Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
as well as share price target downgrades are available for companies in Industry - Life Insurance.
Broker Research reports: latest Downgrades
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...
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.
In 1QFY26, LIC reported net premium income of INR1.2t (in line), up 5% YoY. Renewal premium grew 6% YoY to INR599b, while first-year/single premium grew 1%/4% YoY to INR75b/INR519b.
IPRU continues to demonstrate a strong and sustainable growth trajectory, supported by a well-diversified product portfolio, consistent profitability and a customer-centric approach. The company's focus on customer-centricity, operational efficiency and prudent risk management strengthens its competitive edge. With a resilient balance sheet, strong solvency position and effective risk management, it is well - equipped...
ICICI Prudential Life Insurance (IPRU) reported a slight decline of 3% YoY in new business APE to INR35b (in line) in 4QFY25. For FY25, APE grew 15% YoY to INR104.1b.
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.
ICICI Prudential Life Insurance (IPRU) reported a 28% y-o-y growth in APE in Q3FY25 although it lagged estimates. For 9MFY25, APE grew 27% y-o-y. Value of New Business (VNB) grew by 19% y-o-y in Q3 (~7% below estimates).
We upgrade SBI Life to BUY from Add with revised up Dec-25E TP of Rs1,850, implying FY26E P/EV of 2.3x. SBI Life delivered an impressive performance in Q3FY25 with growth rebound in the banca channel (10% YoY in Q3 vs 7% in H1), which led to Retail APE growth of 13% in Q3 on a strong base of last year, and VNB margins for the quarter coming in at 26.95% vs 26.86% of 9M despite implementation of the new surrender regulations.
HDFCLIFE reported an impressive performance in 9MFY25, with APE 1.6% above our estimate at Rs102.9bn, and VNB margin at 25.1% above our estimate of 24.5% resulting in a 4.2% beat on VNB at Rs25.9bn.
