NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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).
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
