India's Max Financial climbs, Jefferies sees benefits from proposed insurer norms

Max Financial Services

04/12/2024 08:48

** Shares of Max Financial Services Ltd  MAXI.NS  climb 2.5%
to 1,171.25 rupees
    ** MAXI, the holding company of private insurer Max Life, is
likely to benefit from a string of regulatory changes, Jefferies
says in a note
    ** Proposal to exempt term protection policies from taxes
can improve affordability and improve coverage, helping MAXI
    ** Another proposal to allow insurers to merge with
non-insurers can help Max Life list directly by merging with
MAXI and reduce 20-50% valuation discount to peers
    ** Jefferies has "buy" rating on stock, 1,114.15 rupees TP
    ** Analysts tracking MAXI rate stock "buy" on avg, same as
other life insurers - LSEG data
    ** MAXI up 22% so far this year, outperforming financial
stocks'  .NIFTYFIN  14.4% rise


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))