India life insurers gain as October premium growth supports sentiment

Max Financial Services

Yesterday 07:53

Updates
** Shares of life insurance cos up between 1% and 4.3%
** Canara HSBC Life Insurance CANR.NS leads pack with shares up 4.3% at 127.9 rupees, while Max Financial Services MAXI.NS up 4.1%
** Shares of ICICI Life Insurance ICIR.NS and HDFC Life Insurance HDFL.NS up 3.9% each
** SBI Life Insurance SBIL.NS shares up 2.7%; Go Digit General Insurance GODG.NS and LIC LIFI.NS add 1% each 
** According to the Life Insurance Council, private India life insurers’ individual annualized premium equivalent (APE) was up 6% Y/Y for the month of October
** ICICI Securities says slower individual APE growth points to subdued retail demand, while strong group APE growth supports overall premiums
** Brokerage says HDFL's stronger individual APE growth signals better retail traction; growth divergence warrants monitoring product mix and VNB margins
** Nomura says ICIR's October growth signals healthy momentum, aided by a tepid November base
     

 (Reporting by Mridula Kumar in Bengaluru)
 ((mridula.kumar@thomsonreuters.com))