Investec upbeat on Indian life insurance sector; stocks among top Nifty 50 gainers

Max Financial Services

17/10/2023 10:14

** Investec remains upbeat about India's life insurance
sector as cos report healthy Q2 growth, with private sector cos
outperforming expectations 
    ** Shares of Life Insurance Corporation of India  LIFI.NS ,
HDFC Life Insurance  HDFL.NS , SBI Life Insurance  SBIL.NS  and
Max Financial Services  MAXI.NS  up 1.8%-2%
    ** HDFL and SBIL among top gainers on Nifty 50  .NSEI 
    ** Private sector cos' individual Annual Premium Equivalent
(APE) grew 12% y/y in Q2, driven by 35% y/y growth in MAXI 
    ** APE is a sales measure to determine annualized total
value of all single premium and recurring premium policies 
    ** "We expect upgrades to our estimates for MAXI, and
possible downgrades for ICICI Prudential Life Insurance Company
 ICIR.NS  " - Investec 
    ** Q2 and Sept monthly APE numbers exceeded brokerage's
view, with Investec suggesting pvsly flagged growth concerns are
excessive


 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))