Nippon Life India AMC - Well Established Franchise; High On Optionalities: ICICI Securities Initiates Coverage

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ICICI Securities Report

Nippon Life India Asset Management Ltd. is the sixth-largest AMC in India with aggregate/equity market share of 7.2%/7.1% basis points respectively as at nine months FY21.

With a strong promoter (Nippon Life Insurance), well established brand, large distribution network and healthy AUM market share, Nippon Life can clock approximately 10% Ebitda (excluding-other income) compound annual growth rate over FY20-23E along with health ~22% return on equity.

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