External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>The new surrender regulations would impact VNB margins by ~100 bps, which the company may partially offset by a combination of better pricing, change in payout structures and better product mix.</li><li>Company expects an uptick in non-par, term protection business from here on and share of ULIP would moderate.</li><li>The annuity segment continues to see pricing pressure. </li></ul>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.

The new surrender regulations would impact VNB margins by ~100 bps, which the company may partially offset by a combination of better pricing, change in payout structures and better product mix.Company expects an uptick in non-par, term protection business from here on and share of ULIP would moderate.The annuity segment continues to see pricing pressure. 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 Ltd - VNB Seen Doubling Every 4 Years

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.

<ul><li>HDFC Life Insurance (HDFCLIFE) in 1QFY25 reported lower-than-expected VNB margins at 25% (est. 26%), with absolute VNB increasing 18% YoY to INR7.2b (in line with estimate).</li><li>Total APE grew 23% YoY to INR28.7b (4% higher than estimates) in 1QFY25 as ULIP/non-par grew 88%/37% YoY.</li><li>EV grew 19% YoY to INR496b, while solvency was at 186% vs. 200% in 1QFY24. The company has received approval to raise INR20b via sub-debt, which will improve solvency.</li></ul>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 (HDFCLIFE) in 1QFY25 reported lower-than-expected VNB margins at 25% (est. 26%), with absolute VNB increasing 18% YoY to INR7.2b (in line with estimate).Total APE grew 23% YoY to INR28.7b (4% higher than estimates) in 1QFY25 as ULIP/non-par grew 88%/37% YoY.EV grew 19% YoY to INR496b, while solvency was at 186% vs. 200% in 1QFY24. The company has received approval to raise INR20b via sub-debt, which will improve solvency.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 - APE up 23% YoY, VNB Margins 100bp Below Estimate

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.

<ul><li>HDFCLIFE reported broadly in-line results for Q1FY25, with APE at Rs28.6bn (+23% YoY), coming in 4% above our estimates and more than offsetting the slight margin miss at 25% (Emkay est.: 25.6%), leading to a ~2% beat in VNB at Rs7.18bn (Emkay: Rs7bn).</li><li>The margin decline in Q1 was largely due to product-mix changes in favor of ULIP.</li><li>The management is confident of doubling the VNB over the next 4 years, with the heavy lifting of VNB growth being done by APE growth—this will be backed by HDFC Bank and the Agency channel firing up and the margin largely holding up as the limited impact from surrender-value regulatory changes can be offset by various actions by the company; also, focus on riders and sum assured should improve margins for savings products. </li></ul>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.

HDFCLIFE reported broadly in-line results for Q1FY25, with APE at Rs28.6bn (+23% YoY), coming in 4% above our estimates and more than offsetting the slight margin miss at 25% (Emkay est.: 25.6%), leading to a ~2% beat in VNB at Rs7.18bn (Emkay: Rs7bn).The margin decline in Q1 was largely due to product-mix changes in favor of ULIP.The management is confident of doubling the VNB over the next 4 years, with the heavy lifting of VNB growth being done by APE growth—this will be backed by HDFC Bank and the Agency channel firing up and the margin largely holding up as the limited impact from surrender-value regulatory changes can be offset by various actions by the company; also, focus on riders and sum assured should improve margins for savings products. 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 - Ingredients in Place for Growth and Margin Delivery

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

Thematic (Sector/Industry)

<ul><li>As one of the most important aspects of the IRDAI master circular takes effect from 01st October 2024, we engaged with industry experts to understand how the life insurance (LI) industry is gearing up for key changes in the NPAR (NPS) category construct</li><li>While we expect the LI industry to take a one-time knock on NPS margins (50-200bps impact on profitability) on account of the revised surrender value norms, we understand that insurers have followed up with product intervention in the form of deferred payouts (20-30% of first-year commission), agent club-based payouts, persistency-linked clawbacks, and lower customer IRRs.</li><li>Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the implications from the likely changes in the NPS product construct into our forecasts and reiterate SBILIFE as our highest-conviction BUY.</li></ul>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.

As one of the most important aspects of the IRDAI master circular takes effect from 01st October 2024, we engaged with industry experts to understand how the life insurance (LI) industry is gearing up for key changes in the NPAR (NPS) category constructWhile we expect the LI industry to take a one-time knock on NPS margins (50-200bps impact on profitability) on account of the revised surrender value norms, we understand that insurers have followed up with product intervention in the form of deferred payouts (20-30% of first-year commission), agent club-based payouts, persistency-linked clawbacks, and lower customer IRRs.Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the implications from the likely changes in the NPS product construct into our forecasts and reiterate SBILIFE as our highest-conviction BUY.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: Changing the Rules of the Game

<ul><li>The IRDAI issued a master circular on the life insurance (LI) business, largely focused on a consumer-friendly policy environment to safeguard policyholder interest and drive LI penetration</li><li>This latest master circular, which subsumes four existing circulars, revolves around changes to the NPAR savings category, an extended free-look period, the introduction of potential new products, stronger grievance redressal systems, and mandatory liquidity support</li><li>While changes to the NPAR category construct are effective from H2FY25, the cumulative impact of all these policies is likely to reflect in relatively lower competitive intensity, more disciplined pricing, a wider product range, and scope for greater product innovation.</li></ul>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.

The IRDAI issued a master circular on the life insurance (LI) business, largely focused on a consumer-friendly policy environment to safeguard policyholder interest and drive LI penetrationThis latest master circular, which subsumes four existing circulars, revolves around changes to the NPAR savings category, an extended free-look period, the introduction of potential new products, stronger grievance redressal systems, and mandatory liquidity supportWhile changes to the NPAR category construct are effective from H2FY25, the cumulative impact of all these policies is likely to reflect in relatively lower competitive intensity, more disciplined pricing, a wider product range, and scope for greater product innovation.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: Consumer 1 - Industry 0, “claw-back” the way forward

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)

HDFC Life Insurance Company Ltd - VNB Seen Doubling Every 4 Years

The new surrender regulations would impact VNB margins by ~100 bps, which the company may partially offset by a combination of better pricing,...

Sharekhan

HDFC Life Insurance - APE up 23% YoY, VNB Margins 100bp Below Estimate

HDFC Life Insurance (HDFCLIFE) in 1QFY25 reported lower-than-expected VNB margins at 25% (est. 26%), with absolute VNB increasing 18% YoY to...

Motilal Oswal

HDFC Life Insurance - Ingredients in Place for Growth and Margin Delivery

HDFCLIFE reported broadly in-line results for Q1FY25, with APE at Rs28.6bn (+23% YoY), coming in 4% above our estimates and more than offsetting...

Emkay

Life Insurance: Changing the Rules of the Game

Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the...

HDFC Securities

Life Insurance: Consumer 1 - Industry 0, “claw-back” the way forward

The IRDAI issued a master circular on the life insurance (LI) business, largely focused on a consumer-friendly policy environment to safeguard...

HDFC Securities

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