Kyle Rudden

<ul>
<li>For better or for worse, the <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india-lic" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corporation of India (LICI IN)</a> IPO is done. Maybe we should start thinking about LIC's Scope 3 "financed emissions" (aka "portfolio emissions").</li>
<li>Financed emissions are investors' "shares" of investees' Scopes 1 and 2. A bit like someone else pulling the trigger, but being sent to the gallows for selling them the gun.</li>
<li>Portfolio emissions are major source of climate-related financial risks, often "hidden" because  financed emissions are grossly under-reported (or, quite commonly, <em>un</em>-reported).</li>
</ul>

Sumeet Singh

Aequitas Research

Equity Capital Markets

<ul>
<li>Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP).</li>
<li>In this note, we will talk about the demand and trading dynamics.</li>
</ul>

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPOs front, LIC's lists tomorrow, while Delhivery's bookbuild wasn't great.</li>
<li>There were no major placements this week, with even Air New Zealand failing to hold its deal price.</li>
</ul>

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPOs front, LIC's anchor book wasn't great while Delhivery finally launched its IPO and Hong Kong market saw its first launch in a while.</li>
<li>Placements remained few and far between with only <a href="https://www.smartkarma.com/entities/air-new-zealand-ltd" target="_blank" data-smartkarma-citation="entities:815:1" rel="noopener">Air New Zealand (AIR NZ)</a> launching its shortfall bookbuild.</li>
</ul>

Nirmal Bang

Equity Bottom-Up

<div><div><div><div><ul><li>LIC is the largest player: LIC is the largest life insurance company in India.</li></ul><div><div><div><div><ul><li>Product mix dominated by PAR products: As of Dec ‘21, individual business accounted for 70% of the total APE compared to 70.8% as of FY21 and 73.6% as of FY20.</li></ul><div><div><div><div><ul><li>Distribution is mainly agency-led: Primary distribution channel for individual business is agency, which accounted for 96.2% of NBP for individual products as of Dec ‘21.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><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>

India

Life Insurance Corporation of India operates as an insurance company. The Company provides life, pension, health, and micro insurance products and services. Life Insurance serves customers in India.

Life Insurance Corp of India (LIC) - LICI IN

Description