Indian life insurers rise on strong April data

Sbi Life Insurance

10/05/2024 08:32

** Shares of SBI Life Insurance  SBIL.NS , HDFC Life
Insurance  HDFL.NS , ICICI Prudential Life Insurance  ICIR.NS 
and Life Insurance Corp of India  LIFI.NS  rise between 0.3% and
1.7%
    ** Shares of Max Financial Services-owned Max Life Insurance
 MAXI.NS  flat
    ** April a tepid month for life insurers given taxation of
high ticket policies from April 1; total annualised premium
equivalent (APE) growth highest for ICICI Prudential amongst
peers at 43% Y/Y - CLSA
    ** Brokerage adds, Max Life's April APE growth at 35% Y/Y;
co top pick for exposure to insurance sector 
    ** SBI Life's individual APE grew 20% Y/Y in April; continue
to prefer SBIL within insurance space on steady market share
gains, ability to keep value for new business margin intact -
Nomura
    ** Adds, HDFC Life's individual APE grew 30% Y/Y; market
share rose by 67 bps Y/Y to ~11.1% in April
    **  SBIL and HDFL down 0.3% and ~15% YTD compared to a ~9%
rise both in ICIR and LIFI

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))