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

ICICI Lombard General Insurance Company / Equity Bottom-Up

<ul><li>Adverse impact of product mix (higher linked/par) along with higher cost (commission and opex) and overall competitive environment led to a bigger-than-expected drop in VNB margin to 21.5%/24.6% in Q4FY24/FY24 versus 32% in FY23.</li><li>Volume growth may pick up ahead, considering trends in Q4 (11.5% growth in retail APE), bottoming of ICICI Bank’s contribution (monthly rate of INR 0.8–1bn APE) and well-diversified distribution (agency: 36%; direct: 15%; and remaining partners less than single-digit basis individual APE).</li><li>However, product mix will determine margins apart from volume-led support. Key upside/downside risks lie in the margin trajectory ahead.</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.

Adverse impact of product mix (higher linked/par) along with higher cost (commission and opex) and overall competitive environment led to a bigger-than-expected drop in VNB margin to 21.5%/24.6% in Q4FY24/FY24 versus 32% in FY23.Volume growth may pick up ahead, considering trends in Q4 (11.5% growth in retail APE), bottoming of ICICI Bank’s contribution (monthly rate of INR 0.8–1bn APE) and well-diversified distribution (agency: 36%; direct: 15%; and remaining partners less than single-digit basis individual APE).However, product mix will determine margins apart from volume-led support. Key upside/downside risks lie in the margin trajectory ahead.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.

ICICI Prudential Insurance Company - Volume Outlook Improving but Margin Reset Lower

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.

<ul><li>We upgrade ICICI Lombard (ICICIGI) to BUY with a revised TP of INR1,982 (33.4x FY26E EPS) on the back of its new playbook in retail health business and likely easing in competitive intensity from industry-wide EoM compliance, in addition to a sustained dominance in its core businesses (motor and commercial lines).</li><li>We believe this potent combination is likely to reflect in incremental market share gains across preferred lines of business (retail health and motor), better risk selection, and improvement in FY25 COR to 101.7% (FY24:103%).</li><li>EoM norms to ease competitive intensity, upgrade to 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.

We upgrade ICICI Lombard (ICICIGI) to BUY with a revised TP of INR1,982 (33.4x FY26E EPS) on the back of its new playbook in retail health business and likely easing in competitive intensity from industry-wide EoM compliance, in addition to a sustained dominance in its core businesses (motor and commercial lines).We believe this potent combination is likely to reflect in incremental market share gains across preferred lines of business (retail health and motor), better risk selection, and improvement in FY25 COR to 101.7% (FY24:103%).EoM norms to ease competitive intensity, upgrade to BUYContent 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.

ICICI Lombard General Insurance: Improving Competitive Advantage, Upgrade to BUY

External broker reports(aggregated public sources), Sharekhan

Sharekhan

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.

<ul><li>Sharekhan's research report onICICI Lombard General Insurance Company ICICI Lombard, hosted its Tech Day wherein it showcased its technological capabilities, which is driving the strong business transformation.</li><li>New-age technologies such as Artificial Intelligence/Machine Learning, IoT, Cloud and Data Analytics are adding better cost efficiencies/ engagement with customers, improving business sourcing, and identifying early risk alerts.</li><li>Without incurring substantial additional costs, the business is expected to achieve its core objectives - agility, efficiency, reliability, and security, over the medium to long term.</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.

Sharekhan's research report onICICI Lombard General Insurance Company ICICI Lombard, hosted its Tech Day wherein it showcased its technological capabilities, which is driving the strong business transformation.New-age technologies such as Artificial Intelligence/Machine Learning, IoT, Cloud and Data Analytics are adding better cost efficiencies/ engagement with customers, improving business sourcing, and identifying early risk alerts.Without incurring substantial additional costs, the business is expected to achieve its core objectives - agility, efficiency, reliability, and security, over the medium to long term.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.

ICICI Lombard General Insurance Company Ltd - Riding the Tech Wave

Thematic (Sector/Industry)

<ul><li>ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% above our estimates (+12% YoY); however, better-than-expected loss ratios in the health insurance business were offset by sustained investments into building out the company’s retail health agency network, driving calculated CORs to 105% and APAT to INR4.4bn (+11% YoY)</li><li>We raise our FY24/FY25E earnings estimates by 7/11% to factor in the management guidance of achieving 102-103% CORs over the next couple of years</li><li>Given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and we maintain ADD with a revised TP of INR1,370 (implied Mar-25E P/E of 27x and P/ABV of 4.8x).</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.

ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% above our estimates (+12% YoY); however, better-than-expected loss ratios in the health insurance business were offset by sustained investments into building out the company’s retail health agency network, driving calculated CORs to 105% and APAT to INR4.4bn (+11% YoY)We raise our FY24/FY25E earnings estimates by 7/11% to factor in the management guidance of achieving 102-103% CORs over the next couple of yearsGiven the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and we maintain ADD with a revised TP of INR1,370 (implied Mar-25E P/E of 27x and P/ABV of 4.8x).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.

HSIE Results Daily - ICICI Lombard, Angel One

<ul><li>Q3FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%</li><li>Our coverage universe saw strong YoY growth in auto, lending financials, capital goods, staples and power sectors</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.

Q3FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%Our coverage universe saw strong YoY growth in auto, lending financials, capital goods, staples and power sectorsContent 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.

India Equity Strategy: Commodity pressure easing, margin expansion on the cards

India

ICICI Lombard General Insurance Company Limited operates as an insurance company. The Company offers motor, health, travel, rural, business, third party, personal accident, and home insurance, as well as claim settlements and renewals services. ICICI Lombard General Insurance serves customers in India.

ICICI Lombard General Insurance Company (ICICIGI IN)

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ICICI Lombard General Insurance Company (ICICIGI IN)

ICICI Prudential Insurance Company - Volume Outlook Improving but Margin Reset Lower

Adverse impact of product mix (higher linked/par) along with higher cost (commission and opex) and overall competitive environment led to a bigger...

ICICI Securities Limited

ICICI Lombard General Insurance: Improving Competitive Advantage, Upgrade to BUY

We upgrade ICICI Lombard (ICICIGI) to BUY with a revised TP of INR1,982 (33.4x FY26E EPS) on the back of its new playbook in retail health business

HDFC Securities

ICICI Lombard General Insurance Company Ltd - Riding the Tech Wave

Without incurring substantial additional costs, the business is expected to achieve its core objectives - agility, efficiency, reliability, and...

Sharekhan

HSIE Results Daily - ICICI Lombard, Angel One

ANGELONE printed a 14/21% sequential growth in its top line/APAT, driven by all-time high retail derivative ADTVs and healthy ancillary transaction...

HDFC Securities

India Equity Strategy: Commodity pressure easing, margin expansion on the cards

Aggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%

HDFC Securities

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