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for Industry - Life Insurance
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...
Axis Max Life Insurance (MAXLIFE) continued to report better-than-industry performance in 1QFY26, with new business APE growth of 15% YoY to INR16.7b (in line).
In Q1FY26, Gross Written Premium grew by 14.4% YoY (-25.8% QoQ) to INR 178,139 Mn., driven by strong growth in first year premiums, was largely in-line with our estimates.
We value IPRU at 1.5x Mar’27 EVPS, implying a target price of INR 714. IPRU is currently trading at 62.6x FY26 P/E, lower than the peer average of 68.6x FY26 P/E, led by lower growth in net profitability. We upgrade our rating from “HOLD” to “ACCUMULATE” on the stock.
MAX Financial Services (MAXF) reported a steady performance in 3QFY25. The new business APE rose 17.4% YoY (in line) to INR21.1b. For 9MFY25, it came in at INR57.3b, up 26% YoY.
MAX Financial Services (MAXLIFE) reported a steady performance in 2QFY25. New business APE grew 31.3% YoY to INR21.7b (in-line), while for 1HFY25, it grew 31% YoY to INR36.2b.
Max Financial Services (MAXLIFE) is seeing pension as a big opportunity over the medium term. The company is investing in its pension subsidiary and has set up a dedicated vertical to grow the annuity business.
MAX Financial Services (MAXLIFE) reported a decent performance in 4QFY24. Total APE grew 13% YoY to INR28.7b (14% beat), while absolute VNB rose 7% YoY to INR8.2b (18% beat). VNB margin contracted 170bp YoY to 28.6% (vs. our estimate of 27.6%)
