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: Karnataka Bank Ltd - BUY - TP Rs.220 - Kotak
Company Update: Voltas Ltd - ACCUMULATE - TP Rs.500 - Kotak
Technology: Accenture-tightens revenue growth guidance band - Kotak
Metals & Mining (Attractive): India Steel-on a recovery path - Kotak
Nasscom guides for 7-8% growth, lower than 8.6% in c/c of FY2017 - Kotak
Technology: Nasscom guidance - Decelerating growth trend continues - Kotak
Company Visit Note: Huhtamaki PPL Ltd (HPPL) - NOT RATED - Kotak
Company Update: Shipping Corporation of India - BUY - TP Rs.110 - Kotak
IT Industry to grow at 8-9% in FY2018; Nasscom: Angel Broking
Lupin - USFDA update: Angel Broking
Company Visit Note: The Mandhana Retail Ventures Ltd - NOT RATED - Kotak
Banks : Offers protection in adverse conditions - A deeper study into Pradhan Mantri Fasal Bima Yojana - Agriculture Insurance scheme - Kotak
Energy - downstream PSUs: When the tide turns - Kotak
Company Update: Mahindra and Mahindra (M&M) - BUY - TP Rs.1565 - Kotak
Maharashtra government removes cap on taxi / auto licenses: Angel Broking
IPCA Labs - USFDA update: Angel Broking
Company Update: Gujarat State Petronet Ltd (GSPL) - ACCUMULATE - TP Rs.182 - Kotak
Management Meet Update - Zensar Technologies - CSEC Research
Company Update: VRL Logistics Ltd - BUY - TP Rs.375 - Kotak
Strategy: The impossible trinity of farm income - Kotak
Banks : Private banks accelerate gains on CASA : Deeper study into deposit profile of banks for FY2016 - Kotak
Company Update: Blue Star - ACCUMULATE - TP Rs.684 - Kotak
Banking : RBI gets into action - Kotak
Dr Reddy's - EIR for its Miryalaguda API plant: Angel Broking
Eris Lifesciences Limited - IPO Note - Angel Broking
Banks: Maharashtra announces farm loan waiver - Kotak
Company Update: Petronet LNG - ACCUMULATE - TP Rs.462 - Kotak
Company Update: Mirza International - REDUCE - TP Rs.161 - Kotak
Fiem Industries - BUY - TP Rs.1,254 - Kotak
Insurance: ICICI Prudential Life boosts industry growth - Kotak
Tejas Networks - A destination for high speed technology: Angel Broking
Hindalo Industries - Result Update - Strong show becoming a routine, maintain Buy - Centrum
Star Cement - Result Update - Profitability rebounds on better pricing, cost reduction - Centrum
FIEM Industries - Result Update - Negatives priced in, Well poised to gain in the long term - Centrum
Birla Corporation - Strong Q4 FY17; acquisition reporting strong numbers; Buy - Anand Rathi
Escorts Ltd - Ready for next leg - PhillipCapital
Earnings Update - Talwalkars Better Value Fitness (TBVF IN) - Results on expected line - CSEC Research
Result Update: Adani Port and Special Economic Zone (APZ) - BUY - TP Rs.425 - Kotak
Telecom: Two quarters of Jio - assessing the impact - Kotak
Earnings Update - Balkrishna Industries (BIL IN) - Strong volume growth continues - CSEC Research
Earnings Update - Kaveri Seeds Ltd(KSCL IN) - Muted performance - CSEC Research
Earnings Update - TTK Prestige (TTKPT IN) - Results in-line with expectation - CSEC Research
Earnings Update - Berger Paints (BRGR IN) - Results in-line with expectation - CSEC Research
Mayur Uniquoters - Footwear segment dragged performance; Maintain Hold - Awanish Chandra and Vikas Rajpal - Centrum
Ramco Cements - On solid footing; reiterate Buy - Rajesh Kumar Ravi and Vinay Menon - Centrum
Cadila gets US FDA approval for Mesalamine tablets: Angel Broking
Consumer Products: 4QFY17 review: better, but not quite there yet - Kotak
Earnings Update - MAHINDRA & MAHINDRA (MM IN) - Healthy performance led by FES - CSEC Research
Earnings Update -ITC (ITC IN) - Decent performance - CSEC Research
Earnings Update - Heidelberg Cements (HEIM IN) - Strong volumes; drive the earnings growth - CSEC Research


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

disclaimer copyright © 2005 - 2017