Diversified Financials Q4 Earnings Preview - More Hits Than Misses: ICICI Securities
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ICICI Securities Report
Q4 FY21 was a good quarter for equity exchanges, depositories and asset management companies with record volumes in equities, continued demat additions, growth in National Stock Exchange active client and ~8% overall QoQ growth in average assets under management.
Life insurance new business premiums also returned to a strong growth trajectory (15/17% YoY growth in private life new business profit in January/February 2021).
Continued lower unit link insurance plan mix, cost savings, reserve releases and higher volumes should help maintain/outperform value of new business margins in Q4 FY21.
Comparatively, non-life insurance gross direct premium income witnessed lower growth (ex-crop GDPI growth of 7%/8% YoY in Jan/Feb-21).
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