Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Union Budget
Budget 2011-2012 Home
Industry Expectations - Budget 2011-2012
Industry Reactions - Budget 2011-2012
Budget 2010-2011
Budget 2010-2011 Home
Industry Expectations - Budget 2010-2011
Industry Reactions - Budget 2010-2011
Contributor's Corner
Bonanza Portfolio
Hemant K Gupta
Krish Bhatt
S A A R T H I
Trinity Investments
Exchange Information
BSE 2009 Holidays
NSE 2009 Holidays
Investor Guide
Depository & Dematerialisation
Grievance Redressal
Investor Guide
SEBI
Trading of Securities
Transfer of Securities
Your Rights
Budget 2009-2010
Budget 2009-2010 Home
Industry Expectations - Budget 2009-2010
Industry Reactions - Budget 2009-2010
Interim Budget 2009-2010 Home
Industry Expectations - Interim Budget 2009
Budget 2008-2009
Railway Budget 2008-2009
Industry Expectations - Budget 2008
Union Budget 2008-2009
Highlights of Budget 2008-2009
Summary of Budget 2008-2009
Industry Reactions - Budget 2008
IPOs
Current IPOs
Past IPOs
IPO Subscription
Mutual Funds
Gold Exchange Traded Fund
MF Unique Holding
Forthcoming Dividends
ELSS Schemes Comparison
Tax Plans
New Fund Offers
Research
Arbitrages
Equity
Market Whispers
Tax Planning
Home
Equity Linked Savings Scheme
Post Office MIS
9% GOI Senior Citizens Savings Scheme
8% Savings (Taxable) Bonds
Kisan Vikas Patra
National Savings Certificate
Public Provident Fund
Research

| More

ICICI Prudential Life Insurance Company Ltd - IPO Note - Religare

Posted On: 2016-09-18 20:03:02

ICICI Prudential Life Insurance Company Ltd (IPru), incorporated on July 2000, is a joint venture between ICICI Bank (68% stake) and UK's Prudential Corporation Holdings (22% stake). They offer their customers a range of life insurance, health insurance and pension products and services.

IPru is the largest private sector life insurer in India by total premium in FY16. It competes principally with other large life insurance companies in India, such LIC, HDFC Standard Life, SBI Life, Max Life and Kotak Mahindra Old Mutual Life.

Among all insurance companies in India (public and private sector), company has 11.3% market share on a retail weighted received premium basis. On a similar basis, Company's market share among the 23 private sector life insurance companies in India stood at 21.9%.

IPru has built a strong bancassurance channel by leveraging strategic relationship with controlling shareholder, ICICI Bank. They believe that they are at the forefront of leveraging technology in the Indian life insurance sector, with their focus on digitisation and transformation of sales, customer on-boarding and internal processes. Company has 121,016 individual agents and their bank partners have over 4,500 branches.

The Company also has a wholly owned subsidiary, ICICI Prudential Pension Funds Management Company Limited, which is registered as a fund manager with the Pensions Fund Regulatory and Development Authority of India.

Outlook and valuation:

IPru will be India's first insurer to hit the capital markets. Promoters, ICICI Bank will sell its 12.7% stake in the IPO, while Prudential will not dilute any of its holding. At the upper end of the price band, the IPO will raise Rs 6,057cr, making it the fifth largest IPO in the domestic market and biggest since Coal India's in 2010. In FY16, IPru's gross premium income was Rs 19,164cr, which comprised Rs 4,924cr of retail new business regular premium, Rs 432cr of retail new business single premium, Rs 11,995cr of retail renewal premium and Rs 1,813cr of group premium. Value of new business has gone up 52.6% YoY to Rs 412cr in FY16. Since FY02, it has consistently generated the most new business premium on a retail weighted received premium basis among all private sector insurers in India.

IPru has the highest proportion of revenue coming from Ulips (82% of its new business premium). Ulips are cyclical and so prone to volatility. Also, IPru's new business profit is lower than peers that have bank-led insurance models. Embedded Value (EV) of IPru is Rs 13,939cr. The only other listed player in life insurance space is Max Financial Services India with an EV of Rs 5,617cr (FY16). IPru 's valuations are at 3.1-3.4x FY16EV and Max's valuation stands at 2.9x FY16EV. However, post HDFCLife-Max merger, IPru's valuations are likely to be cheaper.

Shares of ICICI BANK LTD. was last trading in BSE at Rs.267.55 as compared to the previous close of Rs. 270.65. The total number of shares traded during the day was 1811766 in over 9935 trades.

The stock hit an intraday high of Rs. 275.6 and intraday low of 266.4. The net turnover during the day was Rs. 489688594.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

The Pitch Report - Call Update: Bombay Burmah Trading Corporation - BUY - TP Rs.2025
Views on Wipro Limited Q2FY2018 Results: Angel Broking
IndusInd Bank Q2FY18 Result Update - Rating - HOLD - Arihant Capital Markets
Insurance: Select large players drive growth - Kotak
Views on Tata Consultancy Services Limited Q2FY2018 Results: Angel Broking
Metals & Mining (Attractive): 2QFY18 preview-good for all - Kotak
Energy: 2QFY18E preview—strong quarter across the board - Kotak
South Indian Bank (SIB IN) - Earnings update - PAT declined owing to exceptional provision - CSEC Research
The Pitch Report - Call Update: BBTC - ACCUMULATE - TP Rs.1613 - Kotak
Result Update: Cyient Ltd - ACCUMULATE - TP Rs.576 - Kotak
Result Update: TV18 Broadcast Ltd - BUY - TP Rs.50 - Kotak
Lakshmi Vilas Bank (LVB IN) - Earnings update - Provisions surged leading to steep fall in PAT - CSEC Research
Cement prices - on a weak footing - Kotak
Company Update: Engineers India Ltd - BUY - TP Rs.182 - Kotak
Company Update: Insecticides (India) Ltd - SELL - TP Rs.830 - Kotak
Logistics: Another blow to the e-way bill and thus to prospects of formalizing the sector - Kotak
Cement: 2QFY18 preview-healthy volumes, costs outweigh realizations - Kotak
Company Update: Time Technoplast Ltd - ACCUMULATE - TP Rs.216 - Kotak
Bumper profits ahead for Natco Pharma: Angel Broking
Banks : More questions than answers : New pricing regime likely to be introduced to replace MCLR/base rate - Kotak
Economy: RBI retains inflation focus - Kotak
BFSI : 2QFY18 preview: muted quarter for banks; stronger for NBFCs - Kotak
Telecom: LTE - 40% of data users, 80%+ of usage - Kotak
Energy - OMCs (BPCL | HPCL | IOCL): Some relief, but not enough - Kotak
Auto sales numbers for the month of September: Angel Broking
Technology: Accenture FY2018 guidance signals no change in demand trend - Kotak
Stock Picks - Maruti Suzuki, Federal Bank - Arihant Capital Market
Company Update: Gujarat Alkalies & Chemicals (GACL) - SELL - TP Rs.540 - Kotak
Stock Picks - Hero MotoCorp, Ultratech Cement - Arihant Capital Markets
Company Update: Maruti Suzuki India Limited (MSIL) - BUY - TP Rs.9061 - Kotak
Power: Monthly Tracker, September 2017 - Kotak
Consumer Products (Cautious): Observations: field trip to Patna - Kotak
Reliance Home Finance (RHFL) listed today and it is trading at 4.6x FY2017 book value: Angel Broking
Stocks Picks - TVS Motors, TCS & DCB Bank - Arihant Capital Markets Ltd
Result Update: AksharChem India Ltd - ACCUMULATE - TP Rs.800 - Kotak
Initiating Coverage: VIP Industries Ltd - BUY - TP Rs.325 - Kotak
Company Update: KNR Constructions Ltd - BUY - TP Rs.236 - Kotak
Top Stock Picks by Arihant Capital Market
Chhota (to) MOTA ideas - CALL UPDATE: Venky's India Ltd - BUY - TP Rs.2650 - Kotak
Gabriel India Limited (GABR IN) - Shift in strategy to accelerate the growth - Initiating Coverage - CSEC Research
Banks : Some signs of life; but still weak | Sanctions made in the private corporate sector undertaken by banks/FIs - Kotak
Petroleum minister's clarification on not interfering with auto fuels pricing is a relief
Energy - OMCs (BPCL | HPCL | IOCL): A false but worrying alarm - Kotak
Company Update: Mangalore Refinery and Petrochemicals Ltd (MRPL) - BUY - TP Rs.155 - Kotak
RIL scales uncharted highs - Jio Dhan Dhana Dhan: Angel Broking
Energy-Petroleum consumption: Weakness in industrial fuels; base affects auto fuels - Kotak
Company Update: GE Shipping Company (GESCO) - BUY - TP Rs.530 - Kotak
The Pitch: BSE Ltd - BUY - TP Rs.1170 - Kotak Securities
Cess hike breather for automobile companies, removes hangover on the stocks: Angel Broking
Demerger in CESC Ltd - Kotak PCG Research


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2017