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Insurance

Information about Star Union Dai-ichi Life raises Rs 125 crore via maiden 10-year bond at 7.75% available for investment. Back
Star Union Dai-ichi Life raises Rs 125 crore via maiden 10-year bond at 7.75%
24-Nov-21   10:15 Hrs IST


Star Union Dai-ichi Life Insurance on Tuesday raised Rs 125 crore in its maiden bond issuance to meet its growth needs.

Star Union Dai-ichi Life Insurance, a joint venture between state-owned Bank of India and Union Bank of India, and Japan's leading insurance firm Dai-ichi Life Holdings, on Tuesday said it has raised Rs 125 crore through its maiden domestic bond offering. The amount raised will mostly be used to fund growth of its business.

The insurance firm raised the bond through a 10-year subordinated debt paper, with an AA rating at 7.75%.

The spread between the 10-year sovereign bond yields and the coupon offered by the insurance firm works out to around to about 140 basis points, which is about 40 basis points higher than what a AAA rated firm would generally offer investors.

Ratings company ICRA said that the assigned rating takes into account Star Union Dai-ichi Life Insurance's "strong promoter profile, which enables capital, strategic, and operational support as and when required".

The importance of Star Union Dai-ichi Life to the promoters is demonstrated by their track record of equity infusion and their continued capital commitment. The rating also factors in the operational support in terms of access to the extensive branch network of about 14,300 of the promoter banks, ICRA said. "In terms of strategic support, the company leverages the vast experience of Dai-ichi Life in the life insurance industry for new product approval and reinsurance arrangements, among others," it said.

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