Page 3 - Icici Prudential Life Insurance

ICICI Prudential Life Insurance Q2 net profit up 22.4% to Rs 244 crore

The net premium income of the company rose to Rs 10,022 crore, nearly 5 per cent higher from Rs 9,582 crore in the year-ago period

ICICI Prudential Life Q2 results: Net profit rises 23% despite lower income

ICICI Prudential Life Insurance Company on Tuesday reported a 23 per cent increase in its net profit at Rs 244 crore in the quarter ended in September 2023 despite lower income. The company's net profit in the same quarter a year ago stood at Rs 199 crore. However, total income decreased by 2.4 per cent to Rs 174.36 crore from Rs 226.42 crore in the year-ago period, mainly because of fall in investment income. The net premium earned by the private sector insurer during July-September was up at Rs 100.22 crore as against Rs 95.82 crore in the same period a year ago, ICICI Pru Life said in a regulatory filing. The assets under management of the company grew by 11.3 per cent from Rs 2,44,279 crore as on September 30 last year to Rs 2,71,903 crore as on September 30, 2023. The company had a debt-equity mix of 54:46 as on September 30, 2023 and 96.4 per cent of the fixed income investments were in sovereign or AAA-rated instruments. The solvency ratio was 199.4 per cent as on Septembe

Reappointment of ICICI Bank CEO Sandeep Bakhshi gets RBI approval

Bakhshi took charge of the second largest lender on October 15, 2018. Prior to his appointment as MD & CEO, he was a Wholetime Director and the Chief Operating Officer (COO) of ICICI Bank

Two entities buy footwear co Campus Activewear shares worth Rs 124 crore

Societe Generale and ICICI Prudential Life Insurance Company on Wednesday bought shares of athleisure footwear company Campus Activewear for Rs 124 crore through open market transactions. According to the bulk deal data available with the NSE and BSE, ICICI Prudential Life Insurance acquired 25 lakh shares and Societe Generale bought more than 17.14 lakh shares, amounting to 0.82 per cent and 0.56 per cent stake, respectively, in the company. The shares were acquired at an average price of Rs 295 apiece on both BSE and NSE, taking the combined transaction value to Rs 124.33 crore. Details of the sellers could not be ascertained. Shares of Campus Activewear plunged 4.29 per cent to close at Rs 290 apiece on the NSE and tumbled 4.23 per cent to settle at Rs 290.05 on the BSE.

The focus is certainly on VNB growth: ICICI Pru Life Insurance MD & CEO

No partner has more than 2-3 per cent concentration with us

ICICI Prudential Q1 profit jumps 33% to Rs 207 crore on investment gains

The company had a debt-equity mix of 54:46 at June 30 and 97.1% of the fixed income investments were in sovereign or AAA-rated instruments

Life insurance stocks up on decent growth prospects in first quarter

But analysts' target prices suggest limited upside in HDFC Life and ICICI Pru Life, and between 15-20 per cent for SBI Life, Max Life and LIC

Stocks to Watch: Lupin, Vi, Tech M, Bharti Airtel, Aditya Birla Capital

Stocks to Watch on June 27, 2023: Lupin: As per reports, Lupin is considering a restructuring move to unlock value by demerging its API (active pharmaceutical ingredients) business

ICICI Pru Life gets GST demand notice for Rs 492 cr, firm to contest matter

Private sector ICICI Prudential Life on Monday said it has received a GST demand notice of Rs 492.06 crore from tax authorities. The matter relates to an industry-wide issue of input tax credit and the company believes that it has availed eligible input GST credit in compliance with the provisions of the Central Goods and Service Tax (GST) Act, 2017, and other applicable laws, ICICI Pru said in a regulatory filing. The late evening filing said the insurer has received a show cause cum demand notice (SCN) from the Directorate General of GST Intelligence (DGGI), asking the company to show cause as to why a tax of Rs 492,06,48,296 pertaining to the period July 2017 to July 2022 should not be demanded. The company would take appropriate steps in due course to reply to the SCN and contest the matter, it said. "During the course of inquiry, the company had deposited Rs 190 crore, without accepting any liability in this regard," it said. The deposit was made in April this year. In the la

Macquarie downgrades 3 private sector insurers on growth concerns

At present, HDFC Life trades at 15.3x its projected VNB for FY25, while ICICI Pru and SBI Life trade at 8.1 times and 9.5 times, respectively

ICICI Prudential Life Insurance launches new debt fund for long-term

This fund is available for investments with the company's flagship unit-linked insurance plans

ICICI Pru refutes GST dept contention of tax liability due to ITC claims

ICICI Prudential Life Insurance on Wednesday said it has refuted the contention of the GST department with regard to tax liability due to input tax credit (ITC) claims. In a filing to stock exchanges, ICICI Prudential Life said it had last fiscal received an intimation from the Directorate General of GST Intelligence (DGGI) of estimated tax liability to the company. "The company has filed a response refuting the claim," it said. ICICI Prudential also clarified that it has not received any 'show cause notice with regard to the tax liability from DGGI' for evasion of taxes and/or unpaid dues and hence has not made any provision or contingent liability for the same in the financial statements for the year ended March 31, 2023. In the last fiscal, the Directorate General of GST Intelligence (DGGI) initiated a GST enquiry into certain expenses for which input GST credit had been claimed by the company. "The ongoing enquiries of DGGI is part of an investigation on an insurance industry-

ICICI Prudential Life's net profit rises 27% in Q4; VNB jumps 36%

It has also reported a significant increase in its VNB margins from 28 per cent in FY22 to 32 per cent in FY23

Anup Bagchi to take over as MD & CEO of ICICI Pru Life Insurance in June

Bagchi will replace N S Kannan, the current MD & CEO, who will complete his five-year term, and superannuate from service in June

Corpus of Rs 65,00,000 ideal for retirement: ICICI Prudential survey

According to the findings of the study, a majority of people want to invest in annuity products as part of their retirement planning

Consumers optimistic towards retirement: ICICI Pru Life Insurance study

Individuals who are well prepared for retirement start investing even before they turn 40, finds an ICICI Prudential Life Insurance study

New tax norm to hurt insurers; stocks attractive for the long run: Analysts

Analysts expect stocks to remain under pressure in the near-term as the government's new tax regime push, with no tax saving deductions, could hurt demand for insurance products

Analysts hopeful of ICICI insurance twins despite Q3 disappointment

Fair value targets of brokerages suggest there is some upside in the two stocks

ICICI Prudential Life Insurance confident to cross FY23 VNB target by March

It is the second-largest private player in terms of VNB

Stocks to Watch: ITC, IndusInd Bk, Adani Transmission, Tata Metaliks, RVNL

Stocks to watch today: Tata Metaliks reported a sharp fall of 73 per cent in its December quarter net profit at Rs 9.48 crore, on account of increased expenses