External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Sector growth pegged at 15% CAGR over the coming decade: Currently, life insurance penetration in India (FY22) stands at 3.2% compared to 3.4-19.2% for Asian peers.</li></ul><div><div><div><div><ul><li>Protection segment expected to grow at a higher rate: We expect the protection segment to grow at a higher rate than the overall APE growth, implying higher sales contribution going forward.</li></ul><div><div><div><div><ul><li>Larger players better placed to capture growth: We see larger players (top 6-8) being most favourably placed to defend/gain market share.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Sector growth pegged at 15% CAGR over the coming decade: Currently, life insurance penetration in India (FY22) stands at 3.2% compared to 3.4-19.2% for Asian peers.Protection segment expected to grow at a higher rate: We expect the protection segment to grow at a higher rate than the overall APE growth, implying higher sales contribution going forward.Larger players better placed to capture growth: We see larger players (top 6-8) being most favourably placed to defend/gain market share.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.

Life Insurance Sector - Structural Story at Attractive Valuations; SBI Life Top Pick

<div><div><div><div><ul><li>ICICI Pru Life – tracking well: For May’22, the company reported 36.2% YoY growth in individual APE. In FY22, its individual APE was up 15.5%.</li></ul><div><div><div><div><ul><li>HDFC Life – upbeat on protection: In May’22, the no. of individual policies sold increased by 13.7% YoY. Individual APE for May’22 was up 51.8% YoY (up 16.4% in FY22).</li></ul><div><div><div><div><ul><li>SBI Life – outperformer: SBI Life has reported individual APE growth of 193.6% YoY for May’22, aided by a low base.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

ICICI Pru Life – tracking well: For May’22, the company reported 36.2% YoY growth in individual APE. In FY22, its individual APE was up 15.5%.HDFC Life – upbeat on protection: In May’22, the no. of individual policies sold increased by 13.7% YoY. Individual APE for May’22 was up 51.8% YoY (up 16.4% in FY22).SBI Life – outperformer: SBI Life has reported individual APE growth of 193.6% YoY for May’22, aided by a low base.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.

Life Insurance Sector - Strong Momentum Aided by Low Base; SBI Life Ups Market Share

Equity Bottom-Up

<div><div><div><div><ul><li>Product mix largely stable; non-linked growth decelerates: Overall individual product mix was largely stable in 4QFY22.</li></ul><div><ul><li>Margin improvement led by product mix: FY22 VNB margin stood at 27.4%, up from 26.1% in FY21.</li></ul><div><div><div><ul><li>EV up 13% YoY: Standalone EV increased by 13% YoY to Rs30.5bn.</li></ul></div></div></div></div></div></div></div></div><p><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></p>

Product mix largely stable; non-linked growth decelerates: Overall individual product mix was largely stable in 4QFY22.Margin improvement led by product mix: FY22 VNB margin stood at 27.4%, up from 26.1% in FY21.EV up 13% YoY: Standalone EV increased by 13% YoY to Rs30.5bn.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 Company - Margin Expansion Led by Product Mix Improvement

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

<div><div><div><div><div><ul><li>Robust performance amid challenging external environment: HDFCLIFE reported 17% YoY growth in APE in FY22 to Rs97.6.bn and 22% YoY growth in VNB to Rs26.8bn on a standalone basis.</li></ul><div><div><ul><li>Board approves Rs3.5bn sub-debt raise to boost solvency: Solvency margins for FY22 stood at 176% (vs. 190% at 9MFY22 and 201% at FY21).</li></ul><div><div><div><div><ul><li>Management confident about FY23 growth and margin outlook: Management sounded confident about achieving APE growth that is 2x the real GDP growth while gradually expanding standalone margins.</li></ul></div></div></div></div></div></div></div></div></div></div><p><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></p></div>

Robust performance amid challenging external environment: HDFCLIFE reported 17% YoY growth in APE in FY22 to Rs97.6.bn and 22% YoY growth in VNB to Rs26.8bn on a standalone basis.Board approves Rs3.5bn sub-debt raise to boost solvency: Solvency margins for FY22 stood at 176% (vs. 190% at 9MFY22 and 201% at FY21).Management confident about FY23 growth and margin outlook: Management sounded confident about achieving APE growth that is 2x the real GDP growth while gradually expanding standalone margins.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 - Year Ends Well; Confident Outlook for FY23

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<div><ul><li>Persistency trends steady - <span style="font-size: var(--content-font-size);">HDFCLIFE reported a 11% YoY growth in premium, led by a 16% growth in renewal premium and an 8% growth each in single/first-year premium.</span></li><li><p>Net premium grows 11% YoY; VNB beats our estimate - <span style="font-size: var(--content-font-size);">HDFCLIFE reported an 11% YoY growth in net premium income (in line).</span></p></li></ul></div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">With the merger with Exide Life, the management aims to remain margin neutral.</span></li></ul></div><p><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></p>

Persistency trends steady - HDFCLIFE reported a 11% YoY growth in premium, led by a 16% growth in renewal premium and an 8% growth each in single/first-year premium.Net premium grows 11% YoY; VNB beats our estimate - HDFCLIFE reported an 11% YoY growth in net premium income (in line).Highlights from the management commentary - With the merger with Exide Life, the management aims to remain margin neutral.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 - In Line Result; VNB Margin Stood Robust

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 Sector - Structural Story at Attractive Valuations; SBI Life Top Pick

Life insurance stocks have corrected by 9-16% over the last six months vs a correction of 9% and 5.3% in NIFTY50 and Bank Nifty, respectively.

Nirmal Bang

HDFC Life Insurance Company - Margin Expansion Led by Product Mix Improvement

HDFC Life’s mid-single digit APE growth was in line with the larger industry trend, which has seen slowdown in growth due to strong growth in the...

Nirmal Bang

HDFC Life Insurance - Year Ends Well; Confident Outlook for FY23

After navigating smartly and delivering robust performance in an uncertain and challenging year FY22, HDFCLIFE management sounded confident about...

Emkay

HDFC Life Insurance - In Line Result; VNB Margin Stood Robust

Persistency trends steady; HDFCLIFE reported a 11% YoY growth in premium, led by a 16% growth in renewal premium and an 8% growth each in single...

Motilal Oswal

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Life Insurance Sector - Structural Story at Attractive Valuations; SBI Life Top Pick

Life insurance stocks have corrected by 9-16% over the last six months vs a correction of 9% and 5.3% in NIFTY50 and Bank Nifty, respectively.

Nirmal Bang

Life Insurance Sector - Strong Momentum Aided by Low Base; SBI Life Ups Market Share

May’22 life insurance industry numbers indicate strong momentum in sales, aided by a favorable base. YTD sales are up 72.6% YoY for the insurance...

Nirmal Bang

HDFC Life Insurance Company - Margin Expansion Led by Product Mix Improvement

HDFC Life’s mid-single digit APE growth was in line with the larger industry trend, which has seen slowdown in growth due to strong growth in the...

Nirmal Bang

HDFC Life Insurance - Year Ends Well; Confident Outlook for FY23

After navigating smartly and delivering robust performance in an uncertain and challenging year FY22, HDFCLIFE management sounded confident about...

Emkay

HDFC Life Insurance - In Line Result; VNB Margin Stood Robust

Persistency trends steady; HDFCLIFE reported a 11% YoY growth in premium, led by a 16% growth in renewal premium and an 8% growth each in single...

Motilal Oswal