Indian insurance stocks fall as FinMin flags mis-selling by banks

Sbi Life Insurance

19/11/2024 08:56

** India's insurance stocks fall between 1%-4.5%
    ** ICICI Prudential  ICIR.NS  down 2.4%, ICICI Lombard
 ICIL.NS  dips 1%, HDFC Life  HDFL.NS  drops 2.3%, SBI Life
Insurance  SBIL.NS  falls 3.5%, and Max Financial  MAXI.NS 
declines 4.4%
    ** India's finance minister raised concerns about instances
of banks mis-selling insurance products at an event on Monday
    ** Finmin emphasised that banks should focus on core banking
and not burden the customers with insurance they don't require
    ** ICIL top gainer among insurance stocks, up ~28% YTD; MAXI
rose 25%, SBIL climbed ~6% and HDFL adds ~4% YTD

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))