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Thematic (Sector/Industry)

<ul><li>ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% below our estimates (+14% YoY); however, better-than-expected loss ratios in motor TP business were offset by continued investments into building the retail health agency business, driving calculated CORs to 105% and APAT to INR3.5bn (+11% YoY, -6% vs estimates)</li><li>Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during FY24, and consequently cut our FY23E/24E earnings by 7/10% to build in slower than industry growth</li><li>However, given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and maintain our ADD rating, with a TP of INR1,270 (implied Sep-24E P/E of 31x and P/ABV of 5x). Angel One: ANGELONE printed flat sequential growth in its top line due to slower retail derivatives ADTVs and weak ancillary transaction revenues</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.

ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% below our estimates (+14% YoY); however, better-than-expected loss ratios in motor TP business were offset by continued investments into building the retail health agency business, driving calculated CORs to 105% and APAT to INR3.5bn (+11% YoY, -6% vs estimates)Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during FY24, and consequently cut our FY23E/24E earnings by 7/10% to build in slower than industry growthHowever, given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and maintain our ADD rating, with a TP of INR1,270 (implied Sep-24E P/E of 31x and P/ABV of 5x). Angel One: ANGELONE printed flat sequential growth in its top line due to slower retail derivatives ADTVs and weak ancillary transaction revenuesContent 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: ICICI Lombard, Angel One, Mastek

<ul><li>ICICI Lombard: ICICI Lombard (ICICIGI) printed NEP 9% ahead of estimates (+18% YoY); however, reinvestments into building the retail health agency kept opex ratios elevated (32.7%), dragging calculated CORs to 106% and APAT to INR4.6bn (+3% YoY)</li><li>We expect loss ratios in the health segment to normalise during the rest of FY23, while we also expect loss ratios in motor TP segment to inch up during H2</li><li>We remain wary of the competitive pricing environment in the motor OD segment; however, with a strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone</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.

ICICI Lombard: ICICI Lombard (ICICIGI) printed NEP 9% ahead of estimates (+18% YoY); however, reinvestments into building the retail health agency kept opex ratios elevated (32.7%), dragging calculated CORs to 106% and APAT to INR4.6bn (+3% YoY)We expect loss ratios in the health segment to normalise during the rest of FY23, while we also expect loss ratios in motor TP segment to inch up during H2We remain wary of the competitive pricing environment in the motor OD segment; however, with a strong demand outlook in the underlying autos segment, we argue that the pessimism is overdoneContent 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: ICICI Lombard, L&T Technology Services, Sonata Software

<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>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.

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

<ul><li>Within the INR1.3tn retail health insurance opportunity (by FY32E), standalone health insurers (SAHIs) are slated to grow faster than multiline players, translating into market share gains on the back of a formidable distribution network (sustainable competitive advantage) and regulatory arbitrage (transient)</li><li>We believe that the recent extension of “Use and File” for retail products is likely to reflate portfolio profitability by containing the mispricing of inferior products</li><li>We construct an industry-first HSIE-Health Insurance Franchise Scorecard (HSIE-HIFS) to evaluate various health insurers on multiple vectors across four pillars—quality, profitability, distribution and longevity.</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.

Within the INR1.3tn retail health insurance opportunity (by FY32E), standalone health insurers (SAHIs) are slated to grow faster than multiline players, translating into market share gains on the back of a formidable distribution network (sustainable competitive advantage) and regulatory arbitrage (transient)We believe that the recent extension of “Use and File” for retail products is likely to reflate portfolio profitability by containing the mispricing of inferior productsWe construct an industry-first HSIE-Health Insurance Franchise Scorecard (HSIE-HIFS) to evaluate various health insurers on multiple vectors across four pillars—quality, profitability, distribution and longevity.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.

India

ICICI Lombard General Insurance Company Limited is a leading private sector non-life insurer in India, offering a comprehensive range of products including motor, health, travel, home, and business insurance. The company also provides reinsurance, insurance claims management, and investment management services. It was founded in 2001 and is headquartered in Mumbai, Maharashtra, India.

ICICI Lombard General Insurance (ICICIGI IN)

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ICICI Lombard General Insurance (ICICIGI IN)

HSIE Results Daily: ICICI Lombard, Angel One, Mastek

Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during...

HDFC Securities

HSIE Results Daily: ICICI Lombard, L&T Technology Services, Sonata Software

ICICI Lombard: ICICI Lombard (ICICIGI) printed NEP 9% ahead of estimates (+18% YoY); however, reinvestments into building the retail health agency...

HDFC Securities

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

Health Insurance 1.0: Advantage SAHIs

We believe that the recent extension of “Use and File” for retail products is likely to reflate portfolio profitability by containing the...

HDFC Securities

Health Insurance 1.0 - Advantage SAHIs

Within the INR1.3tn retail health insurance opportunity (by FY32E), standalone health insurers (SAHIs) are slated to grow faster than multiline...

HDFC Securities

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