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

Emkay

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

ICICI Prudential Life Insurance / Equity Bottom-Up

<ul><li>Emkay Global Financial's research report onICICI Pru Life IPRU reported a mixed performance in Q4/FY24, where the slight miss in VNB margins was offset by a minor beat in APE, which led to VNB in line with our estimates.</li><li>The negative surprise came in at Rs2.9bn (~0.8% of FY23EV) due to negative mortality variance in EV on account of IBNR/IBNER adjustments related to the credit life portfolio.</li><li>Overall, with APE growth rebounding in H2 and better growth visibility in FY25, IPRU appears to deliver ~25% VNB margin, 15% APE growth, and 15% operating RoEV (25-15-15).</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.

Emkay Global Financial's research report onICICI Pru Life IPRU reported a mixed performance in Q4/FY24, where the slight miss in VNB margins was offset by a minor beat in APE, which led to VNB in line with our estimates.The negative surprise came in at Rs2.9bn (~0.8% of FY23EV) due to negative mortality variance in EV on account of IBNR/IBNER adjustments related to the credit life portfolio.Overall, with APE growth rebounding in H2 and better growth visibility in FY25, IPRU appears to deliver ~25% VNB margin, 15% APE growth, and 15% operating RoEV (25-15-15).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 Pru Life - Set for the New Normal of 25-15-15; Retain BUY

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>ICICI Prudential Life: IPRU clocked muted APE growth (+5% YoY) and a 20% YoY VNB de-growth</li><li>The steep collapse in VNBM to 24.6% (-738bps YoY) was driven by inferior unit economics from IPRU’s recalibration of its product design during Q3FY24, and a ULIP-dominated mix</li><li>IPRU’s investments in channel diversification helped offset de-growth in the proprietary banca channel (-4% YoY)</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 Prudential Life: IPRU clocked muted APE growth (+5% YoY) and a 20% YoY VNB de-growthThe steep collapse in VNBM to 24.6% (-738bps YoY) was driven by inferior unit economics from IPRU’s recalibration of its product design during Q3FY24, and a ULIP-dominated mixIPRU’s investments in channel diversification helped offset de-growth in the proprietary banca channel (-4% YoY)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 Life - Growth Dial-Up Continues to Take a Toll on Profitability

India BFSI - Long-Short - Equity Research Analyst

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-life-insurance" target="_blank" data-smartkarma-citation="entities:23608:1" rel="noopener">ICICI Prudential Life Insurance (IPRU IN)</a> reported its 2Q24 earnings results yesterday, with flat sales and decreasing margins</li>
<li>The lack of support from ICICI Bank, its parent, has been the main concern, with ICICI Pru consistently losing market share to other private peers due to below-par growth.</li>
<li>We value ICICI Pru at ~1.4x FY25e P/EV, implying a -15% downside to current price, reflecting the bleak outlook in terms of growth and margins in the medium-term.</li>
</ul>



ICICI Prudential Life Insurance (IPRU IN) reported its 2Q24 earnings results yesterday, with flat sales and decreasing margins
The lack of support from ICICI Bank, its parent, has been the main concern, with ICICI Pru consistently losing market share to other private peers due to below-par growth.
We value ICICI Pru at ~1.4x FY25e P/EV, implying a -15% downside to current price, reflecting the bleak outlook in terms of growth and margins in the medium-term.


ICICI Prudential Life: 2Q24 Result Update: The Search for Salvation (Continues..)

Thematic (Sector/Industry)

<ul><li>Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)</li><li>Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)</li><li>While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25</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.

Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25Content 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: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life

India

ICICI Prudential Life Insurance Company Limited of India provides life insurance services. The Company offers claim processing, electronic insurance accounts, and other services. ICICI Prudential Life Insurance conducts its business in India.

ICICI Prudential Life Insurance (IPRU IN)

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ICICI Prudential Life Insurance (IPRU IN)

ICICI Pru Life - Set for the New Normal of 25-15-15; Retain BUY

he negative surprise came in at Rs2.9bn (~0.8% of FY23EV) due to negative mortality variance in EV on account of IBNR/IBNER adjustments related to...

Emkay

ICICI Prudential Life - Growth Dial-Up Continues to Take a Toll on Profitability

The steep collapse in VNBM to 24.6% (-738bps YoY) was driven by inferior unit economics from IPRU’s recalibration of its product design during...

HDFC Securities

ICICI Prudential Life: 2Q24 Result Update: The Search for Salvation (Continues..)

The lack of support from ICICI Bank, its parent, has been the main concern for ICICI Prudential Life. This has resulted in a bleak outlook in terms...

Raj S, CA, CFA

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

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