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Motilal Oswal has come out with its report on Life Insurance Corporation of India. The research firm has recommended to ''Subscribe'' the ipo in its research report as on May 02, 2022.
Motilal Oswal IPO report on Life Insurance Corporation of India
Largest life insurer in India: Life Insurance Corporation of India (LIC) is the largest life insurer in India, with a 62%/61% market share in terms of Gross Written Premium (GWP)/New Business Premium (NBP). It is ranked 5 th globally by life insurance GWP and 10th globally in terms of total assets. It has the biggest AUM of INR40tn as of 9MFY22 – 1.1x entire Indian MF industry AUM and 3.2x total AUM of all private life insurers in India.
Valuation and Outlook
LIC with its dominant position is well placed to capture the highly underpenetrated life insurance industry in India. We like its increasing focus on non-par products which could boost its VNB margins. It is valued at 1.1x 1HFY22 EV which is at significant discount to its private listed peers. Hence we suggest investors to Subscribe to the IPO.
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