India's HDFC Life Insurance jumps on Q3 results; Nomura upgrades to 'buy'

HDFC Life Insurance

16/01/2025 04:43

** Shares of HDFC Life Insurance rise ~9.89% to 653 rupees 
($7.48), set for biggest one-day pct gain in nearly 5 years
    ** Co posts 14% rise in Q3 profit on sales growth in retail
insurance policies
    ** Nomura upgrades to "buy" from "neutral"; says value of
new business margin saw limited impact from new surrender
regulations
    ** Norms, effective Oct 2024, allow policyholders higher
surrender value even after paying only 1 annual premium
    ** Shares had slipped ~16% since Oct 1 on surrender rule
woes and potential rules that could limit cross selling of
insurance to bank customers
    ** Jefferies reiterates 'buy' but awaits clarity on bank
sale speculation for re-rating
    ** HDFL shares trim three months' losses to ~8.7%    
  
    
    


($1 = 86.4300 Indian rupees)

 (Reporting by Ananta Agarwal in Bengaluru)
 ((Ananta.Agarwal@thomsonreuters.com))