Highlights

  • Initiate with Neutral rating and Target Price of Rs 1,000
  • caling up non-par business will be a challenge

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LIC IPO Muted Debut: Here is what Macquarie makes of the stock

Macquarie initiates report on LIC as the insurance giant debuts on Dalal Street 

Brokerage firm Macquarie has initiated a report on the insurance giant LIC as it debut on Dalal Street. The research house had been in focus for it's extreme bearish stance on Paytm right ahead of it's listing has been kinder to the govt backed insurer while raising some concerns. Here is what Macquarie has to say-:

MACQUARIE ON LIC

  • Initiate with Neutral rating and target price of Rs 1,000
  • Inherent volatility in Embedded Value (EV) is a big challenge
  • Substantial portion of EV constitutes marked-to-market (MTM) unrealised equity gains
  • Scaling up non-par business will be a challenge
  • Start selling high margin non-par savings policies and pure protection products could be difficult
  • Traditionally LIC has sold ust one product, ie, participating (PAR) policies
  • Focus on profitability will be a big change
  • Remain sceptical of scale up of bancassurance business
  • Other channels like direct/online LIC’s presence has been insignificant.

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