External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

Thematic (Sector/Industry)

<ul><li>In Oct’22, the life insurance industry witnessed a decent performance in YoY NBP/APE growth with NBP/APE growing at 15.3%/10.3% YoY but NBP/APE growth moderated to 1.8%/-21.2% MoM.</li><li>The strong growth YoY was largely driven by LIC’s YoY performance.</li><li>In Oct’22, the private players reported overall lacklusture YoY performance with NBP growing at 7.9% YoY but APE declining by 4.3% YoY.</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>

In Oct’22, the life insurance industry witnessed a decent performance in YoY NBP/APE growth with NBP/APE growing at 15.3%/10.3% YoY but NBP/APE growth moderated to 1.8%/-21.2% MoM.The strong growth YoY was largely driven by LIC’s YoY performance.In Oct’22, the private players reported overall lacklusture YoY performance with NBP growing at 7.9% YoY but APE declining by 4.3% YoY.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.

Life Insurance Monthly Performance Tracker - Oct 22

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>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><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>

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>Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY and 48.6/9.8% MoM.</li><li>Strong NBP growth on an MoM basis was largely on account of LIC’s performance.</li><li>In Sep’22, the private players’ performance was quite lacklusture, reporting a de-growth of 13.9%/5.1% YoY in NBP/APE. </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>

Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY and 48.6/9.8% MoM.Strong NBP growth on an MoM basis was largely on account of LIC’s performance.In Sep’22, the private players’ performance was quite lacklusture, reporting a de-growth of 13.9%/5.1% YoY in NBP/APE. 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.

Life Insurance Companies Performance – Sep’22 and H1FY23

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Sector growth pegged at 15% CAGR over the coming decade: Currently, life insurance penetration in India (FY22) stands at 3.2% compared to 3.4-19.2% for Asian peers.</li></ul><div><div><div><div><ul><li>Protection segment expected to grow at a higher rate: We expect the protection segment to grow at a higher rate than the overall APE growth, implying higher sales contribution going forward.</li></ul><div><div><div><div><ul><li>Larger players better placed to capture growth: We see larger players (top 6-8) being most favourably placed to defend/gain market share.</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>

Sector growth pegged at 15% CAGR over the coming decade: Currently, life insurance penetration in India (FY22) stands at 3.2% compared to 3.4-19.2% for Asian peers.Protection segment expected to grow at a higher rate: We expect the protection segment to grow at a higher rate than the overall APE growth, implying higher sales contribution going forward.Larger players better placed to capture growth: We see larger players (top 6-8) being most favourably placed to defend/gain market share.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.

Life Insurance Sector - Structural Story at Attractive Valuations; SBI Life Top Pick

<div><div><div><div><ul><li>The company expects share of retail protection to increase in FY23 driven by low base of last year and strong demand.</li></ul><div><div><div><ul><li>Targeted VNB of Rs26.5bn will be achieved by (1) topline growth (2) margin expansion.</li></ul><div><div><div><div><ul><li>Beyond FY23, the company expects savings to grow in line with the nominal GDP growth.</li></ul></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>

The company expects share of retail protection to increase in FY23 driven by low base of last year and strong demand.Targeted VNB of Rs26.5bn will be achieved by (1) topline growth (2) margin expansion.Beyond FY23, the company expects savings to grow in line with the nominal GDP growth.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.

Life Insurance Sector - Key Takeaways from Conference Meetings

India

SBI Life Insurance Co. Ltd. is a prominent Indian life insurance company, operating as a joint venture between the State Bank of India and BNP Paribas Cardif. The company offers a comprehensive suite of individual and group life insurance and savings products, including traditional plans, unit-linked plans (ULIPs), pension plans, and health plans. It also provides accident, disability, and critical illness insurance. SBI Life Insurance is headquartered in Mumbai, Maharashtra, India, and was founded in October 2000.

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SBI Life Insurance (SBILIFE IN)

Life Insurance Monthly Performance Tracker - Oct 22

In Oct’22, the life insurance industry witnessed a decent performance in YoY NBP/APE growth with NBP/APE growing at 15.3%/10.3% YoY

Axis Direct

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

Life Insurance Companies Performance – Sep’22 and H1FY23

Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY...

Axis Direct

Life Insurance Sector - Structural Story at Attractive Valuations; SBI Life Top Pick

Life insurance stocks have corrected by 9-16% over the last six months vs a correction of 9% and 5.3% in NIFTY50 and Bank Nifty, respectively.

Nirmal Bang

Life Insurance Sector - Key Takeaways from Conference Meetings

Our recent interaction with two life insurance companies indicates strong growth outlook for the life insurance sector. FY23 growth is expected to...

Nirmal Bang

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