Investec downgrades ICICI Prudential, LIC on weak VNB growth view

Max Financial Services

14/12/2023 07:51

** Investec downgrades ICICI Prudential Life Insurance
 ICIR.NS  and Life Insurance Corp  LIFI.NS  to "hold" from "buy"
on weaker value new business growth (VNB)
    ** Says HDFC Life Insurance  HDFL.NS  and Maxi Financial
Services'  MAXI.NS  Max Life are in a strong position to deliver
healthy VNB and embedded value (EV) growth in FY25E 
    ** Sees HDFC Life reporting highest VNB growth among listed
peers in FY25E 
    ** Expects ICIR, LIFI to report weakest VNB growth, which is
key for profits 
    ** Forecasts mid-teens VNB growth and high-teens EV growth
in FY25E
    ** Sees LIFI delivering single digit operating return on
embedded value over next 2-3 yrs
    ** ICIR shares down 1.2%, HDFL down 2%, LIFI up 1.1%, MAXI
down 2.2%

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))