drop in VNB; VNB margin flattish Gradual diversification toward non-par & protection * In the group business, the annuity component has contributed favorably, which led to improvement in margins. Furthermore, the products are being reviewed and modified regularly to make the offerings more competitive. Also, LIC is working on various innovative designs to fill in product gaps. * In July, LIC launched a very competitive product (return of premium product...
Buy Life Insurance Corporation of India Ltd For Target Rs.850 - Motilal Oswal Financial Services
Life Insurance Corporation of India is currently trading at Rs. 659.00, up by 7.15 points or 1.10 % from its previous closing of Rs. 651.85 on the BSE. The scrip opened at Rs. 652.25 and has touched a high and low of Rs. 659.00 and Rs. 652.00 respectively. So far 13848 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 754.40 on 20-Dec-2022 and a 52 week low of Rs. 530.20 on 29-Mar-2023. Last one week high and low...
LIC moves up on acquiring 6.66% stake in Jio Financial Services
Tata AIA Life Insurance (Tata AIA), one of India's leading life insurance companies, has launched Tata AIA Pro-Fit, an innovative and personalised health solution that caters to one’s unique needs. This exceptional plan provides comprehensive coverage for one’s medical expenses and health & wellness benefits and presents an opportunity for wealth creation, which doubles up as a health emergency fund. As per the 2021 Indian Economic Survey, 65% of medical ...
Tata AIA introduces Pro-Fit A Best-in-Class Plan Offering Worldwide Medical Cover, Wellness Benefits, and Wealth Creation Opportunities
Future Outlook • The 50 year old Largest Re-Insurer accounts for over 65% of the premiums ceded by Indian Insurers providing reinsurance across segments. • Ranked amongst the Top Reinsurers globally in terms of premium, GICRe is a trusted brand in India Technical Commentary • GICRE has given a consolidation breakout. Beside, it is sustaining above 50ema. • RSI is in bullish crossover on the weekly timeframe. • The trend is likely to remain positive o...
Buy General Insurance Corporation of India Ltd For The Target Rs.221/232 - LKP Securities
Work in progress for meaningful bed additions * Max healthcare (MAX) reported a miss on earnings for 1QFY24, primarily due to increased opex. Having said this, MAX has been on track to enhance ARPOB on the back of increased high end treatment and a greater proportion of international patients. Additionally, with the growing demand for healthcare services MAX’s focal cities, we expect occupancy to improve moving forward. * We maintain our earnings estimate for FY24/FY25. We value M...
Buy Max Healthcare For Target Rs.650 - Motilal Oswal
HIGHLIGHTS * Healthy performance in Jul’23: The non-life insurance industry collected GWP of INR 266bn, up +14% YoY. The growth was driven by private insurers and standalone health insurers (up 26% YoY and 24% YoY) while public insurers witnessed a moderate growth of 7% YoY. Specialised PSU insurers saw degrowth of +56% YoY. Among private insurers, SBI General and Bajaj Allianz witnessed strong growth in premiums at 61% and 51% YoY respectively, while ICICI Lombard witnessed a robust...
India Insurance Sector Update : GWP growth led by health and motor lines - JM Financial
Core remains steady; PB Partners on a lower gear PB Fintech reported a healthy 30.9%/52.7% YoY growth in core insurance premium / loan disbursals for the quarter. On overall insurance premium, the company missed JMFe by 12% as there was a strategic toning down of PB Partners business in order to make it more sustainable. Consol. revenue reached INR 6.6bn, -23%/+32% on QoQ/YoY basis considering the seasonality of insurance business in Q4. Simultaneously, adj. EBITDA margin improved by 20bps...
Buy PB Fintech Ltd For Target Rs.980 - JM Financial Institutional Securities
Gradual diversification toward non-par & protection * LIC reported a PAT of INR95.4b in 1QFY24, up 14x YoY, due to the transfer of INR74.9b from Non-Par to shareholders’ accounts (related to accretion on available solvency margin). * Net premium was flat YoY to INR983b in 1QFY24, but market share (based on first-year premium) dropped to 61.4% from 65.4% in 1QFY23. * VNB (net) declined 6.8% YoY to INR13.0b, hit by a 7.2% decline in APE. However, VNB margin (net) remained fla...
Buy Life Insurance Corporation of India Ltd For Target Rs.850 - Motilal Oswal Financial Services
We highlight key comments made by companies in recent conference calls (of Q1FY24) regarding the impact of the Expense of Management (EOM) on the sector. Initial trends include: (1) Rejig between opex and commissions in many cases. This also true for earnings of distributors which might undergo some shuffle between line items. (2) possible higher demand for crop in non-life insurance (crop having lower expense ratio offers an avenue to earn more commission paying capability which can be used ...
Insurance Sector : Impact of EOM regulation across companies By ICICI Securities Ltd
Overview The first-year premium numbers in July 2023 fell by 28.7% vs. an increase of 18.3% in June 2023 and 91.2% in July 2022. This decrease can be attributed to a plunge in group premiums more specifically to LIC, coupled with the new tax regime, and high momentum in March 2023. Growth in the private sector partially offset the fall in LIC premiums. The private insurance companies continue to extend their growth albeit at a comparatively slower pace versus the last year. Additionally, y...
New Business Premium in July Drops 28.7% as Fall in Group Single Premium Beats Rise in Individual Premiums - CareEdge Ratings
Shriram Life Insurance on Thursday said it registered a profit after tax (PAT) of Rs 35.4 crore in Q1FY24. The company earned Rs 717 crore of total premium, a surge of 82% over the year ago period. Jointly promoted by Shriram Group and Africa’s Sanlam Group, the company reported Assets Under Management (AUM) for Q1FY24 at Rs 9,688 crore, growing 23% from Rs 7,866 crore in Q1FY23. The insurer sold 56,493 policies during its first quarter. ...
Shriram Life Insurance has registered a profit after tax (PAT) of Rs 35.4 crore in Q1FY24
Valuation attractive basis VNB growth/RoEV proposition SBI Life’s VNB decline of 1% YoY in Q1FY24 was driven by lower APE growth (4% YoY) and 153bps decline in VNB margin (Q1FY24 margin stood at 27.8%). The muted show is attributable to a combination of base effect and relative change in product mix, as per the management. While the management has maintained a volume growth/margin guidance of 20%/28-30%, we remain structurally positive on its distribution strength (parent bank APE gr...
Buy SBI Life Insurance Company For Target Rs.1650 - ICICI Securities
Shriram General Insurance Company (SGIC) on Tuesday said it wrote 13,03,340 policies driven by higher digital selling of traditional and new combo products. The company earned a net profit of Rs 98 crore during the first quarter of FY24, a 37% increase YoY. The insurer, jointly owned by Shriram Group and Africa’s Sanlam Group, said that 82% of all its policies now comes from online purchases and the company introduced three new prod...
Shriram General Insurance Q1FY24 Net Profit Rises 37% on Digital Sales, Better Product Mix
Result Highlights * VNB margin: Calculated post-merger VNB margin de-grew by -307bps QoQ (comparable) but grew 111bps YoY (comparable) to 26.2% * VNB: The post-merger VNB de-growth was -59.6% QoQ (comparable), aided by de-growth in APE and deterioration in VNB margin * APE: The post-merger APE was Rs 23,280 mn down by -54.9 QoQ (comparable) but up by 12.8% YoY (comparable) * Expense control: Post-merger Expense ratio decreased -82bps QoQ to 19.9% as opex ratio decreased -86bps Q...
Add HDFC Life Insurance Ltd For Target Rs.720 - Yes Securities
The key trends from insurance sector results in Q1FY24 were: 1) volume growth focus over margin expansion, 2) uptick in protection growth and 3) continued focus on distribution across channels. While sum assured growth had led expectations of margin increase, decline in non-par mix and increase in ULIPs and investment in channels to increase number of policies resulted in muted margin performance in Q1FY24. We do believe volume growth is a more sustainable structural lever than margins, hence...
Insurance Sector : Volumes over margin for VNB growth requires upping the game on distribution across channels By ICICI Securities Ltd
Healthy premium growth: SBI Life’s Q1FY24 gross premium income (GWP) increased by 19% YoY to Rs 135.6bn driven by renewal premium (RP) growth of 28% YoY and new business premium (NBP) growth of 11% YoY despite strong previous year growth. Annualized premium equivalent (APE) growth was moderate at 4% YoY as individual rated premium (IRP) remained muted with growth of 3% YoY. Growth in ULIP segment: The ULIP segment displayed healthy growth in Q1FY24 after the decline in the previous q...
Buy SBI Life Insurance Ltd For Target Rs.1,644 - Religare Broking Ltd
Healthy premium growth: SBI Life’s Q1FY24 gross premium income (GWP) increased by 19% YoY to Rs 135.6bn driven by renewal premium (RP) growth of 28% YoY and new business premium (NBP) growth of 11% YoY despite strong previous year growth. Annualized premium equivalent (APE) growth was moderate at 4% YoY as individual rated premium (IRP) remained muted with growth of 3% YoY. Growth in ULIP segment: The ULIP segment displayed healthy growth in Q1FY24 after the decline in the previous q...
Buy SBI Life Insurance Ltd For Target Rs.1,644 - Religare Broking Ltd
Liberty General Insurance, one of the leading non-life insurance companies in India, has been appointed as the “Lead Insurer” for Delhi by the Insurance Regulatory and Development Authority of India (IRDAI). This appointment is part of IRDAI’s State Insurance Plan, which aims to enhance financial awareness and drive insurance inclusion in collaboration with other insurers. IRDAI’s decision to identify Liberty General Insurance as the lead insurer (Non-Life) fo...
Liberty General Insurance Appointed as Lead Non-Life Insurer for Delhi under IRDAI`s State Insurance Plan
Future Generali India Life Insurance Co. Ltd., a leading life insurance provider, is pleased to announce a strategic alliance with JM Financial Services Limited, a prominent financial services group. This partnership marks a significant step for Future Generali India Life Insurance Co. Ltd. as it aims to elevate its insurance product offerings and extend its market presence across the country. The collaboration with JM Financial Services will unlock new opportunities for Future Generali In...
Future Generali India Life Insurance enters into a strategic partnership with JM Financial Services for wider insurance reach.
Aditya Birla Sun Life AMC is currently trading at Rs. 409.80, up by 0.30 points or 0.07% from its previous closing of Rs. 409.50 on the BSE. The scrip opened at Rs. 414.45 and has touched a high and low of Rs. 414.50 and Rs. 409.00 respectively. So far 10653 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 503.15 on 12-Sep-2022 and a 52 week low of Rs. 307.90 on 28-Mar-2023. Last one week high and low of the scri...
Aditya Birla Sun Life AMC inches up on reporting 79% rise in Q1 consolidated net profit
ICICI Lombard General Insurance, India's leading private general insurers, has unveiled its latest research report titled "Digital adoption & customers perception about General Insurance in 2023." Through surveys conducted across various regions in India, the report provides a comprehensive understanding of customers' awareness, comfort level, and barriers related to digital journeys in the general insurance sector. Targeting individuals from the banking, financial servi...
ICICI Lombard`s research report Sheds Light on Digital transformation in General Insurance
SBI Life reported a decent set of numbers in Q1FY24, with VNB of Rs8.72bn (-1% YoY; Emkay: Rs8.6bn) coming in line with our estimate, driven by slight miss on APE at Rs30.3bn (+4% YoY; Emkay: Rs30.9bn) and a minor beat on VNB margin at 28.8% (-1.4ppts YoY; Emkay: 28%). Operating assumption changes (FY23 vs FY22) partly offset the margin decline on account of the 9ppt YoY sharp decline in non-par savings in the product mix and the YoY decline in interest rates. Overall, Company continues to ke...
Buy SBI Life Insurance Ltd For Target Rs. 1,560- Emkay Global
SBI Life Insurance Company is currently trading at Rs. 1290.35, down by 10.15 points or 0.78% from its previous closing of Rs. 1300.50 on the BSE. The scrip opened at Rs. 1294.95 and has touched a high and low of Rs. 1297.75 and Rs. 1274.65 respectively. So far 29207 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1339.55 on 08-Sep-2022 and a 52 week low of Rs. 1039.25 on 20-Mar-2023. Last one week high and low...
SBI Life Insurance Company falls despite reporting 45% rise in Q1 net profit
Premium growth in line; VNB margin miss Maintains 20% growth and 28-30% VNB margin guidance * SBILIFE reported a slightly muted performance in 1QFY24. APE grew 4% YoY (in line), while VNB was flat YoY as margins contracted 290bp QoQ to 28.7%, due to product mix shifting towards ULIPs. PAT grew 45% YoY to INR3.8b (27% beat). * In terms of NBP, annuity saw a healthy growth of 102% YoY, while Non-Par savings declined 28% YoY in 1QFY24. Protection/ULIP segment saw modest growth of 11%/...
Buy SBI Life Insurance Ltd For Target Rs.1,570 - Motilal Oswal Financial Services
ICICI Prudential Life Insurance has launched ICICI Pru Protect N Gain, a unique product which offers a comprehensive life insurance cover, protection against accidental death and permanent disability due to an accident and market-linked returns to build long-term wealth and achieve financial goals. The product provides a life insurance cover up to 100 times the annual premium and enables customers to maximise returns by offering 18 funds options spread across equity and debt to choose from...
ICICI Prudential Life Insurance launches `ICICI Pru Protect N Gain`
U.S. insurer Chubb is in talks to acquire a 49% stake in India's Kotak General Insurance and has become a more favoured suitor than Zurich Insurance Group, two people with direct knowledge of the discussions said. Chubb has an edge over Zurich because it is more amenable to leaving control with India's Kotak Mahindra Bank and because Kotak believes it shares more common business areas with Chubb such as auto insurance, according to one of the people. Zurich has been discussing a...
Exclusive-Chubb seeks 49% of India's Kotak General Insurance, has edge over Zurich
Stable top-line growth; expansion continues: HDFC Life premium income growth in Q1FY24 remained moderate and in line with expectations at 17% YoY which was driven by single premium growth of 24% YoY. Net commission costs increased as the focus remains on increasing the agency network and expanding geographically. Annualized Premium Equivalent (APE) increased by 13% YoY which was driven by increase in individual APE growth of 12% YoY. Value of new business (VNB) growth was decent at 18% YoY as...
Buy HDFC Life Insurance Company Limited Target Rs. 779 - Religare Broking
HDFC Life Insurance Company is currently trading at Rs. 654.50, up by 7.25 points or 1.12% from its previous closing of Rs. 647.25 on the BSE. The scrip opened at Rs. 651.05 and has touched a high and low of Rs. 660.10 and Rs. 647.00 respectively. So far 66682 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 690.90 on 13-Jul-2023 and a 52 week low of Rs. 457.95 on 16-Mar-2023. Last one week high and low of the s...
HDFC Life Insurance Company surges on reporting 15% rise in Q1 consolidated net profit
India's HDFC Life Insurance Co Ltd reported a 15.4% rise in first-quarter profit on Friday, aided by investment gains and a rise in premium income. The Mumbai-based company's profit after tax rose to 4.15 billion rupees ($50.6 million) for the quarter ended June 30 from 3.6 billion rupees a year ago, it said in an exchange filing. The insurer, a unit of India's top lender HDFC Bank, reported a 13% rise in its annual premium equivalent (APE) sales, a closely watched gauge of ...
India's HDFC Life Q1 profit rises on investment gains
Focus remains on COR improvement over growth ICICI Lombard’s (ICICIGI) strategy remains that of profitable growth. This can entail profits over market share in motor (YoY 400/146bps lower loss ratio/market share in motor in Q1FY24) with higher-than-industry growth in health (12/131bps gain in retail/group health market share YoY in Q1FY24). However, COR improvement is notable (102.9%) adjusted for Catastrophic losses in Q1FY24). Maintain BUY with a target price of INR 1,633 based on ...
Buy ICICI Lombard General Insurance Company For Target Rs 1,633 - Motilal Oswal Financial Services
y considering the backdrop of (1) increasing combined ratio for all players in FY23 and (2) room for increasing opex ratios basis the EOM guideline where we see 10 out of top 18 multi-line players in the industry operating under the 30% benchmark and 2 out of 4 SAHIs operating below the 35% mark. There could be an alternate view that with many players above the 30% water mark in terms of EOM, there could be a pricing discipline. Trends that can emerge include: (1) Competitive pressure can con...
Insurance Sector : Strong 18% premium growth in Q1FY24 is broad based COR improvement to be key By ICICI Securities Ltd
Bajaj Allianz Life, one of the leading private life insurer, has announced its collaboration with ace cricketer, Shubman Gill, to take forward its brand journey of being life goal enablers. Shubman Gill, already a force to be reckoned with in international cricket, has impressed the world with his remarkable achievements. As a young achiever and an inspiration to many, he embodies the spirit of pursuing long term life goals through a disciplined approach. Expressing his thoughts on the par...
Bajaj Allianz Life Insurance announces its association with the new cricket prodigy Shubman Gill
Gross domestic premium income grew 20% YoY and 24% QoQ in 1QFY24 to INR66b, better than our estimate. * NEP was in line with our estimate at INR37.3b, up 12% YoY and 4% QoQ. NEP for Health business grew 32% YoY, led by 36% growth in Group Health. The Motor segment grew 3% and Marine grew 10% YoY. NEP in Crop was higher by 145% YoY, while the Fire segment was down 13% YoY. * Claims ratio came in at 74.1% vs. 74.2% QoQ. The loss ratio for the Motor segment declined YoY, but it increased f...
Buy ICICI Lombard General Insurance Company For Target Rs.1,550 - Motilal Oswal Financial Services Ltd
· Gross Direct Premium Income (GDPI) of the Company stood at ? 63.87 billion in Q1 FY2024 compared to ? 53.70 billion in Q1 FY2023, a growth of 18.9%, which was higher than the industry growth of 17.9%. Excluding crop, GDPI growth of the Company was at 19.2%, which was higher than the industry growth of 17.4% in Q1 FY2024. · Combined ratio stood at 103.8% for Q1 FY2024 compared to 104.1% for Q1 FY2023. · Excluding the impact of cyclone of ...
ICICI Lombard continues its strong performance in Q1 FY2024 PAT grew by 11.8% & GDPI grew by 18.9% beating Industry growth of 17.9%
India's ICICI Prudential Life Insurance reported a 33% jump in first-quarter profit on Tuesday, as gains in securities it invested in helped offset muted premium income growth. The insurer's profit after tax rose to 2.07 billion rupees ($25.24 million) in the quarter ended June 30, from 1.56 billion rupees a year ago, it said in an exchange filing. Investment income stood at 163.27 billion rupees compared to a loss of 84.96 billion rupees a year ago, due to increase in market va...
India`s ICICI Prudential posts jump in Q1 profit on investment gains
ICICI Prudential Life Insurance has registered a 32.7% growth in its Profit after Tax (PAT) to Rs. 2.07 billion for Q1-FY2024, exhibiting strong performance for the quarter. The Value of New Business (VNB), which represents the present value of future profits, stood at Rs. 4.38 billion with a VNB margin of 30.0% for Q1-FY2024 A comprehensive suite of products coupled with a need-based selling approach has resulted in the New Business Sum Assured, an indicator of the life cover opted for by...
ICICI Prudential Life Insurance posts strong performance for Q1-FY2024
From opting in for Rs 10 lakh personal accident insurance cover, the Indian Railway Catering and Tourism Corporation Ltd (IRCTC) has now changed the scheme to allow the option to opt out. In other words, passengers booking their train tickets on the IRCTC portal are now automatically provided insurance cover for Rs 10 lakh, a senior insurance industry official told IANS preferring anonymity. Those not wanting the insurance cover have to opt out by clicking the appropriate button. Cur...
IRCTC travel insurance: Passengers now automatically covered, can opt out too
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