ICICI Prudential Life Standalone Q2FY19 Profit Decline By 28.5%

October 24, 2018

ICICI Prudential Life Insurance reported its standalone net profit for the July-September quarter of the current fiscal year with a decline of 28.5 per cent at Rs. 301 crores, due to new business strain. The net profit of the company for the corresponding quarter of the fiscal year 2017-18 was reported at Rs. 421 crores.

According to the company’s regulatory filings, The total income during the July-September quarter of the financial year 2018-19 fell to Rs. 8,990 crores from Rs. 9,540 crores. Profit after tax or the net profit decreased primarily on account of higher new business stress, the statement said.

The statement explained, the new business strain arises when the premium paid at the commencement of a contract is not sufficient to cover the initial expenses, including acquisition costs and any mathematical reserve that the company needs to set up at that point.

The premium income increased to Rs. 7,682 crores during the quarter under review as against Rs. 6,599 crores in the year-ago period. The net premium also surged to Rs. 7,601 crores as compared to Rs 6,540 crore a year ago.

“Despite volatile markets, the opportunities in both savings and protection continue to be robust for life insurers. We continue to remain firmly rooted on our journey of growing the Absolute Value of New Business (VNB) through our strategy of 4Ps: premium growth, protection, persistence and productivity,” N S Kannan, MD & CEO, ICICI Prudential Life Insurance stated.

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ECONOMY

UP CM Yogi Adityanath: Unemployment Down, Per Capita GDP Up Since 2017

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On Monday, CM Yogi Adityanath highlighted Uttar Pradesh’s economic progress and welfare initiatives while marking eight years of the state’s NDA government.

He stated that the unemployment rate has dropped below 3% from 19% in 2016, while per capita income has risen from Rs 46,000 in 2017 to Rs 1,24,000. UP has also transitioned from a deficit economy to a revenue-surplus state without imposing additional taxes, with banking transactions reaching Rs 29.66 lakh crore.

Infrastructure has grown significantly, with UP leading in expressways and metro operations and hosting India’s first rapid rail service. The government is developing state development regions around cities like Lucknow, Varanasi, and Kanpur to boost urban expansion. At the same time, welfare programs provide free rations to 15 crore people and housing for 56 lakh families.

In the energy sector, electrification has nearly doubled, with 1.21 lakh more villages connected since 2017 and solar power production rising from 228 MW to 2,653 MW.

Healthcare and education have expanded significantly, with medical colleges increasing from 12 to 80, alongside nursing and paramedical institutions improvements. The CM reaffirmed his commitment to making UP a $1 trillion economy.

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India sees minimal impact from US trade policies, but risks persist: UBI Report

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India’s economy may avoid major fallout from US trade tensions due to its trade balance. Still, the final impact depends on upcoming trade negotiations, according to a Union Bank of India report.

While the economy remains resilient, currency fluctuations and liquidity conditions are being affected, prompting the RBI and government to take steps to maintain stability.

Key exports like automobiles, gems, steel, and pharmaceuticals remain vulnerable to tariff changes and restrictions.

In response to US protectionist policies, India may impose countermeasures, impacting sectors such as steel, solar energy, and food products.

Lower oil prices could support energy-dependent industries, but metal producers face challenges from global price fluctuations and trade uncertainties.

US economic uncertainty, driven by shifting trade policies, has led to weaker growth forecasts and rising inflation.

Market instability continues to affect global trade, with concerns over US recession risks and unpredictable policy decisions.

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ECONOMY

Taiwan Offers to Help India Cut Trade Deficit with China

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Taiwanese Deputy NSA Hsu Szu-Chien emphasised that Taiwan can help India reduce its reliance on Chinese electronic imports, with a free trade pact being key to stronger economic ties.

Speaking at the Raisina Dialogue in Delhi, Hsu highlighted how Taiwan’s technology and India’s young workforce could drive high-end tech production, cutting Chinese imports.

He stressed that India could lower its trade deficit by co-producing electronic components with Taiwan rather than relying on imports.

As a major semiconductor producer, Taiwan manufactures nearly 70% of the world’s chips, essential for AI, smartphones, and defence equipment.

Hsu stated that Taiwan strongly intends to negotiate a trade deal with India, as high tariffs currently hinder investment by small and mid-sized Taiwanese firms.

Despite no formal diplomatic ties, India-Taiwan trade relations are growing, with Taiwanese investment in India exceeding USD 4 billion under the ‘Make in India’ policy.

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ECONOMY

India, Malaysia Explore Stronger Ties in Semiconductors & Manufacturing

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Union Minister of State for Commerce & Industry and Electronics & Information Technology (IT) Jitin Prasada met Malaysian Deputy Minister of Investment, Trade, and Industry Liew Chin Tong in New Delhi to discuss trade, semiconductor collaboration, and manufacturing certification.

Officials from India’s Ministries of External Affairs, Commerce & Industry, Electronics & IT, and the Bureau of Indian Standards (BIS), along with Malaysia’s Ministry of Investment, Trade, and Industry, attended the meeting.

Malaysia is India’s third-largest trading partner in the Association of Southeast Asian Nations (ASEAN), with bilateral trade reaching $20.02 billion in FY 2023-24, accounting for 17% of India’s trade with the bloc.

Both sides agreed to fast-track the ASEAN-India Trade in Goods Agreement (AITIGA) review for completion by 2025, as Malaysia will chair ASEAN that year.

India seeks a country-wise review of AITIGA to address its rising trade deficit with ASEAN, where imports have surged 186% since FY 2010-11, far exceeding export growth.

Indian industries, particularly in steel and electronics, have raised concerns over cheap ASEAN imports, pushing India to seek greater flexibility in trade negotiations.

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ECONOMY

February Trade Data Shows Sharp Drop in Imports, Indicating Slow Growth

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India’s trade deficit for February narrowed to a three-and-a-half-year low of $14.05 billion, with an overall surplus of $5 billion when including services. However, the sharp drop in goods imports raises concerns about a potential slowdown.

Both exports and imports fell, with exports declining 11% to $36.91 billion and imports dropping 16% to $50.96 billion.

The steep fall in imports was driven by lower purchases of petroleum (down 30%), iron & steel (down 23%), transport equipment (down 17%), and gold (down 62%).

Officials attributed the decline to lower commodity prices, but the sharp drop suggests a slowdown, reinforced by weak manufacturing and auto sales.

However, services exports grew 24%, strengthening the rupee, which closed at 86.80/$ on Monday.

Economists now expect a current account surplus of $20 billion for January-March, lowering the full-year deficit forecast to 0.7% of GDP, though US tariffs in April could pose risks.

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