Among our coverage, ICICI Prudential Life Insurance and Max Life have seen sustained momentum driven by growth across Protection, Annuity and NPAR businesses. Expect Q3 FY25 value of new business margins to be be range-bound due to the impact of the new surrender value guidelines.
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Nirmal Bang Report
Individual annual premium equivalent trend for private life insurers was lukewarm (+11% YoY); SBI Life Insurance Company Ltd. saw a decent pick-up (+16% YoY despite a high base) on strong banca volumes. Industry grew 5% due to weak performance of LIC (-13% YoY).
Group APE saw a de-growth of 45% YoY mainly due to a decline in growth for LIC (-56% YoY).
Q3 performance: Among our coverage, ICICI Prudential Life Insurance and Max Life have seen sustained momentum driven by growth across Protection, Annuity and NPAR businesses. Expect Q3 FY25 value of new business margins to be be range-bound due to the impact of the new surrender value guidelines.
Reiterate Buy on ICICI Life (target price of Rs 850 at 2.2x FY26E P/EV) and Max Life (target price of Rs 1,375 at two times FY26E P/EV). Revise target price of SBI Life to Rs 1,700 (2.1x FY26E P/EV); however maintain Hold.
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