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>The company expects share of retail protection to increase in FY23 driven by low base of last year and strong demand.</li></ul><div><div><div><ul><li>Targeted VNB of Rs26.5bn will be achieved by (1) topline growth (2) margin expansion.</li></ul><div><div><div><div><ul><li>Beyond FY23, the company expects savings to grow in line with the nominal GDP growth.</li></ul></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>

The company expects share of retail protection to increase in FY23 driven by low base of last year and strong demand.Targeted VNB of Rs26.5bn will be achieved by (1) topline growth (2) margin expansion.Beyond FY23, the company expects savings to grow in line with the nominal GDP growth.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 - Key Takeaways from Conference Meetings

<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

ICICI Prudential Life Insurance / Equity Bottom-Up

<ul><li>Growth impacted by strong base and 3rd wave; VNB guidance retained ICICI Pru Life reported subdued APE growth of ~4% YoY on account of a strong base and impact of 3rd covid wave in Jan22.</li><li>Company’s growth outlook is positive given the strong contribution from new product launches over the last two years and turnaround in the retail protection segment</li><li>VNB growth in FY22 was mainly led by the non-linked savings segment, which contributed 91% to incremental profit...(continued).</li></ul><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>

Growth impacted by strong base and 3rd wave; VNB guidance retained ICICI Pru Life reported subdued APE growth of ~4% YoY on account of a strong base and impact of 3rd covid wave in Jan22.Company’s growth outlook is positive given the strong contribution from new product launches over the last two years and turnaround in the retail protection segmentVNB growth in FY22 was mainly led by the non-linked savings segment, which contributed 91% to incremental profit...(continued).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 Insurance: Growth Impacted by Strong Base and 3rd Wave; VNB Guidance Retained

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

ICICI Securities Limited

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.

<ul><li>We remain enthused with IPRU Life’s product and channel diversification strides, which has made the business considerably more robust than before.</li><li>This is illustrated by the fact that the Rs21.6bn FY22 VNB mix is split between 16% by ULIPs, 43% by protection and 41% by non-linked savings.</li><li>Current valuation at 2.2x/1.9x FY23E/FY24E P/EV is attractive. Maintain BUY.</li></ul><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>

We remain enthused with IPRU Life’s product and channel diversification strides, which has made the business considerably more robust than before.This is illustrated by the fact that the Rs21.6bn FY22 VNB mix is split between 16% by ULIPs, 43% by protection and 41% by non-linked savings.Current valuation at 2.2x/1.9x FY23E/FY24E P/EV is attractive. Maintain 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.

ICICI Prudential Life Insurance: More Levers to Grow VNB; Valuations Attractive

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)

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 - Key Takeaways from Conference Meetings

Our recent interaction with two life insurance companies indicates strong growth outlook for the life insurance sector. FY23 growth is expected to...

Nirmal Bang

ICICI Prudential Life Insurance: Growth Impacted by Strong Base and 3rd Wave; VNB Guidance Retained

4QFY22 Result Update ICICI Prudential Life Insurance Company Reuters: ICIR.NS; Bloomberg: IPRU IN Growth impacted by strong base and 3rd wave; VNB...

Nirmal Bang

ICICI Prudential Life Insurance: More Levers to Grow VNB; Valuations Attractive

We remain enthused with IPRU Life’s product and channel diversification strides, which has made the business considerably more robust than...

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 - Key Takeaways from Conference Meetings

Our recent interaction with two life insurance companies indicates strong growth outlook for the life insurance sector. FY23 growth is expected to...

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

ICICI Prudential Life Insurance: Growth Impacted by Strong Base and 3rd Wave; VNB Guidance Retained

4QFY22 Result Update ICICI Prudential Life Insurance Company Reuters: ICIR.NS; Bloomberg: IPRU IN Growth impacted by strong base and 3rd wave; VNB...

Nirmal Bang

ICICI Prudential Life Insurance: More Levers to Grow VNB; Valuations Attractive

We remain enthused with IPRU Life’s product and channel diversification strides, which has made the business considerably more robust than...

ICICI Securities Limited