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Not a merger with Sahara Life, just transfer of policyholders: SBI Life

Business Standard



SBI Life, a subsidiary of country’s biggest lender State Bank of India (SBI), has said it is not a merger between the two companies but only a transfer of the policyholder related assets and liabilities of Sahara Life Insurance.


On Friday regulator Irdai directed SBI Life Insurance to takeover the policy liabilities of around two lakh policies along with assets of stressed Sahara India Life Insurance Co Ltd (SILIC).


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.


Following the Irdai order, SBI Life assured two lakh policyholders of “high levels” of service and commitment as is accorded to our customers.


“We have started and we are expeditiously working on the process of integrating all these policyholders in our systems. While the full integration may take some time, we request these policyholders to reach out to us on our helpline number 1800 267 9090 or email us at saharalife@sbilife.co.in,” it said

SBI Life will shortly reach out to these policyholders and intimate them about various touch points and manner of servicing for a smooth transition, it said.


Sahara Life Insurance was also not allowed to underwrite new business. Thereafter, further directions were issued to the insurer to meet the regulatory requirements.


“Despite being provided ample opportunities and sufficient time to ensure compliances, SILIC has failed to comply with directions of the authority and take any affirmative steps to protect the interests of its policyholders,” the regulator had said.


Further, the policy data of SILIC reveals that the company’s portfolio is showing run-off trend. The financial position has been deteriorating with rising losses and higher percentage of claims to total premium.


“If the trend is allowed to continue, the situation will worsen and lead to erosion of capital and SILIC may not be able to discharge its liabilities towards policyholders, thereby endangering the interest of its policyholders,” Irdai had said.


It said the action against SILIC has been taken after due consideration of all the facts and circumstances.


The authority added in its meeting held on June 2, 2023 that the action was warranted to protect the interest of the policyholders of SILIC.


Further, Irdai said it will continue to monitor the situation and also issue necessary directions as required in the interest of the policyholders of SILIC.

(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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Max Life partners IIA to offer insurance access to MSME workforce in UP



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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FinMin mulls changes in insurance laws to boost penetration: Report



The finance ministry is contemplating changes in insurance laws, including reduction in minimum capital requirement, with a view to increasing the insurance penetration in the country.


Insurance penetration in India increased from 3.76 per cent in 2019-20 to 4.20 per cent in 2020-21, registering a growth of 11.70 per cent. Insurance penetration measured as the percentage of insurance premium to GDP witnessed handsome growth during the year, mainly due to the outbreak of COVID-19.


The ministry is doing a comprehensive review of the Insurance Act, 1938 and also looking at making relevant changes to help push growth of the sector, sources said, adding the process is at a preliminary stage.


One of the provisions being considered is lowering the minimum capital requirement of Rs 100 crore for setting up an insurance business, the sources said.


Easing capital requirement would allow entry of differentiated insurance companies like in the banking sector, which has categories like universal bank, small finance bank and payments bank.


With the ease of entry capital norms, sources said, there could be entry of companies focussed on micro insurance, agriculture insurance or insurance firms with regional approach.


So for them, the solvency margin requirement would also be different but without compromising on policyholders’ interest, the sources said.


Entry of more players would not only push penetration but result in greater job creation in the country.


Presently, there are 24 life insurance companies and 31 non-life or general insurance firms, including specialised players like the Agriculture Insurance Company of India Ltd and ECGC Limited.


Last year, the government brought an amendment in the Insurance Act to allow increasing foreign holding in insurers from 49 per cent to 74 per cent. Besides, Parliament passed the General Insurance Business (Nationalisation) Amendment Bill, 2021, allowing the central government to pare stake to less than 51 per cent of the equity capital in a specified insurer, paving the way for privatisation.


In 2015, the Insurance Act was amended for raising the foreign investment cap from 26 per cent to 49 per cent. All these amendments since privatisation of the insurance sector have led to exponential growth.


According to a study, India is likely to become the sixth largest insurance market in the world in the next 10 years, supported by regulatory push and rapid economic expansion.


Total insurance premiums in India will grow by an average 14 per cent per annum in nominal local currency terms over the next decade, making India the sixth largest in terms of total premium volume by 2032 from 10th largest in 2021.


Both life and non-life insurers collected a premium of Rs 8.2 lakh crore during 2020-21.

(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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Edelweiss General Insurance’s Group Health Policy includes LGBTQ+ community



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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Fed policy action, RBI rate decision key driving factors for mkts: Analysts



The US Fed policy action, RBI rate decision and foreign fund flows are some of the major factors that will guide the equity markets in the near-term, analysts said on Wednesday.


Besides these, September quarter earnings announcements would also pave the way for the markets, whose overall structure remains bullish, they added.


From its 52-week low of 50,921.22 quoted on June 17 this year, the Sensex has jumped 16.91 per cent till now. The Nifty has climbed 16.96 per cent from its 52-week low of 15,183.40 on June 17 this year.


So far in 2022, the BSE Sensex has climbed 2.20 per cent and the Nifty has advanced 2.33 per cent.


“We believe that the underlying market is bullish. Given India’s stance as a high-performing economy, there are many reasons for India to be an excellent performer as we advance,” said Sunil Damania, Chief Investment Officer, MarketsMojo.


He said the rupee has stabilized after hitting an all-time low level.


The rupee is currently hovering at 79.50 against the US dollar. It had touched an all-time low of 80.15 against the US dollar in intra-day trade on Monday.


“We are of the opinion that irrespective of whether the market touches a record high in September, market sentiments will stay bullish by Diwali,” Damania said, adding that the BSE benchmark Sensex and the NSE Nifty have picked up since mid-June 2022.


At the moment, investors might be skeptical of the current market rally, Damania said, adding that “We maintain the Sensex could touch 65,000 by December 2022, and our short-term Nifty target is 19,000 by December 2022.”

Factors that could influence the direction of global markets include geopolitical issues, commodity prices, inflationary trends, interest rate trajectory followed by central banks and recessionary conditions, experts said.


According to Deepak Jasani, Head of Retail Research, HDFC Securities, Indian markets could get impacted by the turn in global sentiments and as more investors turn risk averse ahead of the historically down month of September.


“However, the intensity and amount of fall in India will be limited as its economy may not be linked fully with the happenings in the US economy,” he noted.


From now till the end of the calendar year, Nifty could see an upside of 18,100 and downside of 15,850, Jasani added.


Reshma Banda, Head-Equity & Executive VP, Bajaj Allianz Life Insurance said Indian macroeconomic fundamentals are better placed on a relative basis.


Inflation in India is elevated and is only marginally higher than the RBI threshold band, which compares favorably to other developed countries where inflation is hovering at multi-decade highs, Banda said.


According to official figures, India’s retail inflation softened to 6.71 per cent in July due to moderation in food prices but remained above the Reserve Bank’s comfort level of 6 per cent for the seventh consecutive month.


Some of the other factors that can impact market sentiments include normal monsoon, which augurs well for controlling food inflation levels in the country.


Further, foreign fund inflows have returned to India, thereby aiding a healthy rally in the equity markets, experts said.


After turning net buyers last month, foreign investors have become aggressive shoppers of Indian equities and pumped in Rs 49,250 crore so far in August on improvement in corporate earnings and macro fundamentals.


Sunil Nyati, Managing Director, Swastika Investmart Ltd, said, Indian equity benchmark indices are witnessing profit-booking after a stellar rally of about 17 per cent from June lows.


Historically, September remains a weak or sideways month for Nifty and Sensex but in October month or near Diwali, Nifty and Sensex can approach their fresh all-time highs, Nyati added.


On the global front, the market will have an eye on economic data and geopolitical situations while on the domestic front, earnings, festive season demand, and FIIs’ behavior will be the key factors.


The Fed’s September policy action is the one significant factor the market will consider until Diwali.


The US Federal Bank chair Jerome Powell has indicated that the central bank will stick to a strategy of rate hikes to cool inflation.


Some experts believe the market is ready for aggressive rate hikes and most of this is already discounted whereas any relief on the inflation front may improve investor sentiments.

(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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LIC Housing Finance hikes prime lending rate by 50 basis point to 8%



LIC Housing Finance increased its Prime Lending Rate by 50 basis points on Monday. With this the new interest rates on home loans will now start from 8 per cent as against 7.50 per cent earlier.


The new rates will be effective from Monday.


The move was inline with the central bank, which hiked repo rate by 50 basis points in the recent monetary policy to tame inflation that is hovering above the upper tolerance band for consecutive months.


“As expected, the RBI’s decision to hike the repo rate by 50 basis points on 5th August was well measured and abreast with the global economic trend. The hike in repo rate has caused some minimum fluctuation in the EMIs or the tenure on the home loans but demand for housing will remain robust. Hence, the interest rate hike of LIC HFL is in line with the market scenario,” said Y. Viswanatha Gowd, MD & CEO.


–IANS


msn/dpb

(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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Jefferies sees 15% correction in Indian markets; adds Zomato to portfolio


Web Exclusive

In the past one month, the S&P BSE Sensex and the Nifty50 have gained around 8 per cent each with a large part of these gains coming via the BFSI route

Topics
Jefferies | Indian stock markets | Zomato



Puneet Wadhwa  | 
New Delhi 



The pullback in the Nifty from its recent lows looks unsustainable, said analysts at Jefferies in a recent note even as they acknowledged the improved US outlook on lowered inflation expectations and lower recession risks. Among stocks, Jefferies has removed/reduced exposure to Gail, Gland Pharma and Tech Mahindra (TechM), while introducing Zomato, Thermax, LIC Housing and Indian Hotels to their model portfolio.



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Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

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First Published: Wed, August 10 2022. 11:30 IST





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30 firms may float public issues in Oct-Nov to mop up Rs 45,000 cr



Hectic fundraising through initial public offerings (IPOs) is expected in October-November, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share-sales, merchant banking sources said.


Of the total fundraising, a large chunk would be garnered by technology-driven companies.





The successful IPO of food delivery company Zomato, which was overwhelmingly subscribed by over 38 times, encouraged new-age tech companies to come out with their primary share-sales.


Historically, companies like Zomato have raised funds from private equity players and the IPO has opened up a new source of funding for new-age tech companies, Jyoti Roy, deputy vice-president (equity strategist) of Angel One, said.


The firms that are expected to raise funds through their IPOs during October-November include Policybazaar (Rs 6,017 crore), Emcure Pharmaceuticals (Rs 4,500 crore) Nykaa (Rs 4,000 crore), CMS Info Systems (Rs 2,000 crore), MobiKwik Systems (Rs 1,900 crore), the merchant banking sources said.


In addition, Northern Arc Capital (Rs 1,800 crore), Ixigo (Rs 1,600 crore), Sapphire Foods (Rs 1,500 crore), Fincare Small Finance Bank (Rs 1,330 crore), Sterlite Power (Rs 1,250 crore) RateGain Travel Technologies (Rs 1,200 crore) and Supriya Lifescience (Rs 1,200 crore) may float their IPOs during the period under review, they added.


Angel One’s Roy attributed the impressive IPO pipeline in the coming month to several factors, including a stronger-than-expected recovery in the economy after the second wave, continued FPIs and domestic flows in the markets and an increase in retail participation in the stock market in the past one year.


Going forward, the IPO boom is expected to extend in the coming year if the prevailing market situation remains constant or doesn’t change much, Kaushlendra Singh Sengar, founder and CEO at INVEST19, said.


Making a similar statement, Nikhil Kamath, co-founder of True Beacon and Zerodha, said if the bull run continues for the next 1-2 years, the IPO rush will continue. Moreover, the technology sector is expected to remain a major market driver.


So far, in 2021, as many as 40 companies have floated their IPOs to raise Rs 64,217 crore. Further, Aditya Birla Sun Life AMC will launch its Rs 2,778-crore initial share-sale on September 29.


Apart from these, PowerGrid InvIT, the infrastructure investment trust (InvIT) sponsored by Power Grid Corporation of India, mopped up Rs 7,735 crore through its IPO, and Brookfield India Real Estate Trust raised Rs 3,800 crore via its initial share-sale.


This was way higher than Rs 26,611 crore raised by 15 companies through initial share-sales in the entire 2020.


Such impressive fundraising through IPOs was last seen in 2017 when firms mobilised Rs 67,147 crore through 36 initial share-sales.


According to Kamath, IPOs rely heavily on market cycles and the IPO exuberance that has been witnessed in the last 18 months is a function of the current bull cycle. Companies look to take advantage of investor sentiments.


“The market is touching new highs and the strong response that we see in the primary market is nudging companies who were sitting on the fences to come and take advantage of the buoyant market,” Vikas Singhania, CEO of TradeSmart, said.


He, further, said that companies are raising money for growth capital or inorganic growth opportunities in the future.


Many of the IPOs are an offer for sale (OFS), where private equity players or the promoter wants to cash out part of their holding.


“Nowadays, the entire process of IPO garners a lot of attention for such companies that act as an indirect promotion,” Kamath said.


Initial share-sales are receiving tremendous applications from investors and IPOs have been subscribing multifold times. This has pushed companies to raise funds through IPO.


The initial share-sales of almost a dozen companies including Paras Defense and Space Technologies, MTAR Technologies, Easy Trip Planners, Devyani International, Rolex Rings, Tatva Chintan Pharma Chem and Nazara Technologies subscribed over 100 times.


Interestingly, the ongoing calendar year saw most of the IPOs opening with a premium over the issue price suggesting a strong investor appetite.


Laxmi Organic Industries, MTAR Technologies, Easy Trip Planners, GR Infraprojects, Clean Science and Technology, Macrotech Developers and Ami Organics which got listed this year, are trading above their issue price, giving smart returns in the range of 110 to 320 per cent, since listing, to investors.


INVEST19’s Sengar said that with the current favourable interest rate scenario along with high liquidity, financial institutions offer IPO funding products at lower rates. The lower cost of funding will continue to support the IPO boom.


Further, PSU disinvestment will be a blockbuster to support to ongoing IPO boom. Listing of LIC is expected to happen in 2021-2022, which will be one of the largest IPOs in the history of the Indian market. This will aid the current ongoing buoyancy in the IPO market for 2022, he added.


Earlier this month, Sebi Chairman Ajay Tyagi said that growth-oriented technology companies have raised Rs 15,000 crore through initial share sales in the last 18 months and IPOs worth around Rs 30,000 crore by such firms are in the pipeline.


“Growing number of unicorns in the startup ecosystem is a testimony of the new-age tech companies coming of age in our economy. These companies often follow a unique business model focusing more on rapid growth than immediate profitability,” he had said.

(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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Delhi News

Retro tax scrapping revived foreign interest in India’s privatisation plan



The governments decision to nullify retrospective taxation provisions has brought fresh lease of life to its strategic disinvestment plan with growing overseas investor interest in picking up management control of public sector undertakings put on the block for privatisation.


Government sources said that they have received enquiries from foreign multinational corporations about participation on its strategic disinvestment plan and the pace has increased post the Centre’s decision to amend retrospective taxation provisions in the Income tax Act, bringing about certainty on taxation regulations and improving country’s ranking several notches on ease of doing business index.





Accordingly, the strategic disinvestment proposals of companies Ferro Scrap Nigam Limited (FSNL), Rashtriya Ispat Nigam Ltd, Container Corporation, IDBI Bank Ltd., Neelanchal ispat Nigam ltd may get extensions if more time is required to bring larger number of overseas investor participation. Also, government is seeing increased interest of foreign investors in the proposed initial public offer of Life Insurance Corporation (LIC) that is like later this year.


“The government’s move (on scrapping retrospective taxation proposals) would also build confidence of foreign investors to attract new investments that are crucial for reviving economic growth,” said Vipul Jhaveri, Managing Partner-Tax, Deloitte India.


“This amendment (retrospective taxation) tainted India’s image as an investment destination. The new changes will not only end prolonged litigation in numerous cases but will also uplift India’s image internationally as a fair and equitable taxing nation, said Mukul Bagla, Chair, Direct Tax Committee, PHDCCI.


While the government has not yet made its stand clear on the pending cases of disinvestment where the process has reached financial bidding stage, sources said that a second thought on re-inviting investors even in these cases may be considered. This could help increase the participation of MNCs in disinvestment of containers such as Bharat Petroleum Corporation Ltd (BPCL), Air India, BEML, Shipping Corporation, Pawan Hans.


Disinvestment department Dipam’s views on this could not be ascertained but recently it’s secretary Tuhin Kanta Pandey has said that in all these enterprises, government has got sufficient interest from bidders, who are now at the second stage of due diligence.


Both portfolio investors and direct foreign investors have shown increased interest in running and investing in Indian companies up for privatisation.


The government had budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one insurance company, in 2021-22. It is hoping that larger overseas participation would help in completing strategic disinvestment of larger PSUs quickly.


So far, government has mobilised only Rs 8,368.56 crore as disinvestment proceed from minority equity sale in PSUs under the offer for sale route (OFS).


(Subhash Narayan can be contacted at subhash.n@ians.in)


–IANS


sn/ksk/


 

(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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