Indian insurance firms up on report regulator rationalising surrender value for policyholders

Max Financial Services

04/03/2024 09:10

(Updates levels, adds graf 4)
    ** Shares of insurers ICICI Prudential  ICIR.NS , HDFC Life
Insurance  HDFL.NS , Max Financial  MAXI.NS , General Insurance
Corp of India (GIC)  GENA.NS , New India Assurance  THEE.NS  up
1.6%-3.5%
    ** Insurance regulator IRDAI may consider rationalising
proposal on increasing surrender value to policyholders -
CNBC-TV18 report 
    ** Policies surrendered after five years could be considered
long-term and before five years may be considered short-term,
eligible for higher surrender value - report 
    ** CNBC-TV18 report also adds IRDAI is considering reducing
threshold limit for calculation of surrender value
    ** Earlier proposed rise in surrender value would have
significantly impacted insurers' margins - CNBC-TV18 
    ** HDFL's 3.2% rise highest among insurance stocks, followed
by GIC which is up about 3%
    ** Life Insurance Corp of India (LIC)  LIFI.NS  up 0.3%
after the report, while SBI Life Insurance  SBIL.NS  trims
losses to trade 2.2% lower 

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))