Indian life insurers fall; analysts say premium growth dropped in Aug

Sbi Life Insurance

10/09/2024 07:29

** HDFC Life Insurance  HDFL.NS , SBI Life Insurance
 SBIL.NS  and ICICI Prudential Life Insurance  ICIR.NS  slide
3.5%, 2.5% and 1.7%, respectively, while state-owned Life
Insurance Corp of India  LIFI.NS  rises ~1%
    ** Decline in most life insurers drags high weightage
financials  .NIFTYFIN  0.5% lower
    ** HSBC estimates industry's annualised premium equivalent
(APE) growth moderated to 10.5% YoY in Aug from 16.3% in July,
while number of policies sold dropped by 1%
    ** CLSA says total APE for Max Life Insurance, unit of Max
Financial Services  MAXI.NS , and ICIR rose 17-20% in Aug.; grew
8% for HDFL and fell 2% for SBIL
    ** SBIL and HDFL are Nuvama's top sectoral picks as
brokerage remains cautious of impact from new surrender value
regulations, competitive intensity and margins
    ** YTD, ICIR up ~40% and SBIL up ~30%, while HDFL and LIC
are up ~10% and ~24%, respectively

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))