Jefferies say India insurance bill positive for Max Financial Services

Icici Prudential Life Insurance

17/12/2025 05:35

** Jefferies says India's Insurance Amendment Bill positive for Max Financial Services MAXI.NS, neutral for most insurers, and slight negative for Policybazaar POLZ.NS

** Bill proposes raising FDI limit to 100% from 74%, allowing mergers of insurers with non-insurance firms; no move on composite license or open architecture for agents

** Jefferies sees Max Financial Services benefiting from merger with Max Life, paving way for direct listing and reducing valuation discount

** SBI Life SBIL.NS, HDFC Life HDFL.NS, ICICI Pru Term Insurance ICIR.NS also gain from status quo on agency norms - Jefferies

** Jefferies says lack of composite license removes overhang for Star Health STARHEAL.NS, but limits total addressable market expansion for Policybazaar; flags potential 4–9% earnings risk if regulator cuts distributor take rates by 50–100 bps

 (Reporting by Brijesh Patel in Bengaluru)

 ((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))