External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades.

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External broker reports(aggregated public sources)

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.

Equity Bottom-Up

ICICI Prudential Life Insurance / Equity Bottom-Up

ICICI Prudential Life Insurance (IPRU IN)

<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><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>

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