Daily Brief Financials: AU Small Finance Bank Limited, ICICI Prudential Life Insurance, Hang Seng Index, ICICI Prudential AMC, US Treasury (10 Yr Generic), Willis Towers Watson , Block , Clip Money , Asr Nederland Nv and more

• AU Small Finance Bank Limited (AUBANK IN) has received approval from the Ministry of Finance to increase its Foreign Ownership Limit from 49% to 74% (the maximum permitted).
• The increased FOL will result in passive inflows from global index trackers in February and March. The inflows are multiple days of ADV.
• There has been little increase in positioning. The increased Foreign Ownership Limit and the passive flows to come could lead to the stock moving higher over the next few weeks.

• ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO.
• IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
• We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

• The Hang Seng Index (HSI INDEX) rally has lost traction since mid-September. The index seems to be approaching a corrective phase.
• Our model signaled a modestly overbought state at the end of last week, but the index went down pretty fast this week: it has already breached the median support (25440). 
• This insight will analyze the model to find support entry zones to play short-term rallies or to take profit from hedges. 

• ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
• It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
• The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.

• We maintain our near-term bullish outlook on S&P 500 (SPX) and Nasdaq 100 (QQQ), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we were neutral.
• Our intermediate-term bullish outlook has been in place since 5/14/25. We’ll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold.
• Additionally, as discussed last week (12/2/25) we believe SPX, QQQ, and Russell 2000 (IWM) are in the midst of a new lockout rally, which is likely to run through early-2026

• WTW is a leading global advisory, broking, and solutions company with a strong market position, diversified revenue streams across its Health, Wealth & Career and Risk & Broking segments, and a broad global presence serving 140 countries.
• The company is executing on a ‘Grow, Simplify, Transform’ strategy, focusing on organic growth, operational efficiency, and portfolio optimization. This has resulted in improved margins and a strong outlook for continued mid-single-digit organic revenue growth.
• Capital allocation strategy emphasizes shareholder returns, with plans for approximately $1.5 billion in share repurchases in 2025, alongside a renewed focus on strategic bolt-on acquisitions and a joint venture to re-enter the treaty reinsurance market.

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• In its third quarter of 2025 financial performance, Block, the company behind Cash App and Square, exhibited a strong trajectory driven by notable achievements in different segments.
• The company’s reported gross profit surged by 18% year-over-year to $2.66 billion, marking acceleration from the 14% growth recorded in the preceding quarter.
• This growth was spurred largely by the performance of Cash App, which saw a 24% year-over-year increase in its gross profit—an improvement from the 16% growth in the second quarter.

• Clip Money is a rapidly growing NCR-backed start-up based in Ottawa, Canada, and operating in Canada and the US.
• It is helping physical stores and businesses quickly, safely, and less expensively deposit cash into their bank accounts, as well as replenishing notes and coins for store operations.
• The company uses its proprietary software platform to facilitate cash management, and its network is made up of a network of DropBoxes, NCR ATMs located in retail outlets and certain Green Dot locations starting with a large chain store in the US.

• In this edition: • a.s.r. Nederland | approval to use PIM lifts Solvency II ratio by 10-12%-points • Wolters Kluwer | convincing teach-in on AI • Dutch politics | coalition talks continue with three parties