From a valuation standpoint, the sector continues to trade at a discount to historical levels. Average FY27E price/embedded value for our coverage universe stands at 1.9x.
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Deven Choksey Report
We maintain a positive view on HDFC Life and SBI Life, supported by their strong brand equity, diversified product portfolios, and consistent execution capabilities, which position them well to capture market share and drive sustainable long-term growth in an underpenetrated and evolving insurance landscape.
The Indian life insurance sector is expected to deliver a stable performance in Q1 FY26E, supported by a healthy uptick in both renewal and new business premiums. Growth will be driven by increased traction in non-par guaranteed products, new product launches, and digital expansion.
Digitally-led acquisition, particularly in tier-2 and tier-3 markets, will enhance reach and operational efficiency. While structural growth drivers remain intact, seasonal trends may affect margin expansion, with June performance playing a key role in shaping quarterly profitability.
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