Nippon Life Q1 Results Review — Yes Securities Maintains 'Add', Revises Target Price
Sequential drop in yield was expected given increased assets under management, adds the brokerage.

Nippon Life's total operating expense stood at Rs 2.19 billion, up by 8.5% QoQ and 15.9% YoY. The employee expense for Q1 FY26 was Rs 1.23 billion up 11.0% QoQ and 16.7% YoY.
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Yes Securities Report
Nippon Life India Asset Management Ltd.'s yield declined marginally on sequential basis:
Calculated consolidated revenue yield declined 1 bps QoQ and 2 bps YoY to 40 bps. The share of equity AUM declined -30 bps QoQ to 46.9% in Q1 FY26. The decline in overall yield is mainly due to telescopic pricing. The company has undertaken commission rationalization on three schemes contributing 45% of Equity AUM and any further cut in distributor commission will depend on market conditions.
As usual, Nippon Life guided for a 2-3bps YoY decline in overall yield going forward.
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