Jefferies  revealed  that  as of December 23,  retail  annual premium equivalent  (APE) growth  had improved significantly,  reaching 9%  year-on-year,  compared  with 4%  combined  in  October and November. 

  In a recent  Jefferies  report  on  insurance  companies, HDFC Life and SBI Life  emerged as the top picks in the insurance sector. The report sheds light on the overall performance of life insurance companies,  focusing on  key  insurers  and their growth  trajectory.  

 According to Jefferies, HDFC Life and SBI Life are  standout  picks  in the insurance  space, reflecting  confidence in their future performance. 

  The report  looks at  the  performance of life insurance  premiums in December 2023,  noting  notable  growth  growth. Jefferies  revealed  that  as of December 23,  retail  annual premium equivalent  (APE) growth  had improved significantly,  reaching 9%  year-on-year,  compared  with 4%  combined  in  October and November. 

  Private  insurers  continued to outperform the market, with  overall growth in premium equivalent  (OPF)  of +11%  year-on-year,  gaining market share  to  the  detriment  of LIC (+2%). Among  listed companies, SBI Life  stands  out with a  strong  comeback,  recording  20%  ​​year-on-year growth.  

 While some companies  are experiencing  strong growth, others  are experiencing  a slowdown. Max  Life’s  growth slowed to  15%  and ICICI  Prudential’s  growth was recorded at 13%, compared to 8% in the combined months of October and November.  HDFC Life  faces a notable challenge,  marking  its  weakest performance with a  rating of 5%  in  December 2023.  

 The report highlights the impressive growth of unlisted  companies  such as Bajaj,  Tata  and Birla, with growth rates of 20%,  17%  and 10%  respectively over the same period last year.  

Below  are  Jefferies’ key recommendations in  the  insurance  sector

 HDFC Life Insurance:  ‘BUY’ rating  for  target  Rs 1,990,000,800 crore  

 SBI Life Insurance:  “BUY” rating targets  Rs.  1,990,000,1700  

 ICICI Lombard General Insurance:  “BUY” rating  for  target of  Rs 1,990,000 crore. 5:30 p.m  

 ICICI Prudential Life Insurance:  “BUY” rating  for  target of Rs.  1,999.  630 

  Maximum  Financial Services:  “BUY” rating  for  target of Rs.  1,990,000,1200  

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