The non-lending financial industry witnessed a strong recovery across segments in Q1 FY26. Positive market sentiment boosted activity in the cash segment and AUM growth for AMCs/wealth managers/distributors. For life insurers, premium growth was subdued, though we expect an improvement in profitability. General insurers witnessed a marginal recovery in underlying demand, but they are expected to face elevated claims.
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Motilal Oswal Report
Non-lending financial companies have seen a healthy recovery after the impact of regulatory changes. With penetration at significantly lower levels, we expect capital market players to sustain their strong performance.
For life insurance companies, we expect H1 FY26 to be tepid in terms of premium growth given the high base of H1 FY25, though it is expected to reverse in H2 FY26.
In the capital market space, our top picks are UTI AMC, Nuvama and Angel One. Among insurance stocks, our preferred picks are HDFC Life and Niva Bupa.
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