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. 

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>IPRU Life reported NBP of INR49.3b in 2QFY25, up 13.1% YoY.</li><li>For 1HFY25, NBP grew 17.4% YoY to INR86.98b.</li><li>New business APE grew 21.4% YoY to INR25b (in line) in 2Q.</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.

IPRU Life reported NBP of INR49.3b in 2QFY25, up 13.1% YoY.For 1HFY25, NBP grew 17.4% YoY to INR86.98b.New business APE grew 21.4% YoY to INR25b (in line) in 2Q.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 - Miss on PAT/VNB; Margins Decline 460bp YoY to 23.4%

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>Higher APE growth from agency/direct channel is leading to market share gains and driving strong APE growth (higher than industry) for the third consecutive quarter albeit on a low base.</li><li>Management expects to continue to grow APE ahead of the industry, as it has made considerable efforts to improve its multi-channel and multi-product approach to optimise growth.</li><li>A lower share of non-par reduces the impact of revised surrender penalty guidelines on VNB margins.</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.

Higher APE growth from agency/direct channel is leading to market share gains and driving strong APE growth (higher than industry) for the third consecutive quarter albeit on a low base.Management expects to continue to grow APE ahead of the industry, as it has made considerable efforts to improve its multi-channel and multi-product approach to optimise growth.A lower share of non-par reduces the impact of revised surrender penalty guidelines on VNB margins.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 Company Ltd - Eyeing Sustained Healthy Growth

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>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

Thematic (Sector/Industry)

<ul><li>Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by elevated credit costs (2.1% annualised)</li><li>Asset quality witnessed deterioration across most segments, with higher forward flow rates during Q2FY25 as well</li><li>The management has increased its FY25 credit cost guidance by 20-30bps, although incremental focus has shifted towards asset quality</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) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by elevated credit costs (2.1% annualised)Asset quality witnessed deterioration across most segments, with higher forward flow rates during Q2FY25 as wellThe management has increased its FY25 credit cost guidance by 20-30bps, although incremental focus has shifted towards asset qualityContent 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, ICICI Prudential Life, Persistent Systems, Supreme Industries

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 Prudential Life Insurance - Miss on PAT/VNB; Margins Decline 460bp YoY to 23.4%

IPRU Life reported NBP of INR49.3b in 2QFY25, up 13.1% YoY. For 1HFY25, NBP grew 17.4% YoY to INR86.98b. New business APE grew 21.4% YoY to INR25b...

Motilal Oswal

ICICI Prudential Life Insurance Company Ltd - Eyeing Sustained Healthy Growth

Higher APE growth from agency/direct channel is leading to market share gains and driving strong APE growth (higher than industry) for the third...

Sharekhan

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

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, Persistent Systems, Supreme Industries

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by...

HDFC Securities

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