ICICI Prudential Life, HDFC Life, Tata AIA, and Kotak Life adjust portfolios
In a notable shift of investment strategy in October, four major Indian life insurance companies – ICICI Prudential Life, HDFC Life, Tata AIA Life Insurance, and Kotak Life Insurance – made significant adjustments to their portfolios. The firms increased their stakes in a range of companies including HDFC Bank (NS:HDBK), DMart, Navin Fluorine, Kansai Nerolac Paints (NS:KANE), IndusInd Bank (NS:INBK), Astra Microwave, Page Industries (NS:PAGE), and Cholamandalam (NS:CHLA) Finance.
The insurers bought 9,21,97,000 shares in HDFC Bank and 34,12,000 shares in DMart. Additionally, they invested Rs 208 crore ($28 million) in Navin Fluorine and Rs 160 crore ($21.5 million) in Kansai Nerolac Paints. Investments of Rs 151 crore ($20.3 million) were also made in IndusInd Bank.
Other companies that saw an increase in investments from these insurers include Tata Motors (NS:TAMO) (NYSE:TTM), Dabur India (NS:DABU), and Dixon Tech. The insurers also invested in Larsen & Toubro (NS:LART) and CDSL (NS:CENA).
However, the portfolio adjustments weren’t limited to purchases. The insurance companies also reduced their stakes in several firms. They sold off Rs 353 crore ($47.6 million) worth of ITC Ltd (NS:ITC) shares and Rs 196 crore ($26.4 million) worth of KEI Industries shares. Other companies that saw a reduction in stakes include Britannia Industries (NS:BRIT) Ltd, Hindustan Unilever (LON:ULVR) Ltd, Kotak Mahindra Bank (NS:KTKM), Mahindra & Mahindra, and Persistent Systems (NS:PERS).
ICICI Prudential Life Insurance Company Limited is a leading private sector life insurance company in India. It is a joint venture between ICICI Bank Limited and Prudential plc.
Here’s a quick summary of ICICI Prudential Life:
- Established in 2001
- One of the top players in the Indian life insurance sector
- Offers a wide range of life insurance and investment products, including term plans, ULIPs, endowment plans, and retirement plans
- Known for its strong financial performance and customer service
- Has a claim settlement ratio of 97.82% (as of financial year 2021-22)
You can find more information about ICICI Prudential Life on their website: ICICI