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

Motilal Oswal

External broker reports(aggregated public sources)

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. 

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ICICI Prudential Life Insurance / Equity Bottom-Up

<p>ICICI Prudential Life (IPRU) posted ~16% YoY growth in New Business APE, led by healthy trends in the Protection (19% YoY) and ULIP businesses. Protection growth was supported by higher growth in the Credit Life business, led by improved credit demand and an increase in product pricing. Shareholder PAT stood at INR3.1b (~2% YoY growth). VNB grew ~20% YoY to INR5.15b (~13% beat). This was led by better-thanestimated APE growth and healthy margins at 26.7%.</p><div class="content-highlight"><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></div>

ICICI Prudential Life (IPRU) posted ~16% YoY growth in New Business APE, led by healthy trends in the Protection (19% YoY) and ULIP businesses. Protection growth was supported by higher growth in the Credit Life business, led by improved credit demand and an increase in product pricing. Shareholder PAT stood at INR3.1b (~2% YoY growth). VNB grew ~20% YoY to INR5.15b (~13% beat). This was led by better-thanestimated APE growth and healthy margins at 26.7%.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.

Healthy margins drive VNB beat; persistency trends steady

<p>IPRU posted ~35% YoY growth in new business APE, led by healthy trends in the Annuity segment (~67% YoY), while ULIP growth bounced back strongly (~44% YoY). Protection growth was aided by Credit Life/Group Term, while Retail Protection growth stood weak. On the distribution side, growth was supported across all channels (barring ICICIBC). IPRU continued to improve its distribution mix by adding new partners and agents. VNB grew ~28% YoY to INR5.2b (~7% miss).</p><div class="content-highlight"><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></div>

IPRU posted ~35% YoY growth in new business APE, led by healthy trends in the Annuity segment (~67% YoY), while ULIP growth bounced back strongly (~44% YoY). Protection growth was aided by Credit Life/Group Term, while Retail Protection growth stood weak. On the distribution side, growth was supported across all channels (barring ICICIBC). IPRU continued to improve its distribution mix by adding new partners and agents. VNB grew ~28% YoY to INR5.2b (~7% miss).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.

Strengthened distribution and product mix drives growth; persistency trends stable

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

ICICI Securities Limited

<p>ICICI Prudential Life’s (IPRU) business strategy has over the years diversified well enough to remove dependence on ULIPs, any particular bank as well as retail protection. This makes the business more resilient and flexible to adapt to changing consumer demand and was the main reason for our multiple upgrades last quarter.</p><div class="content-highlight"><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></div>

ICICI Prudential Life’s (IPRU) business strategy has over the years diversified well enough to remove dependence on ULIPs, any particular bank as well as retail protection. This makes the business more resilient and flexible to adapt to changing consumer demand and was the main reason for our multiple upgrades last quarter.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.

Business mix more balanced than ever; volume vs margin pose near-term quandary

<p>IPRULIFE's Annual Report reaffirms our view that the company will continue to focus on change in product mix, with a higher emphasis on Non-Linked and Protection segment, with new channel partners further aiding business growth. The share of banca channel (excluding ICICIBC) has increased to 11% v/s 5% in FY18. Strengthened distribution will enable further business diversification and drive increasing mix of Non-Linked segment, which will aid margin.</p><div class="content-highlight"><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></div>

IPRULIFE's Annual Report reaffirms our view that the company will continue to focus on change in product mix, with a higher emphasis on Non-Linked and Protection segment, with new channel partners further aiding business growth. The share of banca channel (excluding ICICIBC) has increased to 11% v/s 5% in FY18. Strengthened distribution will enable further business diversification and drive increasing mix of Non-Linked segment, which will aid margin.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.

Strengthened distribution and product mix to drive growth

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)

Healthy margins drive VNB beat; persistency trends steady

ICICI Prudential Life (IPRU) posted ~16% YoY growth in New Business APE, led by healthy trends in the Protection (19% YoY) and ULIP businesses....

Motilal Oswal

Strengthened distribution and product mix drives growth; persistency trends stable

IPRU posted ~35% YoY growth in new business APE, led by healthy trends in the Annuity segment (~67% YoY), while ULIP growth bounced back strongly...

Motilal Oswal

Business mix more balanced than ever; volume vs margin pose near-term quandary

ICICI Prudential Life’s (IPRU) business strategy has over the years diversified well enough to remove dependence on ULIPs, any particular bank as...

ICICI Securities Limited

Strengthened distribution and product mix to drive growth

IPRULIFE's Annual Report reaffirms our view that the company will continue to focus on change in product mix, with a higher emphasis on Non-Linked...

Motilal Oswal

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