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Q4 Results: ICICI Prudential reports narrower new business margin for FY 2024
Livemint
·
1y ago
Medial
India's ICICI Prudential Life Insurance Company reported a decline in new business margin due to a decrease in demand for high-value policies and a shift in customer preference towards low-margin products. The value for new business fell by 19.5% and the margin dropped from 32% to 24.6% compared to the previous year. The increase in low-margin unit-linked insurance plans and weak demand for high-value policies are key factors affecting the company's performance. ICICI Prudential's fourth-quarter profit after tax also decreased by 26%.
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Related News
Grapevine: ICICI Bank, Prudential Plc, AkzoNobel, Pidilite Industries, and JSW Paints in news
VCCircle
·
5m ago
Medial
ICICI Bank is reportedly planning to acquire an additional 3% stake in ICICI Prudential Asset Management Co. Meanwhile, AkzoNobel N.V. is exploring options to sell its consumer paints business in India while retaining its industrial coatings division, according to media reports.
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Here's why LIC net profit fell 50% to Rs 7,925 crore in Q2 FY24
IndianStartupNews
·
1y ago
Medial
Insurance giant Life Insurance Corporation of India (LIC) reported a 50% drop in net profit for the second quarter of the financial year 2024, amounting to Rs 7,925 crore. The decline was attributed to a decrease in net premium income and a change in accounting policy. However, LIC saw a rise in income from investments and improvements in solvency margin and gross non-performing assets ratio. While LIC's group business performance showed mixed results, the chairman expressed optimism for future growth. Other leaders in the Indian insurance market include SBI Life, HDFC Life, and ICICI Prudential Life.
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ICICI Prudential Increases Its Stake In Honasa To 5.48%
Inc42
·
10m ago
Medial
ICICI Prudential Life Insurance Company has increased its stake in Honasa through the acquisition of 46.91 lakh shares. Prior to this, ICICI Prudential held a 4.03% stake in Honasa, and its stake in the company now stands at 3.81% as of the end of the June quarter of 2024. Additionally, several investors, including Peak XV Partners, Fireside Ventures, and Stellaris Venture Partners, have sold Honasa shares worth INR 1,601.68 crore on Thursday.
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Infosys dividend: IT major declares final dividend of ₹28 per equity share
Livemint
·
1y ago
Medial
Infosys declared its Q4 FY24 results and announced a final dividend of ₹20 per equity share and a special dividend of ₹8 per share. The company reported a net profit of ₹7,969 crore in the March quarter and revenue of ₹37,923 crore. The record date for dividend payment is May 31, 2024, and the payment will be made on July 1, 2024. Infosys' operating margin declined to 20.1% in Q4 FY24.
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Anand Shah on why he remains positive on metal pack, manufacturing
Economic Times
·
21d ago
Medial
Anand Shah, CIO at ICICI Prudential AMC, highlights muted global ferrous metal profitability due to Chinese exports but remains optimistic about select chemicals and metals sectors for margin recovery. Attractive valuations and potential earnings growth drive this outlook. He also emphasizes a focus on bottom-up investment strategies, noting that while manufacturing sectors like defense and railways have seen strong performance, valuations are less attractive now. Consolidation trends in sectors like cement and paints are also discussed.
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Prudential considers listing Indian asset management joint venture
VCCircle
·
5m ago
Medial
Prudential, a British insurer, is contemplating listing its Indian joint venture, ICICI Prudential Asset Management. Its London shares rose over 8% following the announcement, which involves divesting part of its 49% stake and returning proceeds to shareholders. ICICI Bank owns 51% of the joint venture. A potential listing would depend on market conditions and approvals. India’s IPO market remains active, driven by offers for sale, enhancing the trend of shareholders selling existing shares for profit.
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ICICI Prudential AMC finalises large team of bankers as IPO plan gets rolling
VCCircle
·
1m ago
Medial
ICICI Prudential Asset Management Company Ltd, a joint venture between ICICI Bank and Prudential Plc, is progressing with plans for an initial public offering (IPO). As part of this endeavor, the company has enlisted a significant team of merchant bankers, according to sources. This strategic move reflects the company's status as India's second-largest mutual fund entity by assets, signifying its ambition to capitalize on the favorable market conditions and investor interest.
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EaseMyTrip post Rs 152 Cr revenue and Rs 34 Cr profit in Q1 FY25
Entrackr
·
12m ago
Medial
Online travel aggregator (OTA) platform EaseMyTrip announced its financial results on Tuesday for the quarter ending June 2024. The results show a marginal decline in scale and profit during Q1 FY25. EaseMyTrip’s operating revenue declined by 6.97% to Rs 152.6 crore in Q1 FY25 from Rs 164 crore in Q4 FY 24, as per its unaudited consolidated financial statements filed with the National Stock Exchange. Revenue from air ticketing accounted for 70% of the revenue whereas hotel packages formed 18.05% of the total collection. On a sequential basis, its revenue from operations increased by 23% as compared to Q1 FY24. To the tune of scale, its total expense decreased by 7.19% to Rs 109 crore in Q1 FY25 from Rs 117.48 crore in Q4 FY24. Service cost, payment gateway, employee benefit and advertisement costs were other major overheads for EaseMyTrip during the last quarter. The fall in collection also impacted EaseMyTrip’s profit which reduced 13.29% to Rs 33.92 crore in Q1 FY25 from Rs 39.12 crore in Q4 FY 25. The Delhi-based company spent Rs 0.71 to earn a rupee in Q1FY25. EaseMyTrip is currently trading at Rs 36.7 (as of 16.30 PM) with a total market capitalization of Rs 7,033 crore (approximately $847 million).
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S Naren’s Contrarian Call: Defensive, but bullish on banking & insurance
Money Control
·
10m ago
Medial
Sankaran Naren, Executive Director and Chief Investment Officer at ICICI Prudential Mutual Fund, discusses the evolution of value investing and his approach to managing the ICICI Prudential Value Discovery Fund. He highlights the importance of flexibility, patience, and considering macro factors in investment decisions. Currently, the fund is defensively positioned, with investments in private-sector banks and insurance companies. Naren also emphasizes the need for caution when investing in leveraged stocks and companies with weak management. He notes that investing in a close-ended fund provides greater flexibility compared to managing an open-ended fund.
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CPPIB to sell 2.34 crore shares in Delhivery in block deal
YourStory
·
1y ago
Medial
Canadian pension fund CPPIB has reportedly sold a 3.17% stake in Indian logistics company Delhivery. The sale, valued at INR 910.2 crore ($124.5m), was executed through a block deal, with shares trading at an average price of INR 388.45. Fidelity Funds, HSBC, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, and ICICI Prudential Life Insurance were among the buyers. Delhivery recently reported a significant decrease in net loss for Q4 FY24 and turned EBITDA positive for the fiscal year. It has also received approval to set up a drone subsidiary to offer freight air transportation services.
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