Page 18 - Insurance Times November 2022

LIC mulls creating own Bajaj Allianz Life Insurance launches multilingual
repository website in six Indian regional languages
LIC is considering starting its own
Bajaj Allianz Life Insurance, launched its official website in six regional
depository for insurance demateria-
languages. The initiative is in line with the Company's vision of simplifying
lisation, sources said. "LIC's insurance
life insurance for all and enabling insurance awareness within the country.
depository could be a separate
Customers can now read and learn about the benefits of life insurance and
subsidiary. This would reduce demat
the Company's products and services in Hindi, Marathi, Tamil, Kannada,
expense for LIC. They would also earn
Bengali, and Malayalam.
income via dematerialising insurance
Commenting on the launch, Chandramohan Mehra, Chief Marketing Officer,
policies for other insurers," sources
Bajaj Allianz Life Insurance, stated, "Nine out of ten new internet users,
said.
would be non-English users in the next couple of years. Vernacularisation is
LIC is also planning to ask IRDAI to
one of our key focus areas in the context of simplifying insurance during the
relax timeline for dematerialisation of
pre and post-purchase journey, and catering to the protection and long-term
new and old insurance policies.
investment needs of our customers in the Indian language they are most
The insurance regulator has mandated comfortable with."
dematerialisation of new insurance
policies by December 2022. The
all-time low mark on 21st October money by LIC if it do not takes proper
insurance regulator has also asked
2022. measures in time.
insurance companies to dematerialise
LIC's shares slumped 2% to a new
existing/old policies by December
record low of Rs 588 on both the NSE HDFC Life reports 19%
2023.
and BSE during intra-day trading today, jump in Q2 earnings
As far as the expense incurred on
and closed at Rs 588.95 on the NSE
dematerialization of policies for LIC is HDFC Life Insurance Company
and Rs 589.30 on the BSE.
concerned, LIC has around 75 percent reported a 19% increase in second-
market share when it comes to total Considering closing figures, LIC's share quarter profit from increased policy
insurance policies in the industry. It price has plunged more than 32% on sales, as more people sought cover in
issues nearly two crore policies each both the BSE and NSE, since the day it the aftermath of the COVID-19
year. got listed after IPO. pandemic.
Standalone profit-after-tax was 3.26
LIC's share has been battered badly
LIC share continue to since launch of its maiden IPO. This billion Indian rupees ($39.42 million)
for the quarter ended Sept.30
tumble weakens investors and policyholders
compared with 2.74 billion rupees, the
confidence. LIC must take necessary
After a disappointing debut on listing
insurer said in a regulatory filing.
measures and tighten seat belt by
day in May 2022, LIC's shares
Its net premium income rose 14.6%
continued to bleed and reach new all- improving profitability, rationalising
time lows in the past 4 months. expenses, and increasing market on-year to 131.11 billion rupees.
Recently LIC shares have again hit an share. It will be very difficult to raise "We have grown in line with the
industry and faster than listed peers
this quarter which also led to market
ICICI Prudential Life Insurance Company profit share improvement," said V ibha
Padalkar, Managing Director and Chief
declines 55 pc to Rs 199 crore in Jul-Sep
Executive Officer, adding the insurer's
ICICI Prudential Life Insurance Company reported over 55 per cent dip in its
share was now 15% on a pre-merger
net profit to Rs 199 crore in the quarter ended in September 2022 due to
basis.
lower income.
HDFC Life Insurance completed its
The company's net profit in the quarter ended in September 2021 was at
merger with Bengaluru-based battery
Rs 445 crore. The net premium earned by the private sector insurer during
maker Exide Life Insurance on October
July-September 2022-23 was up at Rs 95.82 crore as against Rs 92.86 crore
14, the first ever M&A transaction in
in the same period of 2021-22, ICICI Pru said in a regulatory filing.
the Indian life insurance sector.
16 November 2022 The Insurance Times