Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>This week we looked at the South Korean SK twins that are looking to list. In addition, LIC appears to be testing waters again.</li>
<li>Placement flows slowed down a bit with the mid-week HK holiday, although Australia and India blocks have continued to flow-in.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
This week we looked at the South Korean SK twins that are looking to list. In addition, LIC appears to be testing waters again.
Placement flows slowed down a bit with the mid-week HK holiday, although Australia and India blocks have continued to flow-in.


ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu

<ul>
<li>Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.</li>
<li>In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.</li>
</ul>


Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.
In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.


Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>This analyst has historically highlighted many cases of mis-selling by the <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> and the company has responded by focusing on its improving persistency ratio</li>
<li>However disclosures reveal that the company has the highest mis-selling, total complaints (per 10,000 policies) and surrender ratio as compared to  the top 6 life insurance companies</li>
<li>IRDAI and IPru Life’s board of directors remains unconcerned about the company’s status as a leader in mis-selling and in surrender ratios. Shareholders need not share this apathy.</li>
</ul>


This analyst has historically highlighted many cases of mis-selling by the ICICI Prudential Life Insurance (IPRU IN) and the company has responded by focusing on its improving persistency ratio
However disclosures reveal that the company has the highest mis-selling, total complaints (per 10,000 policies) and surrender ratio as compared to  the top 6 life insurance companies
IRDAI and IPru Life’s board of directors remains unconcerned about the company’s status as a leader in mis-selling and in surrender ratios. Shareholders need not share this apathy.


ICICI Prudential Life Insurance - Leader in Mis-Selling Life Insurance

FWD Group Holdings / Equity Capital Markets

<ul>
<li>FWD, a pan-Asian life insurer founded by Richard Li, now aims to raise over US$1bn in its HK IPO after having tried to list in the US last year.</li>
<li>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.</li>
<li>In this note, we will talk about the updates from the HK filing.</li>
</ul>


FWD, a pan-Asian life insurer founded by Richard Li, now aims to raise over US$1bn in its HK IPO after having tried to list in the US last year.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
In this note, we will talk about the updates from the HK filing.


FWD Pre-IPO - Updates from HK Filings, Trends Remain as Confusing as Ever

<ul>
<li>Life insurance penetration (life insurance premium/GDP) stagnating in India for last decade</li>
<li>Entry of 23 private sector life insurance companies has not increased life penetration</li>
<li>The private players have got the more profitable end of the market, leaving LIC with the lower end. LIC itself, which once expanded the market, has lost direction.</li>
</ul>


Life insurance penetration (life insurance premium/GDP) stagnating in India for last decade
Entry of 23 private sector life insurance companies has not increased life penetration
The private players have got the more profitable end of the market, leaving LIC with the lower end. LIC itself, which once expanded the market, has lost direction.


LIC's Share of a Stagnating Market Declines - Promised Growth of Insurance Penetration a Mirage?

India

Life Insurance Corporation of India operates as an insurance company. The Company provides life, pension, health, and micro insurance products and services. Life Insurance serves customers in India.

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Life Insurance of India (LICI IN)

ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

Government of India is now said to be looking to raise around US$6-7bn via selling a stake in LIC in its upcoming India IPO. In this deal, we talk...

Sumeet Singh

ICICI Prudential Life Insurance - Leader in Mis-Selling Life Insurance

As long as IPru Life focuses primarily on selling new policies, it may continue to be the leader in mis-selling, general complaints and surrender...

Hemindra Hazari

FWD Pre-IPO - Updates from HK Filings, Trends Remain as Confusing as Ever

FWD, a pan-Asian life insurer founded by Richard Li, now aims to raise over US$1bn in its HK IPO after having tried to list in the US last year.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

Government of India is now said to be looking to raise around US$6-7bn via selling a stake in LIC in its upcoming India IPO. In this deal, we talk...

Sumeet Singh

ICICI Prudential Life Insurance - Leader in Mis-Selling Life Insurance

As long as IPru Life focuses primarily on selling new policies, it may continue to be the leader in mis-selling, general complaints and surrender...

Hemindra Hazari

FWD Pre-IPO - Updates from HK Filings, Trends Remain as Confusing as Ever

FWD, a pan-Asian life insurer founded by Richard Li, now aims to raise over US$1bn in its HK IPO after having tried to list in the US last year.

Sumeet Singh

LIC's Share of a Stagnating Market Declines - Promised Growth of Insurance Penetration a Mirage?

The life insurance market has not expanded, and the business strategies of the private sector appear to be only to eat into LIC’s market share...

Hemindra Hazari