Indian life insurers' monthly premium bounces back in June

Max Financial Services

11/07/2023 08:32

** Shares of life insurance companies rise after premiums grew in June,
following a slide in May
    ** HDFC Life Insurance  HDFL.NS  shares currently up 1.5%, Max Financial
Services  MAXI.NS  up ~2%, while Life Insurance Corporation of India
 LIFI.NS  climb 0.9%; SBI Life Insurance  SBIL.NS  and ICICI Prudential Life
 ICIR.NS  shares rise 0.5% and 0.2%, respectively
    
 Company                                          Total Premium    Y/Y Growth
                                                 (in bln rupees)   
                                                 Jun-23   Jun-22   
 Life Insurance Corporation                      249.71    206.44         21%
 HDFC Life Insurance                              24.88     18.75         33%
 Max Financial                                     9.48      6.52       45.5%
 ICICI Prudential                                 13.24      10.8       22.6%
 SBI Life Insurance                               24.55     28.26      -13.1%
 
    ** Morgan Stanley says industry's individual retail weighted received
premium rose 3% Y/Y in June and 2% in quarter
    ** Kotak Institutional Equities sees private life insurers under coverage
logging 2-17% growth in value of new business in quarter 
    ** Nuvama chooses SBIL and HDFL as top picks; optimistic of SBIL's
growth; says, HDFL's sales of non-linked saving products its main growth
driver
     

 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com))