Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.
In this note, we will talk about the not so positive aspects of the deal.


Life Insurance Corporation of India IPO - The Negatives - Has Been Lagging the Sector

<ul>
<li>Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.
In this note, we talk about the positive aspects of the deal.


Life Insurance Corporation of India IPO - The Positives - Operates on a Grand Scale

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corp of India (1248Z IN)</a> is the largest life insurer in India. LIC is looking to raise about $8 billion. It opens for anchor investors on 11 March. </li>
<li>LIC has leveraged its dominance to deliver healthy premium growth and high persistency ratio. However, the VNB margin and operational efficiency metrics are mid-tier compared to peers. </li>
<li>On balance, the fundamentals look sound. The IPO is worth a look for investors willing to brave the volatile IPO market conditions. </li>
</ul>



Life Insurance Corp of India (1248Z IN) is the largest life insurer in India. LIC is looking to raise about $8 billion. It opens for anchor investors on 11 March. 
LIC has leveraged its dominance to deliver healthy premium growth and high persistency ratio. However, the VNB margin and operational efficiency metrics are mid-tier compared to peers. 
On balance, the fundamentals look sound. The IPO is worth a look for investors willing to brave the volatile IPO market conditions. 


Life Insurance Corp of India IPO: Premium Market

<ul>
<li>The Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>The deal will be run by Kotak, Axis, BofA, Citi, Nomura, GS, ISec, JM Fin, JPM, SBI Caps.</li>
<li>This note provides a brief overview of the company and the deal.</li>
</ul>


The Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
The deal will be run by Kotak, Axis, BofA, Citi, Nomura, GS, ISec, JM Fin, JPM, SBI Caps.
This note provides a brief overview of the company and the deal.


Life Insurance Corporation of India IPO Tearsheet

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>HDFC Life is among the most dominant players in the Indian life insurance industry with a strong distribution network, parentage, operating metrics.</li><li>Balanced product mix with focus on non-par, protection &amp; annuity business </li><li>Target Price and Valuation: We value HDFC Life at 3.4x FY24E EV with TP of Rs 800.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HDFC Life is among the most dominant players in the Indian life insurance industry with a strong distribution network, parentage, operating metrics.Balanced product mix with focus on non-par, protection &amp; annuity business Target Price and Valuation: We value HDFC Life at 3.4x FY24E EV with TP of Rs 800.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFC Life Insurance: Healthy Growth; Outlook on Growth Optimistic

India

HDFC Standard Life Insurance Company Limited is a life insurance firm. The Company offers protection, pension, savings and investment, and children's and women's plans to individuals. HDFC Standard Life Insurance serves customers in India and United Arab Emirates.

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HDFC Life Insurance (HDFCLIFE IN)

Life Insurance Corporation of India IPO - The Negatives - Has Been Lagging the Sector

Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming...

Sumeet Singh

Life Insurance Corporation of India IPO - The Positives - Operates on a Grand Scale

Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming...

Sumeet Singh

Life Insurance Corp of India IPO: Premium Market

The Indian government is seeking to sell a 5% stake in LIC to potentially raise nearly $8 billion. The IPO is worth a look for investors willing to...

Arun George

Life Insurance Corporation of India IPO Tearsheet

The Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its...

Sumeet Singh

HDFC Life Insurance: Healthy Growth; Outlook on Growth Optimistic

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

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