New Research Reports

,Research Reports dated Nov 21, 2024 (RC- 882), June 02, 2025 (RC-953) and Aug 11, 2025 (RC906). LIC has proposed a dividend of Rs 12/- for FY25. Keeping in mind the dominant position in the life insurance industry and attractive...

In H1FY26, VNB rose 14% YoY to Rs. 2,750cr, with VNB margin at 27.8% (vs 26.8% in H1FY25), led by steady protection growth, favourable product mix and stronger 13th-month persistency at 87.1% vs 86.4%, reflecting improved policy...

LIC witnessed APE/VNB grow 3.6%/12.3% YoY in H1FY26. Strategic initiatives have tracked well consistently. LIC has been able to push product mix towards non-participating (36% of individual APE in H1FY26 vs. 9%/18%/28% in FY23/FY24/FY25); and continuously revise its pricing/product strategy to maximise shareholder value.

In 2QFY26, LIC reported net premium income of INR1.3t (in line), which grew 5% YoY. Renewal premium grew 5% YoY to INR650b and single premium grew 8% YoY to INR508b.

IPRU displayed a sustainable growth trajectory, driven by its diversified product portfolio, consistent profitability and customer-centric approach. The company is well -positioned to capitalise on the benefits of GST reforms, leveraging its strong brand, innovative products and efficient distribution network to deliver long-term business growth and increase its VNB. The company's focus on cost optimisation initiatives to streamline its operations and align its cost structure with customer demands strengthens its competitive edge. As it deepens its distribution channel and...

We maintain our BUY recommendation on the stock

Strong parentage led distribution remains key catalyst Q2FY26 performance: SBI Life reported a steady Q2FY26 performance, with APE growth of 10% YoY, driven by strong traction in non-par savings (20% of APE) and protection business (33% YoY), while ULIP maintained a balanced 55% share. Bancassurance remained the key growth driver with a 57% APE contribution, supported by healthy productivity in SBI and RRB channels, whereas agency momentum revived in September aided by 64,000 new agent addition and higher non-par share. VNB margin improved to 27.8% (vs 26.8% YoY) despite 80 bps GST...

SBI Life has been able to maintain its mid-teen growth guidance in volume and healthy 26–28% VNB margin guidance despite the adverse GST impact on costs.

SBI Life delivered an impressive performance during H1FY26, with APE growth at ~10% beating consensus’/our estimate by ~2%/4%, and VNB margin at 27.8% coming in higher than consensus’/our estimate of 27.3%/26.9%, respectively.

Q2FY26 performance: HDFC Life reported a steady Q2FY26 performance with balanced growth and resilient profitability despite GST-related headwinds. Individual APE grew 10% YoY, lifting market share by 90 bps to 11.9%, supported by strong traction in ULIPs and par products, while protection surged 27% YoY post the Click 2 Protect Supreme launch. Product mix remained diversified (ULIP 42%, Par 29%, Non-Par 18%, Term 7%, Annuity 4%). VNB margin held at 24.5% (25% pre-GST) with VNB up 10% YoY. PAT rose 9% YoY to 994 crore, EV increased 17.6% to 59,540 crore, and solvency stood at 175%, with a 750 crore...

HDFC Life’s H1FY26 performance was on expected lines, with largely in-line APE at Rs74.1bn (+10.2% YoY), while VNB margin at 24.5% was in line with consensus’ and our estimates.

HDFC Life Insurance (HDFCLIFE) reported an APE of INR41.9b (in line) in 2QFY26, up 9% YoY. This was led by a 9%/7% YoY growth in individual/group APE. For 1HFY26, APE grew 10% YoY to INR74.1b.

ICICI Prudential (IPRU) saw APE/VNB decline/grow 3.3%/1% in Q2 and dip 4.1%/0.9% in H2FY26. Strong cost execution and product mix lifted margins to 24.5% (up 104bps YoY) in Q2. VNB slipped 0.9% YoY in H1FY26 but increased 1% YoY in Q2FY26.

ICICI Prudential Life Insurance (IPRU) reported APE of INR24.2b (in-line), reflecting a decline of 3% YoY. In 1HFY26, APE declined 4% YoY to INR42.9b.

Company is a private life insurer in India and promoted by Canara Bank (which ranks as the fourth largest public sector bank by total assets in India as at March 31, 2025), according to the CRISIL Report and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of The Hongkong and Shanghai Banking Corporation Limited (HSBC) group, whose global reputation as a financial institution adds credibility and brand value to company. According to the CRISIL Report, company's...

CANARA HSBC LIFE has maintained a high Claim Settlement Ratio of 98%-99% and solvency ratio stood of 200.42%, both of which are way ahead of industry standards. Apart from a wide range of products, catering to various customers, it has been able to leverage the strong branch network of its parent Canara Bank for effective distribution and servicing its customers. Keeping in mind its strong growth prospects we would recommend a SUBSCRIBE to the issue....

Expanding market share through diversification: While bancassurance contributed 92.3% of new business premiums in FY25, the Company is adding brokers, NBFCs, digital platforms and agency channel. This helped individual WPI market share rise from 1.56% in FY24 to 1.81% in FY25. Digital & tech transformation: Heavy IT investment (934 crore in FY25; 2nd highest among peers) has enabled 87% of service requests via digital channels and turnaround time of 1 day for non-financial servicing, boosting efficiency and customer satisfaction....

IPO Note

Canara HSBC Life Insurance Company Ltd (CHLICL) is a leading private life insurer in India, jointly promoted by Canara Bank and HSBC Insurance (AsiaPacific) Holdings Ltd, a subsidiary of The Hongkong & Shanghai Banking Corporation Ltd. As of Mar'25, the company ranked 3rd among public sector bank-led life insurers in terms of the number of lives covered and held the third-largest AUM among peers. Its product suite spans across multiple segments, catering to both individual and group customers, comprising 20 individual products, 7 group products, and 2 optional rider...

LIC saw APE/VNB grow 9.4%/20.7% YoY in Q1FY26. Strategic initiatives have tracked well consistently in terms of pushing product mix towards non-participating (30% of individual APE in Q1FY26 vs. 9%/18%/28% in FY23/FY24/FY25) and revision in pricing/product strategy should maximise value for all stakeholders with changes such as hike in surrender value, re-designing of products, higher ticket sizes.