Latest news with #ICICIPrudentialLifeInsurance
Mint
19-05-2025
- Business
- Mint
SBM Bank India ties up with ICICI Prudential for life insurance products
SBM Bank India has tied up with ICICI Prudential Life Insurance Company to offer an array of life insurance products to the bank's customers. In a statement, SBM Bank India said on Monday this bancassurance partnership will enable the bank to cater to its customers a diverse set of solutions ranging from term insurance, long-term savings and wealth creation products to effectively planning for income on retirement. Nikhil Rajadhyaksha, Head – Retail Banking at SBM Bank India, said that with insurance penetration in India at 3.7 per cent in 2023-24, well below the global average of 7 per cent, there is substantial scope for market expansion. 'By combining ICICI Prudential Life Insurance's innovative product portfolio and digital expertise with SBM Bank's vision of becoming a financial supermarket, we aim to deliver seamless, customer-centric solutions that enhance financial well-being and empower individuals with greater financial protection,' Rajadhyaksha also said. SBM Bank India has 22 branches across India, including its recently opened branch in Tivri, Naigaon, Maharashtra. As on March 31, 2025, ICICI Prudential Life Insurance Company had an asset under management (AUM) of ₹ 3.09 lakh crore and a total in-force sum assured of ₹ 39.43 lakh crore with over 9 crore lives covered. ICICI Prudential Life Insurance has said it has received an order from GST Commissioner (Appeals) upholding tax demand of about ₹ 3.67 crore. On July 2, 2024, Central Goods and Service Tax (CGST) authorities in Mumbai had passed an order in this regard. The order denied part of service tax credit, which the company migrated to the GST regime in the 2017-2018 fiscal year, when GST was launched. Subsequently, the company had filed an appeal before the Commissioner (Appeals). In a regulatory filing, ICICI Prudential said: "the company has received an order from the Commissioner of CGST & Central Excise (Appeals), Mumbai, on April 17 upholding the tax demand." The order includes GST liability of over ₹ 1.83 crore and penalty of an equal amount. "The company shall file an appeal against the said order before appropriate authority," ICICI Prudential Life said. As on March 31, 2025, ICICI Prudential Life Insurance had an AUM of ₹ 3.09 lakh crore. and a total in-force sum assured of ₹ 39.43 lakh crore with over 9 crore lives covered.
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Business Standard
19-05-2025
- Business
- Business Standard
SBM Bank India, ICICI Prudential Life forge bancassurance partnership
SBM Bank India and ICICI Prudential Life Insurance Company have entered into a bancassurance partnership to offer an array of life insurance products to the bank's customers. This tie-up will enable the bank to cater to its customers a diverse set of solutions ranging from term insurance, long-term savings and wealth creation products to effectively planning for income on retirement, SBM Bank India said in a statement on Monday. Nikhil Rajadhyaksha, Head Retail Banking, SBM Bank India, said that with insurance penetration in India at 3.7 per cent in 2023-24, well below the global average of 7 per cent, there is substantial scope for market expansion. "By combining ICICI Prudential Life Insurance's innovative product portfolio and digital expertise with SBM Bank's vision of becoming a financial supermarket, we aim to deliver seamless, customer-centric solutions that enhance financial well-being and empower individuals with greater financial protection," Rajadhyaksha said. SBM Bank India has 22 branches across the country, including its recently opened branch in Tivri, Naigaon, Maharashtra. As on March 31, 2025, ICICI Prudential Life Insurance Company had an asset under management of Rs 3.09 lakh crore and a total in-force sum assured of Rs 39.43 lakh crore with over 9 crore lives covered. (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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Business Standard
29-04-2025
- Business
- Business Standard
India's sovereign bond rally to spread on deeper easing, says ICICI Prulife
ICICI Prudential Life Insurance is bullish on longer-term Indian sovereign bonds as tariff-related uncertainties may signal a deeper interest-rate-cut cycle by the central bank than previously expected. While the 10-year bond has outperformed in the recent debt-market rally, longer-end bonds will now 'play a catch-up game,' Vidya Iyer, head of fixed income at the insurance firm which manages more than $35 billion in assets, said in an interview. She has 'positioned a part of the portfolio in 15-year and 20-year-and-above bonds.' Earlier this month, the Reserve Bank of India cut interest rates, as expected, and signaled more to come as it seeks to bolster Asia's third-largest economy in the face of damaging US tariffs. The central bank has also undertaken massive liquidity injections which have translated into deeper easing by pushing market rates below the policy rate. Below-target inflation and lower oil prices provide room for even more rate reductions, further improving the appeal of longer-term debt. Yet, yields on 30-year and 50-year bonds have dropped 15 basis points each this month — compared with a decline of about 24 basis points on the 10-year bond, which recently fell to fresh three-year lows. Spreads 'have a lot of room to compress' Iyer said. She expects a half-point more of cuts by August, with the possibility of a deeper easing cycle depending on how India's economy is affected by tariffs. 'We expect the 10-year government bond to trade close to 6% over the next couple of quarters,' she said, which would imply a fall of more than 35 basis points from current levels. Iyer also remains invested in five-year and 10-year bonds that would provide much-needed liquidity during episodes of market turbulence, as she sees volatility remaining elevated in coming months.
Bloomberg
29-04-2025
- Business
- Bloomberg
India Bond Rally to Spread on Deeper Easing, ICICI Prulife Says
Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. ICICI Prudential Life Insurance is bullish on longer-term Indian sovereign bonds as tariff-related uncertainties may signal a deeper interest-rate-cut cycle by the central bank than previously expected.
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Business Standard
28-04-2025
- Business
- Business Standard
Market volatility nudges customer preference away from ULIPs in Q4FY25
The benchmark Nifty50 index fell almost 17 per cent amid sell-off by foreign investors, weak corporate earnings and global uncertainties due to the US tariffs Mumbai Listen to This Article Amid increased volatility in equity markets, customer preference is likely to have moved away from Unit Linked Insurance Plans (ULIPs) in the last quarter of FY25. For SBI Life Insurance and ICICI Prudential Life Insurance, the share of ULIPs in the product mix has reduced in the January-March quarter of FY25 (Q4FY25) from the year-ago period, while the share of traditional products increased. ULIP is an insurance product which offers both the benefits of investment and insurance to fulfil long-term goals. The premiums for ULIPs are divided towards life insurance coverage and the remaining part for investment in market-linked funds
