The Life insurance corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.
Market share of life insurers across India FY 2021, by type of premium. The Life Insurance Corporation (LIC) of India held approximately 64 percent of the market share of the sector’s total insurance premiums in the financial year 2021. LIC is the only public sector insurance company in India.
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LIC’s biggest bet is Adani Ports & SEZ Ltd where it holds 9.12 per cent shares.
New Delhi:
Market value of investments made by state-owned Life Insurance Corporation of India (LIC) in seven companies of the Adani group has swelled to Rs 44,670 crore as stock prices rose this week.
The country’s largest insurer and leading institutional investor in the Adani group has seen the market value of its holdings in Adani stocks increase by around Rs 5,500 crore since April, stock exchange data showed.
LIC’s biggest bet is Adani Ports & SEZ Ltd where it holds 9.12 per cent shares. At Wednesday’s closing price of Rs 717.95 on the BSE, that holding is worth Rs 14,145 crore.
Its 4.25 per cent stake the group’s flagship Adani Enterprises Ltd is worth Rs 12,017 crore at Wednesday’s closing price of Rs 2,476.90.
LIC holds stocks worth about Rs 10,500 crore in city gas distribution firm Adani Total Gas Ltd and Ambuja Cement. Other Adani group firms where LIC holds stakes are Adani Transmission Ltd, Adani Green Energy Ltd and ACC.
Adani stocks have been on the recovery path since the group helmed by billionaire Gautam Adani put in place a comeback strategy that includes repaying some debt, buying back some bonds, infusion of fresh investment by way of a nearly USD 2 billion stake buy by a private equity investor, and a planned Rs 21,000 crore fundraising by two group companies.
Stocks have risen after a Supreme Court-appointed expert committee said it has found no evidence of stock price manipulation in Adani group companies while a separate probe by SEBI into alleged violation in money flows from offshore entities has “drawn a blank”.
On January 30, LIC stated that the total purchase value of equity under all Adani group companies was Rs 30,127 crore and the market value for the same on January 27, 2023 was Rs 56,142 crore.
However, with the slump in Adani group share prices, the value of LIC’s investment turned negative and stood at nearly Rs 27,000 crore, as of February 23.
Adani group stocks recouped most of the losses in the recent rally, helping LIC.
As of March 31, 2023, LIC held a 9.12 per cent stake in Adani Ports & SEZ; 4.26 per cent stake in Adani Enterprises; 6.41 per cent in ACC; 6.3 per cent in Ambuja Cements; 6.02 per cent in Adani Total Gas; 3.68 per cent in Adani Transmission and 1.36 per cent stake in Adani Green Energy.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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Max Life Insurance Company on Monday announced a partnership with the Indian Industries Association (IIA) to provide life insurance plans to the workforce of micro, small, and medium enterprises (MSME) in Uttar Pradesh.
Under the recently announced Irdai’s State Insurance Plan, Max Life aims to enhance accessibility and drive insurance penetration across Uttar Pradesh, the insurer said in a release.
IIA has an extensive network across industrialized districts, it added.
“Through this partnership, we aim to reach the underserved population in Uttar Pradesh, the country’s most populous state, and financially secure the future of more than 11 lakh MSME workforce and their families,” said V Viswanand, Deputy Managing Director, Max Life Insurance.
Ashok Kumar Agarwal, President, Indian Industries Association said that for close to four decades, IIA has been working consistently towards creating an environment conducive to industrial growth, especially for MSMEs in India.
The activities will be undertaken with Sana Insurance Brokers as the enrolment partner to engage with the MSME workforce.
Max Life is the appointed lead insurer for Uttar Pradesh under Irdai’s State Insurance Plan.
Insurance Regulatory and Development Authority of India (Irdai) has undertaken an initiative to enhance the reach and accessibility of insurance products across all Indian states. As part of this initiative, the regulator has collaborated with state governments to identify a lead insurer for each district.
Max Life Insurance Company is a joint venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services is a part of Max Group.
IIA is an apex representative body of MSME.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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The world-beating performance has helped India to double its weight in MSCI’s index. (File)
Singapore:
In a year when Indian equities emerged as the best performers in Asia and the country took advantage of a structural shift in supply chains from a pandemic-hit China, forecasts of robust economic growth are set to keep stocks on a firm footing.
India’s Nifty 50 index struck a record high in December and is up 5% this year, joining an exclusive group of markets worldwide that rose in spite of interest rate hikes and slower growth. In contrast, MSCI’s broadest index of Asia-Pacific shares outside Japan shed 19%.
Next year’s optimism for India is driven by strong corporate earnings, a post-pandemic retail boom and an economy set to grow by 6% in the next fiscal year – which will make it the world’s fastest-growing major economy in 2023.
Amit Khattar, head of Deutsche Bank’s investment bank unit, said India has benefitted from predictability around large deals and confidence on the reforms agenda.
“Global investors, sovereign funds and other institutions are looking to raise exposure to India in their emerging markets portfolios. Very large private players are looking to buy different businesses,” Khattar said.
The world-beating stocks performance has helped India to double its weight in MSCI’s emerging markets index to 16% from 2019, but overseas investors have missed out in the local rally.
Foreign portfolio investors sold a net $18 billion this year of Indian assets but turned buyers in November and December.
While Asia M&A deals fell to 8-year lows, India stood out with total deal value jumping 33% on the year to $164 billion, mainly boosted by the $40 billion purchase by the country’s largest private lender, HDFC Bank, of its parent.
India recorded its largest IPO with the $2.7 billion issue of Life Insurance Corp of India, making it the fifth-largest valued firm though its shares have shed about 20% since it went public in May.
The IPO came after the government offloaded its decades-old, debt-laden flag carrier Air India to Tata Sons for $2.4 billion in enterprise value.
“India is going to be one of the main focuses within Asia for us in developing exposure in 2023,” said Adam Watson, co-head of Asia Pacific at Partners Capital, which works with endowments, foundations and others globally, and handles $45 billion in assets.
Though some analysts point to high domestic valuations, strategists polled by Reuters last month forecast India’s stock market will rise another 9% by the end of 2023 despite widespread expectations of a gradual slowdown in the economy. GDP is projected to grow 6.8% to 7% in the current fiscal year.
Goldman Sachs said current market valuations have priced in expectations of superior earnings growth over the next couple of years, noting that foreign flows could remain weak next year.
Meanwhile, as Beijing and Washington remain mired in trade tensions and supply chains shift due to production disruptions from China’s zero-COVID policy, which has only started to ease recently, India has been winning business.
Apple said it will manufacture iPhone 14 in India, while a key supplier Foxconn plans to quadruple the workforce at its Indian plant, Reuters has reported.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Reliance Capital swings to black with net profit of Rs 215 crore in September quarter
New Delhi:
Reliance Capital (RCap), which is undergoing insolvency process, on Friday swung back to the black and posted a consolidated net profit of Rs 215.23 crore for the quarter ended September 2022.
The non-banking finance company had posted a consolidated net loss of Rs 1,115.56 crore in the year ago quarter ended September 2021. Also, there was a net loss of Rs 491.40 crore in the preceding quarter ended June 2022.
The profit before tax stood at Rs 289.74 crore for the reported quarter, while there was a loss before tax of Rs 1,114.52 crore in the year-ago quarter.
However, for the half year from April-September period of the current fiscal, the debt-ridden company remained in the red with net loss of Rs 276.17 crore. But the loss was trimmed against Rs 2,161.80 crore registered in the first half of 2021-22.
The company had posted a net loss of Rs 8,054.74 crore in fiscal ended March 2022.
The company’s total income during July-September quarter of this fiscal year grew to Rs 6,046.65 crore, as against Rs 6,001.67 crore in same period of 2021-22, Reliance Capital said in a regulatory filing.
For the half year ended September 2022, revenues were tad lower at Rs 9,651 crore from Rs 10,448.87 crore during the April-September period of the previous fiscal.
Reliance Capital is engaged in the business of finance and investments, general and life insurance, commercial finance and others.
Reserve Bank of India (RBI) had in November 2021 superseded the board of directors of Reliance Capital and appointed Nageswara Rao Y as the administrator of the company as per the RBI Act in the aftermath of debt defaults issues leading to erosion of capital.
The regulator also appointed a three-member advisory committee to assist the administrator of the company to discharge his duties.
In December 2021, the Mumbai bench of the National Company Law Tribunal(NCLT) ordered to initiate the Corporate Insolvency Resolution Process (CIRP) against the company under the provisions of the Insolvency and Bankruptcy Code, 2016.
On a standalone basis, Reliance Capital posted a net loss of Rs 25.67 crore in Q2FY23, however, it was narrowed from Rs 253.21 crore loss in the year-ago quarter. In June 2022 quarter, it posted a net loss of Rs 214.75 crore.
For the half year ended September 2022, there was a net loss of Rs 240.42 crore, down from Rs 586.33 crore year on year.
Reliance Capital had as many as 20 subsidiaries (including step-down subsidiaries) at end of September 30, 2022. Of these, Reliance Commercial Finance and Gullfoss Enterprises Pvt Ltd ceased to be a subsidiary with effect from October 14, 2022.
Besides, it had 5 associate companies as well, of which two ceased to be its subsidiaries from October 14, 2022.
Stock of Reliance Capital closed at Rs 11.22 apiece on BSE, up 4.76 per cent from its previous close.
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Citi in a research report dated October 14 set a target price of Rs 1,000 for LIC scrip. (File)
New Delhi:
The government is nudging LIC to tweak its product strategy to maximise profitability in a bid to help the country’s largest insurer realise its full growth potential and yield better returns for investors, an official said.
Life Insurance Corporation (LIC) has been trading below the issue price of Rs 949 a share ever since it got listed on stock exchanges on May 17. It listed at Rs 872 apiece on NSE.
On Tuesday, the scrip settled at Rs 595.50, down 0.72 per cent over the previous close.
Foreign brokerages, however, remain bullish on LIC setting a higher target price over the next year as they feel that the insurer has good medium-term market potential, negligible high risk assets and robust core operating Return on Embedded Value (ROEV).
Citi in a research report dated October 14 set a target price of Rs 1,000 for LIC scrip, saying LIC is ‘positioned better than mature global players’.
The finance ministry in its performance review has been sensitising the LIC management about the steps that could be taken to better investor wealth and focus on non-participating products or term plans to improve profitability.
“With the listing of LIC, the process of modernisation of the over 65-year-old institution has started. We are working with the management so that they modernise their product offering and lower dividend payout to policyholders,” the official told PTI.
In non-participating insurance products, insurers do not need to share their profit in form of dividend with policyholders, whereas in case of participating or par products, the insurer shares dividend with policyholders.
“The younger generation is more inclined to term plan. LIC will have to rework their strategy and decide what should be done so that their asset under management is utilised to its full potential,” the official added.
LIC’s standalone first-quarter net profit surged to Rs 682.88 crore from Rs 2.94 crore in the year-ago period.
LIC reported an embedded value (EV) of Rs 5,41,492 crore as of March 2022, as compared to Rs 95,605 crore in March 2021 and Rs 5,39,686 crore in September 2021.
Its initial public offering (IPO) came in a price band of Rs 902-949 a share. The issue fetched about Rs 21,000 crore to the exchequer.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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PRI ECO GEN NAT .MUMBAI DCM2 Edelweiss Edelweiss General Insurance Includes LGBTQIA+ Community for its Group Health Insurance Policy Mumbai, Maharashtra, India (NewsVoir) Digital insurer Edelweiss General (EGI) has announced that it has extended its Group Health Insurance policy to include members of the LGBTQIA+ community. EGI’s revamped group health policy now covers both LGBTQIA+ and unmarried partners (partners of same or other gender, who may be living in). The policy will also cover disabled children without any age limit and dependent children (with no disability) up to 30 years of age. EGI’s policy is a big step towards a more inclusive healthcare framework, given the fact that traditionally, group health policies only included the legally wedded spouse of individuals. Companies opting for EGI’s group health cover can now offer comprehensive cover customized for the needs of diverse employees. Commenting on this development, PoojaYadav, Chief Product Officer, Edelweiss General Insurance, said, As an organisation, we believe in diversity and inclusion. Access to good healthcare is every individual’s right. We are happy to extend our policy to include members of the LGBTQIA+ community and unmarried partners. We must keep pace with the evolving definition of family. We are positive that our small step will help slowly transform workplaces and help build a more welcoming work atmosphere for the LGBTQIA+ community. EGI’s group health insurance policy takes care of all hospitalisation expenses, pre and post hospitalisation expenses (30 and 60 days respectively), day care treatments, domiciliary hospitalisation and AYUSH treatments. Policy can be customised as per requirement of the customers. The policy also offers many other benefits including: 1. Premium payment on Instalment basis 2. Wide range of covers including Maternity cover, Personal accident cover options 3. Deductible or co-payment option against claims made during the Policy Period 4. Options for Room Rent capping, etc. About Edelweiss General Insurance Edelweiss General Insurance (EGI) is a full stack Insurtech and one of the fastest growing players in the Indian non-life Insurance market. It is a digital Insurer that aims to transform insurance making it easy, friendly and transparent. Its digital platform powers fantastic customer experience, innovative solutions and efficient service delivery. It started operations in 2018 and has won multiple awards at renowned industry forums for product innovation and its digital platform. It is India’s first cloud native insurer and the first insurer to launch an open API platform. It has 2 million active customers and a growing omni-channel distribution on digital rails. EGI has presence across key digital marketing places and partnerships with PolicyBazaar, Phonepe, Ola, ClearTrip, Dunzo, Intermiles, PayNearby, Instakart, Zopper, Riskcovry, Ashv Finance, Avanse Financial Services, Star Housing Finance, Mahindra, Tata, Jeep, Okinawa, Royal Enfield, etc. Consumer insight driven strategy coupled with technology-powered execution is what differentiates EGI in a competitive market. It aims to deliver innovative solutions to customers by leveraging data, analytics and proactive market sensing. For more information, please visitwww.edelweissinsurance.com. (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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ECGC IPO likely to hit market in fourth quarter of FY23: Chairman
Mumbai:
Export Credit Agency, ECGC Ltd’s Chairman-and-Managing Director (CMD) M Senthilnathan on Tuesday said the listing of the export credit agency on the stock exchange is likely to happen in the last quarter of the current fiscal year.
Last year, the government said it would start listing the state-owned entity soon, and the Initial Public Offering (IPO) would hit the market during the next financial year.
According to Mr Senthilnathan, the Department of Investment and Public Asset Management (DIPAM) had mentioned that the listing of ECGC will happen after the IPO of Life Insurance Corporation of India (LIC).
“The initial review of ECGC has been done by DIPAM, and the next direction is expected from them. Initially, we were told that the listing will happen somewhere around the last quarter of the current financial year. So, I think they will be on time,” Mr Senthilnathan told reporters.
ECGC Ltd is a wholly-owned central public sector enterprise set up to improve the competitiveness of exporters by providing them credit risk insurance and related services for exports.
The state-owned entity on Tuesday introduced a new scheme to provide enhanced export credit risk insurance cover to 90 per cent to support small exporters under the Export Credit Insurance for Banks Whole Turnover Packaging Credit and Post Shipment (ECIB-WTPC & PS).
The scheme is expected to benefit several small-scale exporters availing of export credit with banks which hold the ECGC WT-ECIB covers. It will enable the small exporters to explore new markets/new buyers and diversify their existing product portfolio competitively.
“We expect this to bring up the percentage of accounts with up to Rs 20 crore, thereby lending further stability to the ECGC portfolio,” said Mr Senthilnathan.
“By giving 90 per cent cover to banks, we expect more small companies to get export credit from banks, benefiting these industries greatly. We expect banks to provide more concessions. The net effect will be a benefit to exporters, involving a reduction in interest rate,” he added.
This new scheme will enable the banks holding ECGC’s WT-ECIB cover to explore the possibility of further reducing interest rates.
A release said that the enhanced cover percentage should be made available to the State Bank of India as per the previous year’s premium rate, given its favourable claim premium ratio.
However, for other banks, it said there might be a moderate increase in the prevailing premium rates.
The enhanced cover shall be available for manufacturer-exporters availing fund-based export credit working capital limit up to Rs 20 crore, excluding the gems, jewellery and diamond sector and merchant exporters, the release said.
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The company’s weak listing can be attributed to high volatility in the markets and negative market sentiments. LIC enjoys many competitive advantages like strong brand value, extremely large scale of operations, a huge network of agents, and an envious distribution network, further, the company’s issue was priced at a price to embedded value of 1.1x, providing a valuation comfort, so we suggest investors to stay with the company for the long term despite the negative listing. Those who applied for listing gains can maintain a stop loss of Rs. 800. New investors can take advantage of the dips to accumulate this share for the long term. We would like to add that the company’s further downside will be limited due to low float post listing.
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