External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)</li><li>Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUM</li><li>Interest rate hikes are likely to keep treasury gains under check</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>

AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUMInterest rate hikes are likely to keep treasury gains under checkContent 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.

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

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>Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY and 48.6/9.8% MoM.</li><li>Strong NBP growth on an MoM basis was largely on account of LIC’s performance.</li><li>In Sep’22, the private players’ performance was quite lacklusture, reporting a de-growth of 13.9%/5.1% YoY in NBP/APE. </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>

Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY and 48.6/9.8% MoM.Strong NBP growth on an MoM basis was largely on account of LIC’s performance.In Sep’22, the private players’ performance was quite lacklusture, reporting a de-growth of 13.9%/5.1% YoY in NBP/APE. 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 Companies Performance – Sep’22 and H1FY23

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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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.

<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

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)

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

Life Insurance Companies Performance – Sep’22 and H1FY23

Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY...

Axis Direct

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

Life Insurance Companies Performance – Sep’22 and H1FY23

Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY...

Axis Direct

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