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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Equity Bottom-Up

SBI Life Insurance Co Ltd / Equity Bottom-Up

<ul><li>SBI Life Insurance (SBILIFE) reported a weak performance in 2QFY25. APE grew 3% YoY to INR53.9b (11% miss).</li><li>For 1HFY25, it grew 9% YoY to INR90.3b.</li><li>Absolute VNB declined 3% YoY to INR14.5b (14% miss).</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.

SBI Life Insurance (SBILIFE) reported a weak performance in 2QFY25. APE grew 3% YoY to INR53.9b (11% miss).For 1HFY25, it grew 9% YoY to INR90.3b.Absolute VNB declined 3% YoY to INR14.5b (14% 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.

SBI Life Insurance - VNB Margins Contract Due to Shift in Product Mix

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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>SBILIFE reported APE growth of ~20% YoY in Q1FY25, while retail APE growth stood at ~22% YoY, marginally ahead of our expectations.</li><li>APE growth was driven by strong growth in ULIPs (+40% YoY). Resultantly, the share of ULIPs increased to ~61% from ~52% YoY.</li><li>VNB stood at Rs 36.4 Bn (+11.5% YoY), while VNB margins contracted sharply by ~200bps YoY and stood at 26.8% vs 28.8% in Q1FY24 and 28.1% in FY24. </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.

SBILIFE reported APE growth of ~20% YoY in Q1FY25, while retail APE growth stood at ~22% YoY, marginally ahead of our expectations.APE growth was driven by strong growth in ULIPs (+40% YoY). Resultantly, the share of ULIPs increased to ~61% from ~52% YoY.VNB stood at Rs 36.4 Bn (+11.5% YoY), while VNB margins contracted sharply by ~200bps YoY and stood at 26.8% vs 28.8% in Q1FY24 and 28.1% in FY24. 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.

SBI Life Insurance Ltd. - Steady Quarter; VNB Margin Takes a Hit Owing to Product Mix Shift!

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.

Thematic (Sector/Industry)

<ul><li>SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)</li><li>Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the base</li><li>Our high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)</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.

SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the baseOur high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)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.

HSIE Results Daily: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

<ul><li>As one of the most important aspects of the IRDAI master circular takes effect from 01st October 2024, we engaged with industry experts to understand how the life insurance (LI) industry is gearing up for key changes in the NPAR (NPS) category construct</li><li>While we expect the LI industry to take a one-time knock on NPS margins (50-200bps impact on profitability) on account of the revised surrender value norms, we understand that insurers have followed up with product intervention in the form of deferred payouts (20-30% of first-year commission), agent club-based payouts, persistency-linked clawbacks, and lower customer IRRs.</li><li>Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the implications from the likely changes in the NPS product construct into our forecasts and reiterate SBILIFE as our highest-conviction BUY.</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.

As one of the most important aspects of the IRDAI master circular takes effect from 01st October 2024, we engaged with industry experts to understand how the life insurance (LI) industry is gearing up for key changes in the NPAR (NPS) category constructWhile we expect the LI industry to take a one-time knock on NPS margins (50-200bps impact on profitability) on account of the revised surrender value norms, we understand that insurers have followed up with product intervention in the form of deferred payouts (20-30% of first-year commission), agent club-based payouts, persistency-linked clawbacks, and lower customer IRRs.Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the implications from the likely changes in the NPS product construct into our forecasts and reiterate SBILIFE as our highest-conviction 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.

Life Insurance: Changing the Rules of the Game

<ul><li>The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.</li><li>This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.</li><li>The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. </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.

The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. 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.

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

India

SBI Life Insurance Company Limited offers financial services. The Company provides claims, general insurance, online banking, retirement plans, tax calculators, revival of lapsed policies, and other services. SBI Life Insurance serves customers in India.

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SBI Life Insurance Co Ltd (SBILIFE IN)

SBI Life Insurance - VNB Margins Contract Due to Shift in Product Mix

SBI Life Insurance (SBILIFE) reported a weak performance in 2QFY25. APE grew 3% YoY to INR53.9b (11% miss). For 1HFY25, it grew 9% YoY to INR90.3b.

Motilal Oswal

SBI Life Insurance Ltd. - Steady Quarter; VNB Margin Takes a Hit Owing to Product Mix Shift!

SBILIFE reported APE growth of ~20% YoY in Q1FY25, while retail APE growth stood at ~22% YoY, marginally ahead of our expectations.

Axis Direct

HSIE Results Daily: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in...

HDFC Securities

Life Insurance: Changing the Rules of the Game

Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the...

HDFC Securities

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

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