|
Report Date : |
15.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
ICICI Prulife Tower 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai –
400025, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.07.2000 |
|
|
|
|
Com. Reg. No.: |
11-127837 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 14289.392 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2000PLC127837 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI03877G MUMI07366C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI7351P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Life Insurance and Pension Services |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 200000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a joint venture between “ICICI Bank and Prudential of UK”. It is a well established and reputed company having good track
record. The company has recorded decent net profitability with the help of
which the management is gradually wiping of its accumulated losses during
2013. However the general financial position seems to be strong. Credit
worthiness of the company is good. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of strong holdings and experienced directors the company can
be considered good for business dealings of usual trade terms and conditions.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million worth
of mobile-phone-based transactions by July 2013 compared to Rs.260 million in
September, 2012, according to Deloitte report. The number of transactions has
shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Claims paying ability =IAAA |
|
Rating Explanation |
Highest claim paying ability. Indicates
fundamentally strong position. Prospect of meeting policy holder obligations
is the best |
|
Date |
March, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management non-cooperative
Tel. No.: 91-22-40391600
LOCATIONS
|
Registered Office : |
ICICI Prulife Tower 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai –
400025, Maharashtra, India |
|
Tel. No.: |
91-22-66621600 |
|
Fax No.: |
91-22-24376956 |
|
E-Mail : |
sanaulla.khan@iciciprulife.com
deepak.kinger@iciciprulife.com
|
|
Website : |
DIRECTORS
As on: 20.06.2013
|
Name : |
Ms. Chanda D. Kochhar |
|
Designation : |
Chairperson |
|
Address : |
CCI Chambers, Flat No.45, 5th Floor, |
|
Date of Birth/Age : |
17.11.1961 |
|
Date of Appointment : |
28.05.2002 |
|
DIN No.: |
00043617 |
|
|
|
|
Name : |
Mr. Ramkumar Krishnaswamy |
|
Designation : |
Director |
|
Address : |
101, |
|
Date of Birth/Age : |
08.08.1961 |
|
Date of Appointment : |
13.10.2008 |
|
DIN No.: |
00244711 |
|
|
|
|
Name : |
Mr. Kannan
Shrinivasa Narayanan |
|
Designation : |
Director |
|
Address : |
Flat No.204, Tower B, Kalpataru Horrizon, S K Ahire Marg, Worli,
Mumbai – 400018, |
|
Date of Birth/Age : |
30.06.1965 |
|
Date of Appointment : |
01.05.2009 |
|
DIN No.: |
00066009 |
|
|
|
|
Name : |
Mr. Rajiv Sabharwal |
|
Designation : |
Director |
|
Address : |
Y, 1301, Chalalilly, Nahar Amrit Shakti, Chandivali, Andheri (East), Mumbai-400072,
Maharashtra, India |
|
Date of Birth/Age : |
28.09.1965 |
|
Date of Appointment : |
19.10.2010 |
|
DIN No.: |
00057333 |
|
|
|
|
Name : |
Mr. Barry Stowe |
|
Designation : |
Director |
|
Address : |
11/F, |
|
Date of Birth/Age : |
27.11.1957 |
|
Date of Appointment : |
06.11.2006 |
|
DIN No.: |
00953024 |
|
|
|
|
Name : |
Mr. Adrian O’Connor |
|
Designation : |
Director |
|
Address : |
House 30, Le Palais 8, Pak Pat Shan Road, Hong Kong |
|
Date of Birth/Age : |
29.12.1958 |
|
Date of Appointment : |
23.07.2008 |
|
DIN NO.: |
02417554 |
|
|
|
|
Name : |
Mr. Keki Dadiseth |
|
Designation : |
Director |
|
Address : |
8 A, Mane K Building L D Ruparel Marg, Malabar, Mumbai – 400006, |
|
Date of Birth/Age : |
20.12.1945 |
|
Date of Appointment : |
26.04.2006 |
|
DIN No.: |
00052165 |
|
|
|
|
Name : |
Marti G. Subrahmanyam |
|
Designation : |
Director |
|
Address : |
70, |
|
Date of Birth/Age : |
23.08.1946 |
|
Date of Appointment : |
26.07.2007 |
|
DIN NO.: |
00306761 |
|
|
|
|
Name : |
Ms. Rama Bijapurkar |
|
Designation : |
Director |
|
Address : |
8, C-D Mona |
|
Date of Birth/Age : |
12.02.1957 |
|
Date of Appointment : |
17.01.2008 |
|
DIN NO.: |
00001835 |
|
|
|
|
Name : |
Mr. Vinod Kumar Dhall |
|
Designation : |
Director |
|
Address : |
Dewan Manohar House, B-88, Sector 51, Noida – 201301, Uttar Pradesh |
|
Date of Birth/Age : |
20.02.1944 |
|
Date of Appointment : |
05.03.2009 |
|
DIN NO.: |
02591373 |
|
|
|
|
Name : |
Mr. Sridar Venkatesan |
|
Designation : |
Director |
|
Address : |
303/A, HPCL Employees Co-operative Housing Society, No. NDR – 11,
Tilak Nagar, Chembur, Mumbai – 400089, Maharashtra, India |
|
Date of Birth/Age : |
28.07.1947 |
|
Date of Appointment : |
18.04.2013 |
|
DIN NO.: |
|
|
|
|
|
Name : |
Mr. Sandeep Bakhshi |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Address : |
8B, Tanna Residency, Opp. |
|
Date of Birth/Age : |
28.05.1960 |
|
Date of Appointment : |
01.08.2010 |
|
DIN NO.: |
00109206 |
|
|
|
|
Name : |
Mr. Puneet Nanda |
|
Designation : |
Whole time director |
|
Address : |
Flat No.11, |
|
Date of Birth/Age : |
05.02.1969 |
|
Date of Appointment : |
01.08.2010 |
|
DIN NO.: |
02578795 |
KEY EXECUTIVES
|
Name : |
Mr. Sanaulla Khan Mohammed |
|
Designation : |
Secretary |
|
Address : |
201, Rehna Heights, Chapel Lane, Santacruz (West), Mumbai – 400054,
Maharashtra, India |
|
Date of Birth/Age : |
13.07.1970 |
|
Date of Appointment : |
15.12.2008 |
|
Pan No.: |
ACIPM1846L |
|
|
|
|
Name : |
Mr. Satyan Jambunathan |
|
Designation : |
Executive Vice President (Appointed Actuary) |
|
|
|
|
Name : |
Mr. Manish Kumar |
|
Designation : |
Executive Vice President (Chief Investment Officer) |
|
|
|
|
Name : |
Mr. Navin Sharma |
|
Designation : |
Vice President – Internal Audit (Chief Internal Audit) |
|
|
|
|
Name : |
Mr. Binay Agarwal |
|
Designation : |
Executive Vice President (Chief Financial Officer) |
|
|
|
|
Name : |
Mr. Deepak Kinger |
|
Designation : |
Executive Vice President (Chief Compliance Officer) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 20.06.2013
SHAREHOLDERS DETAILS FILE ATTACHED
As on: 27.09.2013
|
Names of Allottees |
No. of Allottees |
|
Rishi Shrivastava |
76250 |
|
Visha Bhave |
10750 |
|
|
|
|
TOTAL |
87000 |
Equity Share Break up (Percentage of Total Equity)
As on: 20.06.2013
|
Category |
|
Percentage |
|
|
|
|
|
Nationalised or other banks |
|
73.85 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
25.95 |
|
Other |
|
0.20 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Life Insurance and Pension Services |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
ICICI Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1: |
|
|
Name : |
S. R. Billimoria and Company Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 32nd Floor, Senapati Bapat Marg,
Elphistone (west), Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AAAFS7376P |
|
|
|
|
Auditors 2: |
|
|
Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
12th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (west), Mumbai –
400028, Maharashtra, India |
|
Tel. No.: |
91-22-61920000 |
|
Fax. |
91-22-61921000 |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Holding Company:
|
ICICI Bank Limited [CIN: L65190GJ1994PLC021012] |
|
|
|
|
Substantial
Interest: |
Prudential Corporation Holdings Limited |
|
|
|
|
Subsidiaries: |
ICICI Prudential Pension Funds Management Company Limited [CIN:
U66000MH2009PLC191935] |
|
|
|
|
Fellow
Subsidiaries: |
· ICICI Securities Limited · ICICI Securities Inc. · ICICI Securities Holding Inc. · ICICI Venture Funds Management Company Limited · ICICI Home Finance Company Limited · ICICI Trusteeship Services Limited · ICICI Securities Primary Dealership Limited · ICICI Investment Management Company Limited · ICICI International Limited · ICICI Bank UK PLC. · ICICI Bank Canada · ICICI Bank Eurasia Limited Liability Company · ICICI Lombard General Insurance Company Limited · ICICI Prudential Asset Management Company Limited · ICICI Prudential Trust Limited · TCW / ICICI Investment Partners Limited Liability Company |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs. 15000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1428939249 |
Equity Shares |
Rs.10/- each |
Rs. 14289.392
Millions |
|
|
|
|
|
As on: 20.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs. 15000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1429121687 |
Equity Shares |
Rs.10/- each |
Rs.
14291.217 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
SOURCES
OF FUNDS |
|
|
|
|
SHAREHOLDERS FUND: |
|
|
|
|
Share Capital |
14289.392 |
14288.491 |
14284.611 |
|
Share Application Money |
0.000 |
0.000 |
0.503 |
|
Employees stock option outstanding |
0.000 |
0.000 |
0.000 |
|
Reserves & Surplus |
36525.216 |
35023.689 |
33606.925 |
|
Fair value change Account – Net |
477.588 |
207.604 |
65.619 |
|
Sub – Total |
51292.196 |
49519.784 |
47957.658 |
|
|
|
|
|
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
POLICYHOLDERS
FUND |
|
|
|
|
Fair value change Account – Net |
2478.035 |
2203.143 |
2315.441 |
|
Revaluation Reserve – Investment Property |
704.479 |
704.479 |
668.879 |
|
Policy Liabilities |
110276.000 |
83379.998 |
58875.524 |
|
Provision for linked liability |
569584.031 |
574185.927 |
582329.617 |
|
Funds for discontinued polices |
4301.825 |
665.190 |
0.138 |
|
Sub – Total |
687344.370 |
661138.737 |
644189.599 |
|
Funds for future
appropriations |
|
|
|
|
Linked |
1322.418 |
3322.628 |
5935.592 |
|
Non Linked |
3760.126 |
4269.540 |
3786.434 |
|
|
|
|
|
|
TOTAL |
743719.110 |
718250.690 |
701869.283 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
Investment |
|
|
|
|
-Shareholders |
49199.607 |
34770.112 |
19764.653 |
|
-Policy Holders |
112869.878 |
91107.635 |
72171.914 |
|
Asset held to cover linked liabilities |
575208.274 |
578173.746 |
588265.347 |
|
Loans |
87.469 |
95.740 |
86.945 |
|
Fixed Assets |
1722.384
|
1802.306
|
1982.628
|
|
Deferred Tax Assets |
78.197
|
1053.361
|
1784.417
|
|
|
739165.809 |
|
|
|
Current Assets |
|
|
|
|
Cash and Bank Balance |
3247.600 |
2840.640 |
3303.199 |
|
Advances and Other assets |
9830.182 |
6700.182 |
3347.252 |
|
Sub – Total (A) |
13077.782 |
9540.822 |
6650.451 |
|
|
|
|
|
|
Sundry Creditors |
191.123 |
278.550 |
275.276 |
|
Other Current Liabilities |
18223.676 |
16185.465 |
15621.426 |
|
Provisions |
1753.150 |
1296.012 |
49.060 |
|
Sub – Total
(B) |
20167.949 |
17760.027 |
15945.762 |
|
Net Current Assets
(C) = (A-B) |
(7090.167) |
(8219.205) |
(9295.311) |
|
|
|
|
|
|
Miscellaneous expenditure |
0.000 |
0.000 |
0.000 |
|
Debit Balance in Profit and Loss Account |
11643.468 |
19466.995 |
27108.690 |
|
|
|
|
|
|
TOTAL |
743719.110 |
718250.690 |
701869.283 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Amount transfer from Policyholders account (Technical account) |
11593.930 |
11951.497 |
7319.160 |
|
|
|
|
|
|
Income from investments |
|
|
|
|
(a) Interest, Dividend and Rent - Gross |
3003.955 |
1628.246 |
928.768 |
|
(b) Profit on sale/redemption of investments |
1061.218 |
558.014 |
135.283 |
|
(c) Loss on sale/redemption of investments |
(162.617) |
(426.516) |
(5.422) |
|
(d) Accretion of discount/ amortization of
premium) (net) |
253.310 |
437.539 |
0.000 |
|
Other Income |
4.764 |
5.617 |
0.000 |
|
Total |
15754.560 |
14154.397 |
8377.789 |
|
|
|
|
|
|
Expenses other than those directly related
to the insurance business |
58.462 |
17.171 |
52.752 |
|
Bad Debts Written Off |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Provisions (other than taxation) |
|
|
|
|
(a) For diminution in value of investments
(net) |
0.000 |
0.000 |
0.000 |
|
(b) Provision for doubtful debts |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Total |
58.462 |
17.171 |
52.752 |
|
|
|
|
|
|
(Less) Profit Before Tax |
15696.098 |
14137.226 |
8325.037 |
|
|
|
|
|
|
Provision for Taxation [Differed Tax] |
(736.706) |
(295.489) |
248.809 |
|
|
|
|
|
|
Profit / (Loss) after tax |
14959.392 |
13841.737 |
8076.228 |
|
|
|
|
|
|
Appropriation |
|
|
|
|
(a) Balance of the beginning for the year |
(19466.995) |
(27108.690) |
(35184.918) |
|
(b) Interim dividends paid during the year |
3429.335 |
3142.777 |
0.000 |
|
(c) Proposed final dividend |
1413.959 |
1000.885 |
0.000 |
|
(d) Dividend distribution Tax |
796.632 |
672.206 |
0.000 |
|
(c) Transfer to reserve / other income |
1495.939 |
1384.174 |
0.000 |
|
Profit / (Loss) carried to Balance Sheet |
(11643.468) |
(19466.995) |
(27108.690) |
|
|
|
|
|
|
Earning Per shares (Rs.) |
10.47 |
9.69 |
5.65 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CASE DETAILS
|
Lodging No.:- |
ITXAL/283/2013 |
Filing Date:- |
18/02/2013 |
Reg. No.:- |
ITXA/710/2013 |
Reg. Date:- |
10/04/2013 |
|
Petitioner:- |
COMMISSIONER OF INCOME TAX-6 |
Respondent:- |
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED |
|
Petn.Adv.:- |
SURESH KUMAR (0) |
Resp.Adv.:- |
M/S S.P. MEHTA (0) |
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
Last Date:- |
07/01/2014 |
Stage:- |
FOR DIRECTION |
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
|
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
CHARGES:
|
ENTITY |
PERSON |
COMPETENT
AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED |
|
IRDA |
Permitted various unlicensed individuals to solicit and procure
business |
Imposed penalty Rs.11.800 millions |
|
PERFORMANCE
INDUSTRY IN FY2013
Life insurance industry registered a decline of 1.9% in retail weighted new business premium (RWRP) during FY2013. Within this, the public sector registered a decline of 4.1% and the private sector registered a growth of 1.9%. FY2013 was the first year after regulatory changes in September 2010 that the private sector registered a growth. Some of the key trends in the industry emerging after the regulatory changes are as follows:
The product mix of the private sector insurers has shifted from primarily unit linked to a more balanced product mix.
The share of agency channel in the distribution mix for private sector insurers has declined.
The number of individual agents for the private sector industry declined from 1.06 million in December 2011 to 0.96 million in December 2012 as the agency channel continues to adapt to the new regime.
COMPANY IN FY2013
The Company registered a growth of 17.5% in FY2013 against a decline of 23.5% in FY2012. Stronger growth of the Company, compared to an industry decline of 1.9% and private sector growth of 1.9%, resulted in an increase in market share based on RWRP from 5.9% in FY2012 to 7.0% in FY2013. Among private players, the Company maintained its leadership position and increased the market share from 16.1% in FY2012 to 18.5% in FY2013.
The new business premium (including group premium) collected by the Company increased by 8.3% from Rs. 44.41 billion in FY2012 to Rs. 48.08 billion in FY2013. Renewal premium declined by 8.9% from Rs. 95.81 billion in FY2012 to Rs. 87.30 billion in FY2013, resulting in a total premium decline of 3.4 % from Rs. 140.22 billion in FY2012 to Rs. 135.38 billion in FY2013. The decline in renewal premium is because of the decline of new business volumes in the past few years reflecting in renewal premiums with a lag.
The Company registered 8.1% growth in profit after tax from Rs. 13.84 billion in FY2012 to Rs. 14.96 billion in FY2013. The solvency ratio for the Company remained healthy at 395.7% for FY2013. The assets under management (AUM) at March 31, 2013 were Rs. 741.64 billion as compared to Rs. 707.71 billion as at March 31, 2012. For its unit-linked funds, the Company delivered superior fund performance and 89% of the funds outperformed their respective internal benchmarks over the trailing five year period.
We continue to leverage technology in all sales and service processes to provide a convenient platform for the customer. The digital platform is designed to enable a structured sales process, faster and convenient on-boarding process and enhanced customer experience. For FY2013, 51.7% of new business applications and 16.7% of new business issuances (both ratios basis retail annualized premium equivalent) were through online platforms and 19.6% of retail renewal premium was collected online. For the last few years, two-thirds of servicing transactions are through self-service modes.
In addition to the focus on servicing, the Company has worked towards ensuring a transparent and trust worthy environment to the customer. Grievance ratio, which measures the number of grievances per 10,000 policies issued, has been further improved to 213 in FY2013 from 214 in FY2012 and 361 in FY2011. Claims acceptance ratio which measures proportion of claims accepted by the company to the claims submitted, was 96.3% in FY2013.
OUTLOOK FOR THE
INDUSTRY AND THE COMPANY
They believe that the life insurance industry would continue to be one of the preferred instruments for longer term savings and protection. The growth prospects of the industry remain positive on the back of the structural advantages like favourable demographics, high rate of financial savings, improving insurance product propositions and relative under penetration of insurance in India compared to global benchmarks.
Note: No Charges Exist for Company
PRESS RELEASE
ICICI PRUDENTIAL LIFE
INSURANCE LAUNCHES NEW POLICY
GANGTOK: ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life) has announced the launch of ICICI Pru Shubh Retirement, a new policy for its clients throughout the country including Sikkim to address the growing need for post-retirement income.
Stating this, Puneet Nanda, Executive Director, ICICI Prudential Life Insurance, told a gathering of ICICI clients, officials of the bank and other participants here that the Pension plan provides the comfort of Capital Guarantee and Flexibility to customers to choose their investment strategy.
He said that this unit-linked pension product was designed to protect the customer's capital while attracting superior returns offered by equity as an asset class with the funds being invested in a combination of debt and equity.
This pension product can be purchased by customers in the age bracket of 35 to 70 years. The maximum maturity age for this product is 80 years and the customers can choose a premium paying term of 5 or 10 years.
According to the ICICI officials, the scheme builds retirement corpus through equity participation, protects savings from market downturns through Assured Benefit, offers three investment options during the accumulation period and ensures assured income for whole of life and provides option to receive 1/3rd of the accumulated value on retirement as a tax-free lump sum amount.
This is the only pension product which offers consumers the flexibility to choose their investment strategy namely, Aggressive, Moderate and Conservative, with varying levels of equity participation based on their risk appetite, they said.
This would enable consumers to build a corpus during their working years and receive assured regular pension post retirement.
SANDEEP BATRA MAY GO BACK
TO ICICI PRUDENTIAL LIFE INSURANCE
Sandeep Batra, senior general manager at ICICI Bank, may be going back to ICICI Prudential Life Insurance Company. He had joined the bank in November of 2006. He has more than 20 years of experience.
Prior to that, Batra was the head of finance at the life insurance company. He is likely to join as the executive director.
Batra is a Chartered Accountant from ICAI and Company Secretary from ICSI. He has core expertise in finance.
FIXED ASSETS:
·
Software
·
Freehold Land
·
Improvements to Leasehold
Property
·
Office Building on
freehold land
·
Information technology
equipment
·
Motor vehicles
·
Communication networks
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.52 |
|
|
1 |
Rs. 101.48 |
|
Euro |
1 |
Rs. 84.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.