External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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 Lombard General Insurance Company / Equity Bottom-Up

ICICI Lombard General Insurance Company (ICICIGI IN)

<ul><li>Adverse impact of product mix (higher linked/par) along with higher cost (commission and opex) and overall competitive environment led to a bigger-than-expected drop in VNB margin to 21.5%/24.6% in Q4FY24/FY24 versus 32% in FY23.</li><li>Volume growth may pick up ahead, considering trends in Q4 (11.5% growth in retail APE), bottoming of ICICI Bank’s contribution (monthly rate of INR 0.8–1bn APE) and well-diversified distribution (agency: 36%; direct: 15%; and remaining partners less than single-digit basis individual APE).</li><li>However, product mix will determine margins apart from volume-led support. Key upside/downside risks lie in the margin trajectory ahead.</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>

Adverse impact of product mix (higher linked/par) along with higher cost (commission and opex) and overall competitive environment led to a bigger-than-expected drop in VNB margin to 21.5%/24.6% in Q4FY24/FY24 versus 32% in FY23.Volume growth may pick up ahead, considering trends in Q4 (11.5% growth in retail APE), bottoming of ICICI Bank’s contribution (monthly rate of INR 0.8–1bn APE) and well-diversified distribution (agency: 36%; direct: 15%; and remaining partners less than single-digit basis individual APE).However, product mix will determine margins apart from volume-led support. Key upside/downside risks lie in the margin trajectory ahead.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 Prudential Insurance Company - Volume Outlook Improving but Margin Reset Lower