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IPRU stagnating at lower RoEV trajectory Our view – Margin decline tempers benefit from growth traction VNB margin – Calculated VNB margin declined on sequential basis on the back of product mix change and pricing issues: The VNB margin for 2QFY25 was 23.4%, down -64 bps QoQ and -458bps YoY. While the share of linked business was steady, the share of Par has gone up sequentially. Secondly, in 2Q, the company was not able to change the pricing on Non-Par and Par products as r...
Add ICICI Prudential Life Ltd For Target Rs.850 By Yes Securities Ltd
Building a robust business model * IPRU held an analyst meet to outline its granular strategy that has helped it deliver industry-beating growth in the past few months and will be key to maintaining the growth momentum in the medium term. * The company has reiterated its target to grow at a faster rate than the industry in a profitable manner. * From Oct’24, new surrender charges will be implemented and the company is getting its products ready to sell in the new environment. W...
Buy ICICI Prudential Life Insurance Ltd For Target Rs. 890 By Motilal Oswal Financial Services Ltd
APE, VNB miss estimates; margin down 600bp YoY Minimal impact of surrender charges * In 1QFY25, ICICI Prudential Life Insurance (IPRU) reported 34.4% YoY growth in APE to INR19.6b (4% miss). APE in ULIPs grew 78% YoY, while protection and ex-ULIP individual savings segments reported a moderate APE growth of 3.2% YoY and 10% YoY, respectively. * VNB grew 8% YoY to INR4.7b (6% miss). VNB margins declined to 24% in 1QFY25 (down 600bp YoY) vs. our estimate of 24.5%. * Considering the...
Buy ICICI Prudential Life Insurance Ltd For Target Rs. 740 By Motilal Oswal Financial Services
Margin and growth outcomes improve but positives are somewhat priced in Our view – Product level margin focus aids VNB margin whereas ULIP and annuities drive growth VNB margin – VNB margin rose YoY, with the company continuing to focus on improving product level margin: The VNB margin for 1QFY25 was 24.0%, down -593 bps QoQ but up 258bps YoY. Management stated that it is more appropriate to look at the evolution of margin in 1QFY25 compared with FY24 as a whole as opposed t...
Add ICICI Prudential Life Insurance Ltd For Target Rs.750 by Yes Securities
Shares of state-run insurer Life Insurance Corporation of India (LIC) on Friday touched a new lifetime high of Rs 1,178.60 on the Bombay Stock Exchange (BSE). Earlier the stock had hit its lifetime high of Rs 1,175 a share, on February 9 this year. LIC's shares have rallied almost 80 per cent over the last one year, following strong operational performance or positive sentiment for PSU shares among the investors. The stock has given 38.61 per cent return much higher than t...
LIC stock hits new lifetime high of Rs 1,178.60
India's SBI Life Insurance Company posted a 36% rise in first-quarter profit on Wednesday, as premiums were boosted by strong demand for market-linked products. The insurer's profit rose to 5.2 billion rupees ($62 million) for the three months ended June 30 from 3.81 billion rupees, a year earlier. Net premium income increased about 15%, while investment income rose 32%. Demand for market-linked insurance plans (ULIPs) has jumped sharply in recent quarters driven by a r...
India's SBI Life posts higher Q1 profit on demand for market-linked policies
India's largest insurance company, LIC's shares railed 78 per cent over the last one year, following strong operational performance or positive sentiment for PSU shares among the investors. LIC (Life Insurance Corporation of India) share price was Rs 1,101 at 12:30 p.m. on Thursday, which was Rs 620 on July 18, 2023. The company's revenue in the financial year 2023-24 has been Rs 8.46 lakh crore, which was Rs 7.84 lakh crore in the financial year 2022-23. During this p...
LIC shares surge nearly 80 per cent in one year
Higher costs and adverse product mix impact VNB Guides APE growth in line with industry and steady VNB margins * In 4QFY24, ICICI Prudential Life Insurance (IPRU) reported 9.6% YoY growth in APE to INR36.16b. The protection and ex-ULIP individual savings segments declined YoY by 4.6% and 19.9%, respectively. ULIPs grew 77% YoY. * VNB declined 26% YoY to INR7.8b (19% miss), due to a sharp correction in margins to 21.5% (down 140bp QoQ) vs. our estimate of 26%. In FY24, APE stood at ...
Buy ICICI Prudential Life Insurance Ltd.For Target Rs. 700 By Motilal Oswal Financial Services
Higher costs and adverse product mix impact VNB Guides APE growth in line with industry and steady VNB margins * In 4QFY24, ICICI Prudential Life Insurance (IPRU) reported 9.6% YoY growth in APE to INR36.16b. The protection and ex-ULIP individual savings segments declined YoY by 4.6% and 19.9%, respectively. ULIPs grew 77% YoY. * VNB declined 26% YoY to INR7.8b (19% miss), due to a sharp correction in margins to 21.5% (down 140bp QoQ) vs. our estimate of 26%. In FY24, APE stood at I...
Buy ICICI Prudential Life Insurance Ltd. For target Rs.700 By Motilal Oswal Financial Services
Sustainable performance; positive outlook ICICI Prudential Life Insurance Co. Ltd. (IPRU), a joint venture between ICICI Bank and Prudential Corp. Holdings, offers life, health and pension products. * In Q4FY24, net premium income rose 17.1% YoY to Rs. 14,788cr, driven by robust growth in non-par life insurance, annuity non-par, and linked life. The Annualised Premium Equivalent (APE) grew 9.5% YoY in Q4FY24, underpinned by a strong distribution network and digital support. * V...
Buy ICICI Prudential Life Insurance Co. Ltd. For Target Rs.670 By Geojit Financial Services Ltd
ICICI Prudential Life Insurance Company Ltd * ICICIPRULI has in an overall uptrend forming series of higher highs and lows with gradual rise in volumes. * The stock is outperforming the market and its peers suggests inherent strength in price. * It has witnessed a breakout from the elevated basing pattern and has reclaimed its short term moving average. * Traders can consider fresh longs in the mentioned range. Buy ICICI ...
Stock of the day : Icici Prudential Life Insurance Comp Ltd For Target Rs.630 - Religare Broking
Steady increase in premium income: ICICI Prudential Life Insurance reported healthy top-line growth as the net premium income increased by 17.1% YoY to Rs 14,788cr. Both first year premium and single premium showed strong growth of 11.9%/20.7% YoY while renewal premium increased by 16.6%. The insurance launched new products across segment which gained traction during the year and saw healthy premium sale. The management expect such growth momentum to continue going forward in FY25 Margins ...
Accumulate ICICI Prudential Life Insurance Company Ltd for target Rs. 670 - Religare Broking Ltd
The Reserve Bank of India (RBI) will conduct auctions for all central government securities through multiple price-based method from this financial year, nearly three years after it changed its methodology, the central bank said on Monday. Barring the ultra-long duration which consists of bonds maturing in 30 years and above, the RBI conducted auctions for bonds through uniform-based pricing since July 2021. Under the multiple price auctions, buyers are allotted bonds at the price they ...
India central bank reverts to multiple price auctions after 3 years
ICICI Prudential Life Insurance Company Ltd * ICICPRULI ended its 8 months corrective phase after registering a decisive breakout from falling parallel channel. * After recent dip, it rebounded strongly finding support around its previous resistance zone and 10 EMA on the weekly chart. * Following price action combined with positive positioning of the momentum indicator, price looks set to surpass its previous swing high. * We thus recommend creating fresh longs in ...
Stock of the day : ICICI Prudential Life Insurance Company Ltd For Target Rs.610- Religare Broking
India's government bond yield curve is poised to flatten further in the coming weeks as long-term interest rates fall on strong demand for longer-term securities, bank treasury officials said. The curve is the flattest in nine months, with the spread between the central bank policy rate and benchmark bond yield easing to 50 basis points on Monday, from 90 bps in October. The last time the spread was in negative territory was in March 2015, LSEG data showed. India's 10-y...
India bond yield curve to flatten more as long-term rates fall, treasury officials say
ICICI Prudential Life Insurance Comp Ltd * ICICIPRULI has been in corrective phase from past more than 7 months but now it showing some sign of trend reversal. * It has registered a breakout from the descending channel with noticeable volumes. * Stock has reclaimed above its long term moving average i.e. 200 DEMA compliments bullish bias on price. * We thus recommend creating fresh longs in the mentioned range. Buy ICICI Prudential Life Insurance Comp Ltd CMP 538....
Stock of the day : ICICI Prudential Life Insurance Comp Ltd For Target Rs. 565 - Religare Broking
Guides for a double-digit growth in 4QFY24 * ICICI Prudential Life Insurance (IPRU) reported a 4.7% YoY growth in APE (9.5% higher than estimated) to INR19.1b in 3QFY24. In 3QFY24, protection/ULIP segments rose 5.3%/8.9% YoY but the group segment declined 15.5% YoY. * VNB declined 29% YoY to INR5.4b (15% miss), due to a moderation in margins. VNB margin for the quarter stood at 22.9% (-510bp QoQ) vs. our estimate of 29.5%. For 9MFY24, APE stood at INR54.3b and VNB was at INR14.5b, with ...
Buy ICICI Prudential Life Insurance Ltd For Target Rs.580- Motilal Oswal
Life Insurance Corporation of India reported a nearly 50% rise in third-quarter profit on Thursday, as it moved more money to a shareholders' fund. LIC, India's largest insurer, posted a profit after tax of 94.44 billion rupees ($1.14 billion) for the quarter ended Dec. 31, up from 63.34 billion rupees a year ago. The company transferred 76.92 billion rupees from its non-participating fund to a shareholders' fund for the quarter, it said. LIC had transferred 56.70 billion rupees i...
India`s LIC posts Q3 profit rise on higher shareholders` fund transfer
Flat premium income growth, margins continue to contract Weak premium income growth: ICICI Prudential Q3FY24 net premium income increased by 4.9% YoY to Rs 9,929 Cr which was mainly led by first year premium growth of 11.3% YoY. Income from investment was the driver for growth with 111.3% YoY to Rs 16,315 Cr. APE/NBP both increased by 4.8% YoY, however, declined by 7.5%/5.6% QoQ. Commission expenses and expenses of management (EOM) dragged down the profitability during the quarter; hence, ...
Buy ICICI Prudential Life Insurance Company Ltd. For Target Rs.577 - Religare Broking Ltd
Shares of India's ICICI Prudential Life Insurance fell 10% on Thursday after weak demand led to a sharp contraction in new business margins. Shares of the company fell to an eight-month low, marking the biggest slide since Feb. 1, when India announced a plan to tax the total returns of policies with returns exceeding 500,000 rupees at maturity. The life insurer, which reported third-quarter results on Wednesday, said its expected profit margin from new policies declined to 26.7% for...
India's ICICI Prudential slumps as new business margins slide
The Reserve Bank of India (RBI) has given its approval to ICICI Prudential Asset Management Company Limited (I-Pru AMC) and ICICI Prudential Life Insurance Company Limited (I-Pru Life) to acquire “aggregate holding” of up to 9.95 per cent of paid-up share capital or voting rights in RBL Bank Limited. The approval has been granted with reference to an application submitted by I-Pru AMC and I-Pru Life to RBI. As per the RBI letter, I-Pru AMC and I-Pru Life have been accorded t...
RBI permits ICICI-Pru AMC and ICICI-Pru Life to acquire up to 9.95% stake in RBL Bank
ICICI Prudential Life Insurance and Ujjivan Small Finance Bank (Ujjivan SFB), a leading small finance bank, have entered into a bancassurance partnership for the distribution of life insurance products. Under the partnership, Ujjivan SFB, will offer the entire suite of ICICI Prudential Life’s customer-friendly protection, long-term savings and retirement products to its customers through its extensive network of 700+ branches across 26 states and Union Territories. Life insurance is ...
ICICI Prudential Life Insurance and Ujjivan Small Finance Bank forge Bancassurance Partnership
According to the latest Insurance report from Emkay Global Financial Services, the private life insurance industry clocked a robust 19.8% YoY Retail APE growth in Oct-23, on a favorable base of Oct-22 (up almost 3% YoY, owing to Diwali holidays). Owing to the stronger base of Nov-22 and Diwali festivities this year coming in November, Emkay Global Financial Services expects some slowdown in growth during Nov-23. With private players continuing to log robust growth momentum, the l...
Private Life insurance industry reports strong growth in retail APE for October 2023; expect slowdown in growth during November 2023: Emkay Global Financial Services
India's SBI Life Insurance Co Ltd reported a near-flat quarterly profit on Friday as higher expenses offset a surge in premium income. SBI Life, one of India's largest life insurers, reported profit after tax of 3.8 billion rupees ($45.66 million) for the three months ended Sept. 30, compared with 3.77 billion rupees a year earlier. Net premium income rose 21.7% to 200.5 billion rupees from 164.77 billion rupees, while expenses surged 22.1%, mainly due to higher commissions and ...
India`s SBI Life reports flat Q2 profit as higher expenses weigh
Slow paced revenue growth along with increased commission: ICICI Prudential reported Q2FY24 net premium income growth of 4.6% YoY to Rs 10,022 Cr which was led by single premium which grew by 7% YoY to Rs 3,005 Cr. Annualized Premium Equivalent (APE) increased by 3% YoY to Rs 2,063 Cr remaining slightly below consensus. Net commission during the quarter increased by 87% YoY to Rs 771 Cr due to the regulatory norms leading to increase in overall cost ratio to 26.2% from 21.6% in Q2FY23. ...
Buy ICICI Prudential Life Insurance Comp Ltd For Target Rs. 640 - Religare Broking
Result Highlights (See ?Our View? below for elaboration and insight)? VNB margin: Calculated VNB margin decreased by -200bps QoQ to 28.0% driven lower mainly due change in business mix? VNB growth: VNB grew/de-grew 31.7%/-7.1% QoQ/YoY, where the YoY de- growth was aided by deterioration of -308bps in calculated VNB margin? APE growth: New business APE grew 41.1% QoQ and 3.2% YoY, where the sequential growth was driven by Savings Linked and Group Funds segments? Expense control:...
Add ICICI Prudential Life For Target Rs. 625 - Yes Securities
VNB margin hit by adverse product mixPersistency trend healthy across cohorts * ICICI Prudential Life Insurance (IPRU) reported a 3.2% YoY growth in APE (in line) to INR20.6b in 2QFY24. The protection segment grew 2.6% YoY while the annuity segment declined 6.7% YoY during the quarter.* VNB declined 7% YoY to INR5.8b (8% miss) due to moderation in margins. VNB margin for the quarter stood at 28.0% (a 200bp QoQ decline) vs. MOSLe of 30.4%. For 1HFY24, APE stood at INR35.2b and VNB was at ...
Buy ICICI Prudential Life Insurance Comp Ltd For Target Rs. 600 - Motilal Oswal Financial Services
India's ICICI Prudential Life Insurance Company on Tuesday reported a 22.4% rise in its second-quarter profit, driven by higher premium collections.The ICICI Bank-backed insurer's profit after tax rose to 2.44 billion rupees ($29.31 million) for the quarter ended Sept. 30, compared with 1.99 billion rupees a year earlier.ICICI Prudential said its net premium income rose nearly 5% in the September quarter, despite the government withdrawing tax incentives on high-value life insurance starting ...
India`s ICICI Prudential posts 22% Q2 profit rise on higher premium collections
Bharti Group will acquire French insurer AXA's 49% stake in Bharti AXA Life Insurance Co, the Indian conglomerate said on Wednesday, taking full control of a venture that was jointly run for nearly two decades.It was not immediately clear if the deal marks the French insurer's exit from the South Asian country. Meanwhile, Bharti said it was in talks with other investors to scale up the business by partnering or combining with their entities.Bharti and AXA did not immediately respond to Reuter...
India`s Bharti Group to buy out French partner AXA`s stake in JV
ICICI Prudential Life Insurance Company Ltd* ICICIPRULI has been in a steady uptrend from past more than 6 months. * It has witnessed a breakout from brief consolidation while holding above its short term average. * The chart pattern combined with strong volumes suggests resumption in up trend.* We thus recommend creating fresh longs in the mentioned zoneBuy ICICI Prudential Life Insurance Company Ltd CMP 595.00; Range 593-597; SL 578; Target 630Please ref...
Stock of the day : ICICI Prudential Life Insurance Company Ltd For Target Rs. 630 - Religare Broking Ltd
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