Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

ICICI Prudential Life Insurance / Equity Bottom-Up

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/icici-prudential-life-insurance" target="_blank" data-smartkarma-citation="entities:23608:1" rel="noopener">ICICI Prudential Life (IPRU IN)</a> vs. <a href="https://www.smartkarma.com/entities/icici-lombard-general-insura" target="_blank" data-smartkarma-citation="entities:25882:1" rel="noopener">ICICI Lombard General Insurance (ICICIGI IN)</a> price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long ICICI Prudential Life (IPRU IN) and short ICICI Lombard General Insurance (ICICIGI IN) targets a 5% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The ICICI Prudential Life (IPRU IN) vs. ICICI Lombard General Insurance (ICICIGI IN) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long ICICI Prudential Life (IPRU IN) and short ICICI Lombard General Insurance (ICICIGI IN) targets a 5% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


ICICI Prudential Life (IPRU IN) Vs. ICICI Lombard General (ICICIGI IN): Stat Arb Targeting 5% Return

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

ICICI Prudential Life Insurance / Event-Driven

<ul>
<li>The GST Council's decision to exempt all individual life and health insurance premiums from GST (0% vs. 18% earlier), effective September 22, 2025, is a landmark affordability move.</li>
<li>The immediate drop in premiums for products like term and ULIPs is expected to drive a significant surge in demand, though insurers like ICICI Prudential will lose ITC on expenses.</li>
<li>While the volume boost from higher affordability is a major long-term catalyst,  immediate margin compression from ITC loss on commissions will require operational efficiency and pricing recalibration for ICICI Prudential.</li>
</ul>


The GST Council's decision to exempt all individual life and health insurance premiums from GST (0% vs. 18% earlier), effective September 22, 2025, is a landmark affordability move.
The immediate drop in premiums for products like term and ULIPs is expected to drive a significant surge in demand, though insurers like ICICI Prudential will lose ITC on expenses.
While the volume boost from higher affordability is a major long-term catalyst,  immediate margin compression from ITC loss on commissions will require operational efficiency and pricing recalibration for ICICI Prudential.


GST Exemption: A Catalyst for Growth and Margin Headwinds for ICICI Prudential Life

External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>VNB margins fell by 166 bps y-o-y to 21.2% versus estimates of 21.5% driven by an adverse product mix.</li><li>Increased surrender value had a limited impact.</li><li>VNB grew by 19% y-o-y (~7% below estimates) in Q3. For 9MFY25, VNB growth of 9% y-o-y much below the targeted high mid-teens.</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.

VNB margins fell by 166 bps y-o-y to 21.2% versus estimates of 21.5% driven by an adverse product mix.Increased surrender value had a limited impact.VNB grew by 19% y-o-y (~7% below estimates) in Q3. For 9MFY25, VNB growth of 9% y-o-y much below the targeted high mid-teens.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 Life Insurance Company Ltd - Margins a Blip

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<ul><li>ICICI Prudential Life Insurance (IPRU) reported new business APE growth of 28% YoY to INR24.4b (6% miss).</li><li>For 9MFY25, APE grew 28% YoY to INR69.1b.</li><li>VNB margin for the quarter stood at 21.2% vs.</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 Prudential Life Insurance (IPRU) reported new business APE growth of 28% YoY to INR24.4b (6% miss).For 9MFY25, APE grew 28% YoY to INR69.1b.VNB margin for the quarter stood at 21.2% vs.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 Life Insurance - Miss Across Key Parameters; Margin Contracts to 21.2%

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). Bookbuild will begin tomorrow (27th Jan 23) and last till the end of the month.</li>
<li>Adani Enterprises is the flagship company of the Adani Group. The group’s entities' stock performance over the past few years has made the founder one of the richest persons globally.</li>
<li>We have covered most aspects of the deal in our earlier note published. In this note, we talk about the recent updates and the deal pricing and structure.</li>
</ul>


Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). Bookbuild will begin tomorrow (27th Jan 23) and last till the end of the month.
Adani Enterprises is the flagship company of the Adani Group. The group’s entities' stock performance over the past few years has made the founder one of the richest persons globally.
We have covered most aspects of the deal in our earlier note published. In this note, we talk about the recent updates and the deal pricing and structure.


Adani Enterprises US$2.4bn FPO - Updates, Pricing, Structure, Anchor and Some More

India

ICICI Prudential Life Insurance Company Limited of India provides life insurance services. The Company offers claim processing, electronic insurance accounts, and other services. ICICI Prudential Life Insurance conducts its business in India.

ICICI Prudential Life Insurance (IPRU IN)

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ICICI Prudential Life Insurance (IPRU IN)

ICICI Prudential Life (IPRU IN) Vs. ICICI Lombard General (ICICIGI IN): Stat Arb Targeting 5% Return

Long ICICI Prudential Life vs short ICICI Lombard General pair trade targeting a 5 percent mean reversion after recent earnings.

Gaudenz Schneider

GST Exemption: A Catalyst for Growth and Margin Headwinds for ICICI Prudential Life

The GST Council's decision to exempt individual life and health insurance premiums from GST will drive demand but pose challenges for insurers...

Nimish Maheshwari

ICICI Prudential Life Insurance Company Ltd - Margins a Blip

VNB margins fell by 166 bps y-o-y to 21.2% versus estimates of 21.5% driven by an adverse product mix. Increased surrender value had a limited impact.

Sharekhan

ICICI Prudential Life Insurance - Miss Across Key Parameters; Margin Contracts to 21.2%

ICICI Prudential Life Insurance (IPRU) reported new business APE growth of 28% YoY to INR24.4b (6% miss). For 9MFY25, APE grew 28% YoY to INR69.1b.

Motilal Oswal

Adani Enterprises US$2.4bn FPO - Updates, Pricing, Structure, Anchor and Some More

Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). We have covered most of the details in our prior...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ICICI Prudential Life (IPRU IN) Vs. ICICI Lombard General (ICICIGI IN): Stat Arb Targeting 5% Return

Long ICICI Prudential Life vs short ICICI Lombard General pair trade targeting a 5 percent mean reversion after recent earnings.

Gaudenz Schneider

GST Exemption: A Catalyst for Growth and Margin Headwinds for ICICI Prudential Life

​The GST Council's decision to exempt individual life and health insurance premiums from GST will drive demand but pose challenges for insurers...

Nimish Maheshwari

ICICI Prudential Life Insurance Company Ltd - Margins a Blip

VNB margins fell by 166 bps y-o-y to 21.2% versus estimates of 21.5% driven by an adverse product mix. Increased surrender value had a limited impact.

Sharekhan

ICICI Prudential Life Insurance - Miss Across Key Parameters; Margin Contracts to 21.2%

ICICI Prudential Life Insurance (IPRU) reported new business APE growth of 28% YoY to INR24.4b (6% miss). For 9MFY25, APE grew 28% YoY to INR69.1b.

Motilal Oswal

Adani Enterprises US$2.4bn FPO - Updates, Pricing, Structure, Anchor and Some More

Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). We have covered most of the details in our prior...

Sumeet Singh

The GST Council's decision to exempt individual life and health insurance premiums from GST will drive demand but pose challenges for insurers...