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Life Insurance Q4 Preview— Seasonal Tailwind, Product Mix To Drive Growth: DRChoksey; HDFC Life Among Top Pick

DRChoksey maintains a positive view on HDFC Life and SBI Life, supported by their strong brand equity, diversified product portfolios, and consistent execution capabilities.

<div class="paragraphs"><p>From a valuation standpoint, the sector continues to trade at a discount to historical levels. (Photo Source: freepik)</p></div>
From a valuation standpoint, the sector continues to trade at a discount to historical levels. (Photo Source: freepik)
Among key players under the brokerage's coverage: SBI Life is aiming to sustain VNB margins in the 27.0–29.0% range in FY26E, supported by favorable reinsurance pricing and ongoing product innovation. HDFC Life is well-positioned to stabilize or expand margins, driven by improving persistency, higher ULIP attachment rates, and operating leverage. ICICI Prudential Life is targeting mid-teen VNB growth, although near-term margin perfor...
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