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Nirmal Bang Report
Individual annual premium equivalent trend for private life insurers was better than industry in May 2024 (+25.4% YoY versus 18.7% for industry). All covered companies demonstrated strong momentum; ICICI Prudential Life Insurance Company Ltd. grew by 56.9% YoY on a low base.
Industry Group APE declined by 4% YoY, with Life Insurance Corporation of India/SBI Life Insurance Company Ltd. seeing weak volume. ICICI Life Life/Max Life grew at an accelerated rate.
On year-to-date-25 Individual APE basis, SBI Life remains the market leader with 15.3% share; HDFC Life/ICICI Life/Max Life hold share at 11.1%/7.4%/5.5%.
We expect growth in Q1 FY25 to be driven by steady volume in retail protection, Annuity and NPAR.
Reiterate Buy on SBI Life (target price of Rs 1,785, 2.2 times FY26E price/embedded value) and ICICI Life (target price of Rs 750, two times FY26E P/EV).
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