External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>ICICI Pru Life – tracking well: For May’22, the company reported 36.2% YoY growth in individual APE. In FY22, its individual APE was up 15.5%.</li></ul><div><div><div><div><ul><li>HDFC Life – upbeat on protection: In May’22, the no. of individual policies sold increased by 13.7% YoY. Individual APE for May’22 was up 51.8% YoY (up 16.4% in FY22).</li></ul><div><div><div><div><ul><li>SBI Life – outperformer: SBI Life has reported individual APE growth of 193.6% YoY for May’22, aided by a low base.</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>

ICICI Pru Life – tracking well: For May’22, the company reported 36.2% YoY growth in individual APE. In FY22, its individual APE was up 15.5%.HDFC Life – upbeat on protection: In May’22, the no. of individual policies sold increased by 13.7% YoY. Individual APE for May’22 was up 51.8% YoY (up 16.4% in FY22).SBI Life – outperformer: SBI Life has reported individual APE growth of 193.6% YoY for May’22, aided by a low base.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 - Strong Momentum Aided by Low Base; SBI Life Ups Market Share

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

Equity Bottom-Up

<div><ul><li>The company’s AUM reported a robust growth of 21% YoY to Rs 3,283 Bn. SBIL’s APE grew 4.5% YoY.</li><li>VNB margin moderated to 28.8% from 30.1% in Q4FY23, witnessing a contraction of 130bps QoQ mainly due to an increase in ULIP.</li><li>The cost ratio improved from 11.2% in Q1FY23 to 10.8% in Q1FY24.</li></ul></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’s AUM reported a robust growth of 21% YoY to Rs 3,283 Bn. SBIL’s APE grew 4.5% YoY.VNB margin moderated to 28.8% from 30.1% in Q4FY23, witnessing a contraction of 130bps QoQ mainly due to an increase in ULIP.The cost ratio improved from 11.2% in Q1FY23 to 10.8% in Q1FY24.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.

<ul>
<li>SBIL presently has best-in-class VNB margins and the management expects margins to be in the range of 28 to 30% for FY23.</li>
<li>An increase in agency force by ~46,000 will allow the company to have strong growth going ahead.</li>
<li>A strong distribution channel and healthy persistency ratio (13th month at 84.5% and 61st month at 53.6%) will aid SBIL to gain market share going forward.</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>


SBIL presently has best-in-class VNB margins and the management expects margins to be in the range of 28 to 30% for FY23.
An increase in agency force by ~46,000 will allow the company to have strong growth going ahead.
A strong distribution channel and healthy persistency ratio (13th month at 84.5% and 61st month at 53.6%) will aid SBIL to gain market share going forward.

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.

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>SBILIFE has delivered a robust NBP growth of 26% in FY23YTD, outperforming the leading private players.</li><li>We estimate SBILIFE to deliver an APE CAGR of 26% over FY22-24, the highest in our LI coverage universe.</li><li>The company’s premium mix has improved with the share of annuity and protection in total NBP increasing 900bp over the last three years, while the mix of ULIP/PAR has reduced.</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>

SBILIFE has delivered a robust NBP growth of 26% in FY23YTD, outperforming the leading private players.We estimate SBILIFE to deliver an APE CAGR of 26% over FY22-24, the highest in our LI coverage universe.The company’s premium mix has improved with the share of annuity and protection in total NBP increasing 900bp over the last three years, while the mix of ULIP/PAR has reduced.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.

SBI Life Insurance - Well Poised to Capture Growth Opportunities

<div><ul><li>RoEV grows 9% YoY - <span style="font-size: var(--content-font-size);">SBILIFE reported a soft 4QFY22 with APE growth of 4% YoY and flattish VNB growth (missed our estimate by 2%).</span></li></ul><div><div><div><div><ul><li>Premium growth modest; methodology change drives robust EVOP growth</li><li>Highlights from the management commentary - SBILIFE launched a new product during the quarter namely – SBI Life Smart Platina plus. </li></ul></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>

RoEV grows 9% YoY - SBILIFE reported a soft 4QFY22 with APE growth of 4% YoY and flattish VNB growth (missed our estimate by 2%).Premium growth modest; methodology change drives robust EVOP growthHighlights from the management commentary - SBILIFE launched a new product during the quarter namely – SBI Life Smart Platina plus. 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.

SBI Life Insurance - Performance in Line with Modest Premium Growth

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)

SBI Life Insurance - Steady Performance

VNB margin moderated to 28.8% from 30.1% in Q4FY23, witnessing a contraction of 130bps QoQ mainly due to an increase in ULIP.

Axis Direct

SBI Life Insurance - Steady Performance

SBIL presently has best-in-class VNB margins and the management expects margins to be in the range of 28 to 30% for FY23.

Axis Direct

SBI Life Insurance - Well Poised to Capture Growth Opportunities

SBILIFE has delivered a robust NBP growth of 26% in FY23YTD, outperforming the leading private players. We estimate SBILIFE to deliver an APE CAGR...

Motilal Oswal

SBI Life Insurance - Performance in Line with Modest Premium Growth

RoEV grows 9% YoY - SBILIFE reported a soft 4QFY22 with APE growth of 4% YoY and flattish VNB growth (missed our estimate by 2%).

Motilal Oswal

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Life Insurance Sector - Strong Momentum Aided by Low Base; SBI Life Ups Market Share

May’22 life insurance industry numbers indicate strong momentum in sales, aided by a favorable base. YTD sales are up 72.6% YoY for the insurance...

Nirmal Bang

SBI Life Insurance - Steady Performance

VNB margin moderated to 28.8% from 30.1% in Q4FY23, witnessing a contraction of 130bps QoQ mainly due to an increase in ULIP.

Axis Direct

SBI Life Insurance - Steady Performance

SBIL presently has best-in-class VNB margins and the management expects margins to be in the range of 28 to 30% for FY23.

Axis Direct

SBI Life Insurance - Well Poised to Capture Growth Opportunities

SBILIFE has delivered a robust NBP growth of 26% in FY23YTD, outperforming the leading private players. We estimate SBILIFE to deliver an APE CAGR...

Motilal Oswal

SBI Life Insurance - Performance in Line with Modest Premium Growth

RoEV grows 9% YoY - SBILIFE reported a soft 4QFY22 with APE growth of 4% YoY and flattish VNB growth (missed our estimate by 2%).

Motilal Oswal