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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

ICICI Prudential Life Insurance / Equity Bottom-Up

<p>ICICI Prudential Life (IPRU) posted ~16% YoY growth in New Business APE, led by healthy trends in the Protection (19% YoY) and ULIP businesses. Protection growth was supported by higher growth in the Credit Life business, led by improved credit demand and an increase in product pricing. Shareholder PAT stood at INR3.1b (~2% YoY growth). VNB grew ~20% YoY to INR5.15b (~13% beat). This was led by better-thanestimated APE growth and healthy margins at 26.7%.</p><div class="content-highlight"><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></div>

ICICI Prudential Life (IPRU) posted ~16% YoY growth in New Business APE, led by healthy trends in the Protection (19% YoY) and ULIP businesses. Protection growth was supported by higher growth in the Credit Life business, led by improved credit demand and an increase in product pricing. Shareholder PAT stood at INR3.1b (~2% YoY growth). VNB grew ~20% YoY to INR5.15b (~13% beat). This was led by better-thanestimated APE growth and healthy margins at 26.7%.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.

Healthy margins drive VNB beat; persistency trends steady

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.

Equity Capital Markets

<ul>
<li>Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO. Below its target of US$979m.</li>
<li>SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.</li>
<li>In this note we will talk about the subscription levels and trading dynamics.</li>
</ul>


Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO. Below its target of US$979m.
SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.
In this note we will talk about the subscription levels and trading dynamics.


Star Health Insurance IPO Trading - Previous Large IPO with Under Subscription Felt a Lot of Pain

<ul>
<li>PB Fintech, India’s largest online platform for insurance and lending products, raised  US$793m via selling a mix of primary and secondary shares in its India IPO.</li>
<li>The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.</li>
<li>In this note, we will talk about the updates since our last note.</li>
</ul>


PB Fintech, India’s largest online platform for insurance and lending products, raised  US$793m via selling a mix of primary and secondary shares in its India IPO.
The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.
In this note, we will talk about the updates since our last note.


PB Fintech (Policybazaar) IPO Trading - Mixed Bag Demand

<p>IPRU posted ~35% YoY growth in new business APE, led by healthy trends in the Annuity segment (~67% YoY), while ULIP growth bounced back strongly (~44% YoY). Protection growth was aided by Credit Life/Group Term, while Retail Protection growth stood weak. On the distribution side, growth was supported across all channels (barring ICICIBC). IPRU continued to improve its distribution mix by adding new partners and agents. VNB grew ~28% YoY to INR5.2b (~7% miss).</p><div class="content-highlight"><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></div>

IPRU posted ~35% YoY growth in new business APE, led by healthy trends in the Annuity segment (~67% YoY), while ULIP growth bounced back strongly (~44% YoY). Protection growth was aided by Credit Life/Group Term, while Retail Protection growth stood weak. On the distribution side, growth was supported across all channels (barring ICICIBC). IPRU continued to improve its distribution mix by adding new partners and agents. VNB grew ~28% YoY to INR5.2b (~7% miss).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.

Strengthened distribution and product mix drives growth; persistency trends stable

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

ICICI Securities Limited

<p>ICICI Prudential Life’s (IPRU) business strategy has over the years diversified well enough to remove dependence on ULIPs, any particular bank as well as retail protection. This makes the business more resilient and flexible to adapt to changing consumer demand and was the main reason for our multiple upgrades last quarter.</p><div class="content-highlight"><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></div>

ICICI Prudential Life’s (IPRU) business strategy has over the years diversified well enough to remove dependence on ULIPs, any particular bank as well as retail protection. This makes the business more resilient and flexible to adapt to changing consumer demand and was the main reason for our multiple upgrades last quarter.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.

Business mix more balanced than ever; volume vs margin pose near-term quandary

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)

Healthy margins drive VNB beat; persistency trends steady

ICICI Prudential Life (IPRU) posted ~16% YoY growth in New Business APE, led by healthy trends in the Protection (19% YoY) and ULIP businesses....

Motilal Oswal

Star Health Insurance IPO Trading - Previous Large IPO with Under Subscription Felt a Lot of Pain

Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its...

Sumeet Singh

PB Fintech (Policybazaar) IPO Trading - Mixed Bag Demand

PB Fintech, India’s largest online platform for insurance and lending products, raised US$793m via selling a mix of primary and secondary shares...

Sumeet Singh

Strengthened distribution and product mix drives growth; persistency trends stable

IPRU posted ~35% YoY growth in new business APE, led by healthy trends in the Annuity segment (~67% YoY), while ULIP growth bounced back strongly...

Motilal Oswal

Business mix more balanced than ever; volume vs margin pose near-term quandary

ICICI Prudential Life’s (IPRU) business strategy has over the years diversified well enough to remove dependence on ULIPs, any particular bank as...

ICICI Securities Limited

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