Prudential has released “resilient” half-year 2022 results, reporting growth amidst market volatility in what group chief executive Mark FitzPatrick called an illustration of the company’s strength in the Asia region. Prudential delivered annual premium equivalent (APE) sales of $2.213 million, a 9% increase from the first half of 2021. Its APE sales were balanced across both products and markets. Each of Prudential’s product categories (health and protection, participating contracts, non-participating savings, and investment-linked savings) contributed over 20% to APE sales, while nine out of 12 of its Asia life markets saw growth in the period. New business profit...
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BENGALURU - Life Insurance Corporation of India (LIC) reported a 20.4% rise in June-quarter premium income on Friday, as easing COVID-19 restrictions boosted sales of policies for the insurer that largely depends on its agents. The company, which drives its business mostly through an army of 1.3 million sales agents, was hit by pandemic-led lockdowns last year that disrupted the work of its agents who focus on in-person engagement. "As the COVID situation normalises, we are seeing a larger activity on the ground, therefore bringing us back closer to our model of having 'feet on street'," Chairperson M R Kumar said. LIC, India's biggest insurer, said net premium income rose to...
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Benchmark indices ended higher for the second straight session on Thursday led by heavy buying in Bajaj Finance and Bajaj Finserv shares amid a mixed trend in the global equity markets. Sensex jumped 1,041.47 points to end at 56,857.79 and Nifty advanced 287.80 points to 16,929.60. Bajaj Finance was the top Sensex gainer ending 10.68 per cent higher, followed by Bajaj Finserv rising 10.14 per cent post June quarter earnings. Here's a look at stocks that are likely to remain news today. HDFC, Sun Pharma, NTPC, HDFC Life Insurance, Indian Oil Corp, DLF, Ashok Leyland, Cipla, Cholamandalam Investment & Finance, Torrent Pharmaceuticals, Piramal Enterprises and Star Health and Allied...
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A life insurance plan is a contract between a person and an insurance provider represented by a policy. The policyholder pays a long-term premium and gets a substantial lump sum of money at maturity. In the event that the policyholder dies due to unforeseeable circumstances, it is transferred to the nominee. The life insurance cover proceeds are distributed to the legal heirs if no nominee is named. Benefits of Life Insurance Plan Many times, policyholders are the family's only earners. In such instances, a life insurance plan ensures the family's financial security. All of the benefits of life insurance cover are discussed below: The insurance money serves as a source of income for the...
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SBI Life share climbs to life-time high after Q1 results. Buy, sell or hold? Stock market today: SBI Life share price in uptrend and it may go up to ₹ 1400 in next two months, believe experts. (REUTERS) According to stock market experts, market was expecting better quarterly numbers from the SBI subsidiary due to hawkish stance of the central bank on interest rates. They said that the stock had started to surge ahead of the SBI Life Q1 results and chances of further rise in the stock can be expected only after a profit-booking trigger. So, one should avoid taking fresh position in the counter and wait for the profit-booking trigger. They also advised SBI Life shareholders to book profit in...
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New Delhi: A Bengaluru woman has won a legal battle against the State bank of India (SBI), which has been directed by a consumer court to waive off a Rs 54.09 lakh loan, according to a media report. The public sector lender has also been told to pay compensation worth Rs 1 lakh and another Rs 20,000 in litigation expenses to the complainant, T Dharani by the Bangalore Urban Second Additional District Consumer Disputes Redressal Commission. The consumer court noted Dharani, 36, suffered financially and mentally due to bank's negligence. “It amounts to deficiency of service and unfair trade practice by SBI, Whitefield Branch,” the Commission was quoted as saying in a report by The New Indian...
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SC stays Allahabad HC order on scrutinizing SBI Life policies SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. Photo: Pradeep Gaur/Mint Ordering the stay on 11 July, temporarily suspending the execution of the high court ruling, a bench of justices Ranjan Gogoi and M.Y. Eqbal issued notices in the case, said Anuradha Dutt, a lawyer for SBI Life. The Insurance Regulatory and Development Authority (Irda), State Bank of India and the central government are proforma respondents in the case. A proforma respondent is a party that has an interest in a case, although not directly involved in the dispute. The Allahabad high court ruling of 29 May had come in...
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With growth engine strong, SBI Life now needs to focus on quality SBI Life’s growth in premiums was driven by retail individual business, the insurer said, adding that even renewal premiums have grown faster in this segment. The growth in premiums was driven by retail individual business, the insurer said, adding that even renewal premiums have grown faster in this segment. As a result, its growth in assets under management was also higher at 23% for the nine months ended December compared with 17.6% in the corresponding period last year. That, along with improving persistency ratios is a sign that the insurer continues to leverage on the unparalleled access of its parent’s...
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The listing of Life Insurance Corporation of India, or LIC, on May 17 was a momentous occasion for the Indian stock markets. Since then, the benchmark S&P BSE Sensex has lost a little over 5 per cent, while the LIC stock is down nearly 30 per cent from its issue price of Rs 949. Policyholders and employees of the insurance major, in which the government still owns 96.5 per cent, can take solace in the fact that they were allotted shares at a discount of Rs 60 from the issue price. But, if they still hold those shares, then nearly one-fourth of their wealth has already been wiped off. Even if the government and LIC have said that “there is value in the company” and “LIC is a long-term...
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Chennai: The Securities Appellate Tribunal (SAT) has to decide on the refund of around Rs 275 crore to policy holders, a senior official of SBI Life Insurance Company said on Thursday. "The case is pending in SAT. We have no say on it now," SBI Life Insurance President M. Anand told reporters here. It has been more than two years since the Insurance Regulatory and Development Authority of India (IRDAI) ordered SBI Life Insurance to refund Rs 275.29 crore collected in excess commission to holders of Dhanaraksha-Plus Limited Premium Paying Term policy. In March 2014, IRDAI ordered SBI Life to refund Rs 275.29 crore excess commission collected to holders of Dhanaraksha-Plus Limited Premium...
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