Market leaders delivering consistent growth across cycles, with a well entrenched distribution network and favorable cost profile are best positioned to capture the opportunity. The sector is in a transition phase with upcoming regulations (shift to 1/n guidelines, composite licenses, IFRS-17 implementation) resulting in suppressed valuation multiples.
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Nirmal Bang Report
Low non-life insurance penetration/density indicates huge scope for growth over a multi-year horizon; outlook remains positive driven by strong inherent demand for motor and health insurance products.
Market leaders delivering consistent growth across cycles, with a well entrenched distribution network and favorable cost profile are best positioned to capture the opportunity.
The sector is in a transition phase with upcoming regulations (shift to 1/n guidelines, composite licenses, IFRS-17 implementation) resulting in suppressed valuation multiples.
We initiate coverage on the India general insurance sector- Star Health (Buy at target price Rs 480, 22x FY27E EPS) and ICICI Lombard (Buy at target price Rs 2,075, 29x FY27E EPS).
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