Life Insurance stocks soar almost 2-4% on IRDAI data saw growth in February

Life Insurance stocks soar almost 2-4% on IRDAI data saw growth in February

Life Insurance stocks soar almost 2-4% on IRDAI data saw growth in February

Life Insurance stocks soar almost 2-4% on IRDAI data saw growth in February:

Life Insurance: On Tuesday, the Life Insurance companies such as SBI Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, and Max Financial Services reported a bullish trend in the stock market. The main reason for this is the IRDAI data shows strong growth in sales for the month of February.

Moreover, the brokerage firm Motilal Oswal Financial Services reported that the Insurance companies saw a strong rebound in weighted received premium (WRP) by almost 23% Year-on-Year (YoY) in February as against 7% in January.

Besides, the insurance sector posted almost 17.80% YoY growth in WRP. The private players continued to outperform led by non-PAR. However, the ULIPs are also seeing a recovery. 

On the other side, the brokerage firm also mentioned on the financial year 2021-22, that the private player’s individual WRP may reduce to 1.60% YoY.  At the same time, the industry WRP may fell by 7.50% YoY.

Among the listed companies, SBI Life Insurance saw a strong growth of nearly 53% YoY. Whereas the ICICI Prudential Life posted 6.30% growth after reporting 13 months of consecutive decline in sales. While Max Financial continued its growth trajectory and reported almost 32% growth in February 2021. HDFC Life Insurance reported 6% YoY growth compared to 24% in January.

Whereas the brokerage firm expects a strong rebound growth for the financial year 2021-22. Most of the players focus mainly on non-PAR and protection segments. Among the players, the brokerage firm recommends Max Financial and SBI Life for short-term growth.

CLSA on Insurance Companies

Another brokerage firm CLSA downgraded ICICI Prudential and outperform HDFC Life. The firm also maintained buy call on SBI Life Insurance and Max Financials.

Insurance Stocks:

The shares of SBI Life Insurance Limited reported a bullish trend in the stock market on Tuesday. It gained 45.95 points with a 4.97% increase and reached 969.80 INR. While in BSE, the company gained 47.95 points with a 5.19% increase and reached 971.85 INR.

The shares of ICICI Prudential Life Insurance Limited reported a bullish trend in the stock market on Tuesday. It gained 7.95 points with a 1.66% increase and reached 487.00 INR. While in BSE, the company gained 7.95 points with a 1.66% increase and reached 487.00 INR.

Whereas the shares of HDFC Life Insurance Limited reported a bullish trend in the stock market on Tuesday. It gained 17.05 points with a 2.36% increase and reached 740.00 INR. While in BSE, the company gained 15.80 points with a 2.18% increase and reached 739.80 INR.

While the shares of Max Financial Services Limited reported a bearish trend in the stock market on Tuesday. It lost 0.70 points with a 0.076% decrease and reached 914.70 INR. While in BSE, the company lost 1.30 points with a 0.14% decrease and reached 914.00 INR.

Stock Market on March 9th:

On Tuesday, both Sensex and Nifty continue their bullish trend in the stock market from the last session of the market. The Sensex is trading above 51,000 levels and nifty trading above 15,000 levels in the stock market. The Sensex gained 584.41 points with a 1.16% increase and reached 51,025.48 levels. While the nifty gained 142.20 points with a 0.95% increase and reached 15,098.40 levels.

On the other side, the number of coronavirus cases in India on Tuesday, March 9th reached 1,12,44,786 with almost 1,57,930 deaths.

In the border markets, the S&P BSE SmallCap index reported a bearish trend in the stock market on Tuesday. It lost 85.56 points with a 0.41% decrease and reached 20,981.64 levels. Whereas the S&P BSE MidCap lost 137.22 points with a 0.66% decrease and reached a 20,512.22 level. But, the Nifty Bank gained 589.90 points with a 1.67% increase and reached 35,865.65 level.

Top Gainers on March 9th: SBI Life Insurance, Kotak Mahindra Bank, HDFC Bank, ICICI Bank, and HDFC are the top gainers in today’s stock market.

Top Losers on March 9th: BPCL, Tata Steel, GAIL India, IOC, and Power Grid Corporation are the top losers in today’s stock market.

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