Daily Brief Financials: Niva Bupa Health Insurance, Record PLC, Zip , Bitcoin Pro, FP Partner and more

• Niva Bupa Health Insurance (1226871D IN) is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are MS, Kotak, Axis, ICICI, HDFC, and Motilal Oswal.
• Niva Bupa Health Insurance (Niva Bupa) is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
• As per Redseer, the firm was one of India’s largest and fastest growing standalone health insurers (SAHI) based on overall health gross direct premium income (GDPI) in FY24. 

Record reported FY24 PBT of £12.9m, down 12% y-o-y and in line with our estimate of £12.8m. Underlying PBT was £14.8m, up 2% y-o-y on record assets under management (AUM), which grew 16.5% to $102.2bn. The final ordinary dividend surprised positively at 2.45p, above our 2.36p forecast, and a special dividend of 0.6p was declared. As new CEO Dr Jan Witte continues to refocus the strategy over the next six months, the company is guiding to relatively flat management fees. We have cut our FY25 PBT estimate to £12.1m (previously £14.8m) on a weaker fee revenue projection. We also initiate FY26 PBT and diluted EPS estimates at £14.0m and 5.43p, respectively. The cash-generative business model enables the group to continue to pay an attractive ordinary dividend.

• Zip (ZIP AU) plans to raise around US$145m in order to repay its outstanding debt.
• The company has undertaken a number of deals in the past and has a mixed track record.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• BTC reclaims multi-month range lows, hinting at potential bullish momentum despite recent sell pressure.
• Spot ETF inflows surge, showing resilience even as BTC faced significant market cap erosion.
• ETH spot ETF launch set for July 23, could spark renewed market interest and opportunities.

• Revenue was JPY17.1bn (+17.6% YoY), with life insurance commission revenue at JPY16.4bn (+18.2% YoY).
• Operating profit was JPY2.7bn (-0.2% YoY), with an OPM decrease of 2.8pp YoY to 15.7%.
• Acquisition of 333,000 treasury shares for JPY1.0bn, with cancellation scheduled for August 30, 2024.