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<ul><li>There are a total of 14 life insurance companies and 13 non-life insurance companies with a market share less than 1%, so acquisition is bound to happen.</li><li><keyword id="75577" type="General" weightage="20" keywordseo="icici-prudential-life" source="Orion">ICICI Prudential Life</keyword> and <keyword id="80292" type="General" weightage="20" keywordseo="sbi-life" source="Orion">SBI life</keyword> are among top two gainers in the insurance segment.</li><li>Reliance Life, Bharti Axa, and Edelweiss Tokio too are good acquisition candidates in the life insurance space, say analysts at ICICI Securities.</li></ul>The insurance industry is likely to witness more mergers and acquisitions as the competition gets tougher. Recently, <keyword id="472962" type="General" weightage="20" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword> <a href="https://www.businessinsider.in/searchresult.cms?query=exide&amp;sortorder=score">acquired </a>Exide Life to strengthen its operations while ICICI Lombard General Insurance has received final nod to acquire Bharti AXA General. So, mergers and acquisitions will be a crucial part of the growth journey as there are many insurance companies with less than 1% market share. There are a total 14 life insurance companies and 13 non-life insurance companies with a market share less than 1%, according to a report by ICICI Securities. In the listed space, SBI Life and ICICI Life have performed well with 36% and 43% returns in 2021, so far, respectively. Analysts at CLSA reportedly say SBI Life leads listed life insurers with strong growth and hence is their top pick among life insurers. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Listed insurance companies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% year-to-date returns </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">43% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">36% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">The New India Assurance </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Lombard General </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr></tbody></table> “When we look into all the life insurers, beyond the leading ones in the private sector, Exide actually had the largest agency new business premium in FY21 at ₹4.3 billion followed by Reliance Life (₹3.6 billion), Bharti Axa (₹2.9 billion) and Edelweiss Tokio (₹2 billion). Hence, if agency premiums and agent number is taken into consideration, Reliance Life, Bharti Axa, and Edelweiss Tokio too are good acquisition candidates in the life insurance space,” said a report by ICICI Securities. <div type="image" title="life chart" height="900" width="1200" msid="86035349" hostid="261"></div> The broking firm has given a positive call on the shares of HDFC Life, SBI Life and ICICI Prudential Life. It has recommended a ‘buy’ rating to HDFC and SBI while an ‘add’ rating to ICICI Prudential. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/here-is-how-naukri-parent-info-edges-stock-went-up-23-in-the-last-one-month/articleshow/86032576.cms">Here is how Naukri parent Info Edge’s stock went up 23% in the last one month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/stock-market-experts-like-raamdeo-agrawal-of-motilal-oswal-group-and-biju-samuel-of-elara-capital-say-that-the-benchmark-index-will-continue-to-rise/slidelist/86030450.cms">Some of India’s biggest investors are nervous but not everyone wants to leave the party</a>

More consolidation may happen in insurance sector going ahead; SBI Life, ICICI Prudential Life among analysts top picks

To tap the upbeat investor sentiment, three firms - <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">ICICI Prudential Life</a> <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">Insurance</keyword> Company, <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">L&amp;T Technology Services</a> and <keyword id="3079163" type="UNKNOWN" weightage="20" keywordseo="GNA-Axles">GNA Axles</keyword> - will hit the markets this month to raise over Rs 7,000 crore through IPO. 
 Bidding for shares in <keyword id="1380245" type="UNKNOWN" weightage="20" keywordseo="LT-Technology-Services">L&amp;T Technology Services</keyword> will open tomorrow, while the same for GNA Axles would begin on September 14 and <keyword id="75577" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life">ICICI Prudential Life</keyword>'s public issue would be open for subscription from September 19. 
 The public issue of ICICI <keyword id="118708" type="CITY" weightage="20" keywordseo="Prudential">Prudential</keyword> Life is expected to garner Rs 6,057 crore, L&amp;T Technology (Rs 894 crore) and GNA Axles (Rs 130 crore). 
 The equity shares offered through the initial public offers (IPOs) are proposed to be listed on the BSE and <keyword id="6354646" type="CITY" weightage="20" keywordseo="NSE">NSE</keyword>. 
 
Since the beginning of 2016, as many as 17 companies have already floated their IPOs and got listed on the <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">stock exchanges</a>. 
 
ICICI Prudential Life's public offer comprises up to 18,13,41,058 <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">equity shares </a>of <keyword id="632740" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life-Insurance-Company">ICICI Prudential Life Insurance Company</keyword>. 
 
This would be the first public issue by an insurer in India. It would also be the biggest IPO after Coal India, which had hit the markets in 2010 to raise over Rs 15,000 crore. 
 The insurer is a venture between banking major <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> and UK's Prudential Corporation Holdings. ICICI Bank has around 68% stake in the insurer, while Prudential has 26 per cent. <keyword id="6356662" type="COUNTRY" weightage="20" keywordseo="Singapore">Singapore</keyword>'s <keyword id="6367519" type="PERSON" weightage="20" keywordseo="Temasek">Temasek</keyword> and PremjiInvest also are shareholders. 
 
The firm has fixed a price band between Rs 300 to Rs 334 per equity share. 
 L&amp;T Technology Services' IPO comprises an offer for sale of up to 10,400,000 shares by its promoter <keyword id="147676" type="PERSON" weightage="20" keywordseo="Larsen">Larsen</keyword> and <keyword id="304986" type="COMPANY" weightage="20" keywordseo="Toubro">Toubro</keyword> (L&amp;T). The firm has fixed price band of Rs 850 to Rs 860 per share for the IPO. 
 
The initial public offering of auto components maker GNA Axles comprises an issue of up to 63 lakh shares. The price band has been sat Rs 205-207 per share.

Watchout for these three new IPOs hitting the market to raise Rs 7,000 crores

New Delhi, Jun 22 () ICICI Bank on Monday said it has sold 1.5 per cent stake in its life insurance subsidiary for around Rs 840 crore with an aim to strengthen the balance sheet. Last week, the lender had informed exchanges about selling a little less than 4 per cent stake in its general insurance subsidiary for Rs 2,250 crore. While announcing its results for 2019-20 on May 9, ICICI Bank had said it would look at further strengthening the balance sheet as opportunities arise. "In line with this intent and pursuant to approval granted by the Board, the Bank has today divested 2,15,00,000 equity shares of face value of Rs 10 each of ICICI Prudential Life Insurance Company, representing 1.50 per cent of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs 8.40 billion (Rs 840 crore )," ICICI Bank said in a regulatory filing. Following this, the bank's shareholding in ICICI Prudential Life stands at approximately 51.4 per cent, it added. On Friday, it had informed exchanges about selling 3.96 per cent stake, equivalent to 1.8 crore shares in ICICI Lombard General Insurance, through open market for Rs 2,250 crore. Following this, the bank's stake in the subsidiary has come down to 51.9 per cent. ICICI Bank stock was trading 1.54 per cent up at Rs 369.85 on BSE. ICICI Prudential Life scrip was trading higher by 4.12 per cent at Rs 407.90. KPM ANU ANU

ICICI Bank sells 1.5 pc stake in life insurance arm for Rs 840 cr

On 18 June, <keyword id="42456" type="CITY" weightage="20" keywordseo="ICICI">ICICI</keyword> <keyword id="6355272" type="UNKNOWN" weightage="20" keywordseo="bank">Bank</keyword>, one of India’s largest private sector lenders, <a href="https://www.icicibank.com/aboutus/article.page?identifier=news-icici-bank-board-appoints-mr-sandeep-bakhshi-as-wholetime-director-and-chief-operating-officer-coo-of-icici-bank--20181806205908141">named Sandeep Bakhshi</a> at its new Chief Operating Officer (COO) and full-time director for a period of five years - pending regulatory approval. The COO post was created especially for him. Bakhshi’s appointment comes as the bank places Chanda Kochhar, its Chief Executive Officer (<keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword>), on temporary leave pending the conclusion of an independent inquiry into a possible conflict-of-interest issue regarding the bank’s dealings with <keyword id="6354248" type="UNKNOWN" weightage="20" keywordseo="videocon">Videocon</keyword>. Bakshi will take over her responsibilities in the interim period, and report to ICICI’s board of directors. Here is all you need to know about him: He oversaw India’s first insurance IPO Bakhshi was appointed as the CEO of ICICI Prudential Life Insurance Co, the bank’s joint venture with UK insurer Prudential, in August 2010. Over the course of his tenure, he successfully spearheaded the business’s ₹60.6 billion initial public offering (IPO) in September 2016 - the first such offering by an Indian insurer at the time. Despite his promotion, he will also be continuing as the Executive Director of ICICI Prudential. He’s been with ICICI since 1986 Bakshi has been with ICICI Bank for 32 years, starting out as an operations officer in Delhi. Prior to his appointment as the head of the life insurance business, Bakhshi held a variety of roles at ICICI’s other businesses. He was the Deputy Managing Director and head of retail operations at ICICI Bank between 2009 and 2010 and CEO of the bank’s non-life insurance business - ICICI Lombard General Insurance - between 2007 and 2009. Before joining ICICI Lombard in 2002, he looked after corporate lending operations at ICICI Bank’s Northern and Eastern divisions. He has an engineering background Bakshi received a mechanical engineering degree from Chandigarh’s Punjab Engineering College before going on to complete a masters degree in Management from Xavier Labour Relations Institute in Jamshedpur. His first job was for ORG Systems, a computer manufacturer, where he started working in 1983. Investors seem to be happy with his appointment As a company veteran who knows the ins and outs of ICICI’s business, investors seem confident about Bakhshi’s promotion. ICICI Bank’s share price on the NSE has risen nearly 4% since the announcement. Bakshi has his work cut out for him in the near term. He needs to rebuild ICICI’s image and improve corporate governance while weathering the fallout of the Videocon case. If he is able to do so successfully, he could just take over the CEO role when Chanda Kochhar’s term concludes in March 2019.

Here’s all you need to know about ICICI Bank’s new COO Sandeep Bakshi

Mumbai, Jun 18 () Leading private sector life insurer ICICI Prudential has announced a 15 per cent higher bonus payout in FY2019-20, totalling Rs 788 crore. This is the 14th consecutive year of bonus payout by the insurer to its policyholders, and the current payout will benefit 9 lakh customers, the company said in a statement on Thursday. A bonus from an insurer is the share of profit generated by the company's participating policyholders' funds. All participating policies inforce as of March 2020 are eligible for bonus, which will be added to their guaranteed maturity or death benefit and help get one step closer to achieving the financial goals of policyholders. N S Kannan, the managing director &amp; chief executive of ICICI Prudential Life said the Rs 788 crore declared for 2019-20 is higher by 15 per cent over FY2018-19, will take them a step closer to achieving their financial goals. For FY2019-20, the company, the first private life insurer to cross the Rs 1-trillion assets-mark, had a claims settlement ratio of 97.8 per cent, took around 1.59 days to settle genuine claims and 99 per cent of claims were settled electronically. As of March 2020, the company had an AUM of Rs 1,52,968 crore and a total sum assured of around Rs 14.80 lakh crore. ICICI Prudential counter was trading down 0.23 per cent at Rs 395.40 on BSE against the index Sesnex gaining over 1.9 per cent at 1440 hrs. BEN MR

ICICI Prudential declares 15 pc more bonus at Rs 788 cr

The <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> party has levied fresh allegations against <keyword id="20914154" type="General" weightage="100" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, calling her a perfect case of the office for profit. This refers to a position that brings some financial gain, or advantage to the office holder, which in this case was Buch's position as a whole-time member of <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, and then post 2022, as the regulatory body's chairperson. In a press conference in New Delhi on Monday, Pawan Khera, Chairman, Media and Publicity Department, Congress, charged Buch of receiving regular income from private lender <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> and <keyword id="47860" type="General" weightage="20" keywordseo="ICICI-Prudential" source="Orion">ICICI Prudential</keyword>, India's second largest asset management company, all while being the whole-time member and later Chairperson of the capital markets regulatory body. "She (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2024 was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank," alleged Pawan Khera, at the press briefing. The congress spokesperson also alleged that Buch received a total of Rs 16.80 crore between 2017-18 to 2023-24, from ICICI Bank, ICICI Prudential, <keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>, and <keyword id="19948097" type="General" weightage="20" keywordseo="TDS" source="keywords">TDS</keyword> on ESOPs. According to the Congress' allegations, in 2017-18 the SEBI chief allegedly received Rs 2.06 crore from ICICI Bank as salary and Rs 7 lakh from ICICI Prudential. In 2018-19, she received Rs 4.71 crore from ICICI Bank, Rs 2.17 lakh from ICICI Prudential. In 2019-20, Rs 1.21 crore from ICICI Bank and Rs 2.17 lakh from ICICI Prudential. In 2020-21, she was alleged of having received Rs 4.64 crore from ICICI Bank and Rs 2.17 lakh ICICI Prudential. In 2021-22, Congress asserted that the salary stopped from ICICI Bank but she continued to receive Rs 2.17 lakh from ICICI Prudential, also same year she received ESOP and TDS on ESOP from ICICI Bank. In 2022-23, she was alleged to have received Rs 4.44 lakh from ICICI Prudential, in addition to ESOP and TDS on ESOP, In 2023-24, she was alleged to have received Rs 2.17 from ICICI Prudential. The Congress further alleges that during this period, Buch also drew a salary from SEBI as a whole-time member and later as the Chairperson. Khera further added that several probes on ICICI Bank were being adjudicated during this period when Madhabi Puri Buch was receiving income from the group. He also cited unnamed reports to claim that the SEBI chief has relaxed norms for the ICICI Bank. "The person sitting at the top of the regulator is taking salaries from another entity," Khera alleged, adding it was a perfect case of "office for profit". "So we want to know why you were taking your salary from ICICI despite being a full-time member of SEBI?," Khera asked what service she as the SEBI Chairperson provided the bank when she was part of SEBI. "This is a direct violation of Section 54 of SEBI. Therefore, if Madhabi Puri Buch has any shame, she should resign from her post," Khera added. The SEBI Chief is yet to react to the charges made by the Congress in Monday's news conference. Madhabi Puri Buch was a whole-time member of SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the Chairperson of SEBI. Recently, US-based short seller Hindenburg Research made allegations against her accusing her of conflict of interest. Last month, Hindenburg Research alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in "both the obscure offshore entities used in the Admoney siphoning scandal." Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. Soon after, the SEBI Chairperson and her husband, in their personal capacity, issued a detailed statement rejecting the allegations. In the joint statement released to the media they said, "In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course." "It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same," the statement from Madhabi Buch and her husband Dhaval Buch read.

Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit

New Delhi, Mar 22 () ICICI Prudential Life Insurance on Sunday urged its customers to avail its digital services and avoid visiting its offices as part of precautionary steps to contain the spread of coronavirus. In line with directives from authorities and efforts to contain the spread of COVID-19, the company's offices are operational but with limited staff, the company said in a statement. The company said its customers can place service requests through WhatsApp (+91 99206 67766), website, Chatbot LiGo, mobile app, email and call centres. On claims settlement, it said the process remains unaffected. Claimants can access digital channels to lodge death and/or health claims. The status on the claims too can be accessed digitally. "Death claims that qualify to be settled under the Claim For Sure initiative will be settled in one day after receipt of all mandatory documents. For claimants the Call Centre (1860-266-7766) is accessible 24x7," it said. ABIABI MRMR

Coronavirus: ICICI Prudential Life Insurance urges customers to use online facilities

<keyword id="128187" type="PERSON" weightage="20" keywordseo="Sandeep-Bakhshi">Sandeep Bakhshi</keyword>, ICICI Bank's MD &amp; CEO, is a staunch believer in creating value for all stakeholders. Under his leadership, the bank has been following the guiding philosophy of 'Fair to Customer, Fair to Bank', emphasizing the need to deliver on the promise of a fair value proposition for customers while effectively increasing shareholder value. Under his leadership, ICICI Bank is poised to emerge even stronger as a trusted financial service provider to its customers. Below are some interesting details about Bakhshi and his journey to becoming Managing Director &amp; CEO of ICICI Bank, one of the country's leading banks. Sandeep Bakhshi’s early career with ICICI Group Sandeep Bakhshi has been working with the ICICI Group for over the past three decades. He joined the erstwhile Industrial Credit and Investment Corporation of India (ICICI) Ltd in 1986. His rise in ICICI and later other companies in the group, including ICICI Bank, has been steady. He was hand-picked by his mentors — KV Kamath and N Vaghul -- to head different businesses within ICICI. His work responsibilities included business development, project appraisals, project monitoring, and business restructuring in the initial years. He was handed the charge of risk management for the Northern Zonal office. He subsequently looked after the corporate clients for the Northern and Eastern regions of ICICI. Journey with insurance subsidiaries Sandeep Bakhshi came to be known as the man most trusted to handle massive changes and tumultuous phases. He built the general insurance business from scratch, which he joined in 2002. He was chiefly responsible for grooming the company at a time when the insurance industry was at a nascent stage. Today, ICICI Lombard General Insurance Company is one of the country's largest private sector general insurance companies. Bakhshi was brought into the Bank in 2009 as Deputy Managing Director to fight rising delinquencies. After he deftly handled it, he was put in charge of ICICI Prudential Life Insurance Company in 2010. During his tenure at ICICI Prudential Life Insurance Company, Sandeep Bakhshi took charge of digital adoption, which resulted in disruptive changes across the industry. He is credited for taking the first insurance company in the country public. During Bakhshi's tenure, the Assets under Management (AUM) of ICICI Prudential Life Insurance Company rose to ₹1.4 lakh crore in 2018 from ₹57,319 crore in 2010. <div type="image" title="image1" msid="78597882" hostid="261" caption="&amp;lt;p&amp;gt;Sandeep Bakhshi ICICI Bank, MD &amp;amp;amp; CEO&amp;lt;/p&amp;gt;"></div> His management style and philosophy Throughout his career at ICICI Group, Sandeep Bakhshi, the current <keyword id="25344" type="ORGANIZATION" weightage="20" keywordseo="icici-bank-ceo">ICICI Bank CEO</keyword>, has maintained a customer-first approach, believing that the most vital part of any business is delivering the best products to the customer. He ardently follows the approach – “Fair to Customer, Fair to Bank” — which balances the importance of giving a fair proposition to customers while ensuring that the bank delivers value to its shareholders and stakeholders. He encourages independent thinking across teams, giving them the space to grow. Reforms at ICICI Bank under Sandeep Bakhshi’s leadership Good leaders can infuse organisations with fresh energy. Under Bakhshi’s leadership, the bank has gone through transformative cultural and structural reforms. He introduced the philosophy of “One Bank, One Team, One Goal” that has brought teams closer by breaking down symbols of hierarchy. These changes have been swift, decisive, and effective. Hobbies and interests Sandeep Bakhshi is a fan of vintage Bollywood, particularly old Hindi songs, and is a fan of SD Burman, OP Nayyar, and Madan Mohan. He also enjoys wildlife parks and visits around five to six sanctuaries a year. Leadership with passion His three decades at ICICI Group have only made him more passionate about his work. In an interview, Sandeep Bakhshi had said, “Every day I believe that I am in ICICI because I need ICICI. ICICI can get a 100 Sandeep Bakhshis, but for me, there is no better opportunity than ICICI. He knows the organisation inside-out and has the insights needed to guide it smoothly. Education Sandeep Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh, and has a postgraduate degree in management from XLRI, Jamshedpur. He grew up in a defense services family.

What you didn’t know about Sandeep Bakhshi, ICICI Bank Chief

New Delhi, Jan 21 () Shares of ICICI Prudential Life Insurance Company on Tuesday ended marginally up after the firm reported a slight increase in net income.
 The stock opened at Rs 488 and gained 0.12 per cent to close at Rs 489 on the BSE.
 On the NSE, the scrip rose 0.44 per cent to settle at Rs 490.45.
 In terms of volume, 1.84 lakh shares were traded on the BSE and more than 55 lakh units exchanged hands on the NSE.
 Moreover, spurt in volume was more than 5.26 times on the BSE.
 Private sector life insurer ICICI Prudential Life on Tuesday reported a marginal increase in net income to Rs 302 crore, despite a 33 per cent rise in growth in new business income and a spike in margins for the December 2019 quarter.
 The company's net income remained flat at Rs 302 crore against Rs 297 crore in the December 2018 quarter, while a spike in protection portfolio helped it improve margin to 21 per cent in the reporting quarter from 17 per cent a year ago. RUJ SHW
SHW

ICICI Pru Life shares marginally up on Q3 earnings

<ul><li>The net premium earned by the private sector insurer during July-September 2022-23 was up at ₹ 95.82 crore. </li><li>However, total income decreased by 2.4 per cent to ₹ 226.42 crore. </li><li>The investment income in Q2FY23 was down by 6.1 per cent to ₹130.22 crore. </li></ul> ICICI <keyword id="192447" type="General" weightage="80" keywordseo="prudential-life-insurance" source="Orion">Prudential Life Insurance</keyword> Company (<keyword id="166354" type="General" weightage="100" keywordseo="icici-pru" source="Orion">ICICI Pru</keyword>) on Saturday reported over 55 per cent dip in its net profit to ₹ 199 crore in the quarter ended in September 2022 due to lower income. The company's net profit in the quarter ended in September 2021 was at ₹ 445 crore. The net premium earned by the private sector insurer during July-September 2022-23 was up at ₹ 95.82 crore as against ₹ 92.86 crore in the same period of 2021-22, ICICI Pru said in a regulatory filing. However, total income decreased by 2.4 per cent to ₹ 226.42 crore from ₹ 231.88 crore in the year-ago period, mainly because of fall in investment income. The investment income in Q2FY23 was down by 6.1 per cent to ₹130.22 crore from ₹ 138.74 crore in Q2FY22. The decrease in investment income is primarily on account of the decrease in market value of the securities held, the company said. The value of new business (<keyword id="3781272" type="General" weightage="80" keywordseo="vnb" source="Orion">VNB</keyword>), a key measure of profitability, posted strong growth of 25.1 per cent at ₹ 1,092 crore in the first half of FY2023, the insurer said. The company said its persistency ratios improved across all cohorts with the 13th month ratio, which is representative of the quality of business, standing at 85.9 per cent for H1-FY23, an improvement of 80 bps from year ago period. "On the back of this strong VNB growth and with a favourable premium base for the coming months, we believe we are on track to achieve our objective of doubling our FY2019 VNB by the end of this fiscal year," N S Kannan, MD &amp; CEO, ICICI Prudential Life Insurance said. He said the two focus areas of annuity and protection, which represent underserved needs of the country, have also done well in the period. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/imf-chief-warns-of-risk-of-geopolitical-fragmentation/articleshow/94883161.cms">IMF chief warns of risk of geopolitical fragmentation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-hcl-tech-and-wipro-ring-the-bell-its-time-to-return-to-office/articleshow/94860273.cms">TCS, HCL Tech and Wipro ring the bell – It’s time to return to office</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vistara-ramps-up-ops-announces-connectivity-between-pune-and-singapore/articleshow/94858463.cms">Vistara ramps up ops, announces connectivity between Pune and Singapore</a>

ICICI Pru Life Q2 net declines 55% to ₹199 cr

New Delhi, Jun 11 () ICICI Prudential Life Insurance Company on Thursday said it has reappointed M S Ramachandran as an independent director. The current term of appointment of Ramachandran as an independent director of the company will expire on June 28, 2021, it said in a regulatory filing. "In view of this, the board of directors of the company at its meeting held on June 11, 2020, has approved the reappointment of Ramachandran as an independent director of the company for another term of five consecutive years, with effect from June 29, 2021 till June 28, 2026," it said. The reappointment, it said, is subject to approval of the members of the company. Further, the board also approved continuation of Ramachandran as the chairman of the company during his term as an independent director, it said. Shares of ICICI Pru Life on Thursday closed 0.52 per cent lower at Rs 394.90 apiece on the BSE. KPM RVK

ICICI Pru Life reappoints M S Ramachandran as independent director

New Delhi, May 1 () Private sector IDFC First Bank will raise Rs 2,000 crore equity capital by issuing shares to its promoter, and four non-promoter entities, including Warburg Pincus and three insurers, the private lender said. Warburg Pincus affiliate Dayside Investment Ltd and insurance firms ICICI Prudential Life Insurance Company, HDFC Life Insurance, and Bajaj Allianz Life Insurance will infuse capital in the lender.The lender in a regulatory filing said that the board of directors in a meeting held on May 1, 2020 approved to issue 86,24,40,704 equity shares on preferential basis for a total amounting to Rs 2,000 crore which to the five entities including its promoter IDFC Financial Holding Company Limited.The promoter will acquire 34,49,76,282 shares and ICICI Prudential Life 25,87,32,212 shares. The rest of three investors will buy 8,62,44,070 shares each.IDFC First Bank said that Dayside Investments Ltd along with Cloverdell Investment Ltd, both Warburg Pincus LLC Group entities, together holds 47,72,64,867 equity shares constituting 9.92 per cent of the pre-issue shareholding and 56,35,08,937 equity shares constituting 9.93 per cent of the post issue shareholding of the bank. The total number of paid up equity shares of the bank will be 567,23,43,720 post the issue, it said. "The networth of the bank post the issue and as added to the networth as of 31st December 2019 will be Rs 17,240 crore," IDFC First Bank said.The lender said that the said preferential allotment shall be subject to approval of the members of the bank proposed to be sought through Postal Ballot by way of 'Remote E-Voting' in terms of the applicable Circulars recently issued by MCA (April 2020) in view of the current extra-ordinary circumstances due to COVID-19 pandemic requiring social distancing and also in accordance with relevant SEBI norms. KPM MRMR

IDFC First Bank to raise Rs 2,000cr capital from promoter, Warburg Pincus, 3 others

Private sector bank, <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword> Limited, has re-appointed <keyword id="6356453" type="PERSON" weightage="20" keywordseo="Shikha-Sharma">Shikha Sharma</keyword> as the bank’s managing director and CEO for a period of three years up to May 2018. Sharma will resume her chair on June 1, 2015. 
 
“The Board of Directors of the Bank at its meeting held on January 16, 2015 has reappointed Shikha Sharma as managing director and CEO of the Bank for a further period of three years from June 1, 2015 to May 31, 2018. The re-appointment is subject to approval of the Reserve Bank of India and the shareholders of the Bank,” said the company in a letter to the National Stock Exchange (NSE). 
 Sharma, is an award-winning banker and has been the managing director and CEO of the bank since 2009. Previously, she worked with <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> and has expertise in areas such as project finance, retail banking and investment banking. She has also served as the managing director and CEO of the insurance arm of ICICI, ICICI Prudential Life Insurance. 
 
Image Credit: Official website of Axis Bank

Axis Bank Reappoints Shikha Sharma As MD and
CEO

Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

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ICICI Pru Life shares marginally up on Q3 earnings

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ICICI Pru Life Q2 net declines 55% to ₹199 cr

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ICICI Pru Life reappoints M S Ramachandran as independent director

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IDFC First Bank to raise Rs 2,000cr capital from promoter, Warburg Pincus, 3 others

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Axis Bank Reappoints Shikha Sharma As MD and CEO

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Exposure to India's infra sector helps LIC, SBI outshine peers

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