Life Insurance

Monthly Update
October 8, 2020 Strong pickup in business for key players

Life insurance business continues to witness recovery with industry growing

at 7.4% YoY in Sep’20 v/s single digit negative growth in Jun’20. LIC has
APE and Market share data
retained double digit growth rate of 11% YoY, while privates saw positive 5%
FY21 YTD YoY
APE, Rs bn FY20 YoY growth. Although, industry is still -6% lower in 6MFY21 v/s 6MFY20 with
YTD chg. chg.
Industry Total 359 -6.2% 886 10.1% privates de-growing -10% YoY for the same period. HDLI continues to stand
LIC 185 -2.6% 441 15.8% out with strong 45% YoY APE growth, while Tata AIA grew at 24% YoY & Max
Private 174 -9.7% 445 5.0% at 16% YoY, continued to do well in mid-sized players. IPru Life has shown
LIC - mkt share 52% 1.9% 50% 2.4% nominal improvement MoM still is weak amongst large players, while SBILI is
Private - mkt share 48% -1.9% 50% -2.4% near to flattish growth. Recovery has been quite strong but need sustained
Source: Life Insurance Council, PL momentum in H2FY21 which could be helped by a favourable base in few of
the months incl. Mar’20.

 Improved trends in Sep’20 post stalling in Aug’20: Industry and private

Overall Ind APE has seen improvement players has seen a steady recovery in APE growth post lockdown impact in
Mar’20 and now in positive terrain. Individual APE trends have been also quite
Individual APE G rowth (%)
positive with Sep’20 seeing good recovery.
60%
40%  HDFCLI’s grew by strong 45% YoY in individual APE much stronger than
20%
0% last six months but built-up was partially on de-growing base of -20% YoY
-20% in Sep’19. Seems all the product segment have done well for the insurer
-40%
-60%
with focus remaining on protection, but guaranteed/annuities also doing
Sep -18
Nov-18

Nov-19

May-20
May-19

Sep -19

Sep -20
Jul-19

Jul-20
Jan-19
Mar-19

Jan-20
Mar-20

well. For 6MFY21HDLI recovered its growth to 2% YoY growth.

 SBILI saw de-growth of 4% YoY in Sep’20 on individual business but

Source: Life Insurance Council, PL
6MFY21 is still down 20% YoY and has to see strong catch up. Ticket size
has been lower by 11% YoY hence continues to suffer on overall APE.

 IPru Life has been seeing very gradual path towards recovery with it still
continuing to be a laggard and de-growing by 24% YoY and still is down
38% YoY on 6MFY21 basis. ULIP segment still remains out of flavor, while
overall volumes also continue to struggle with no of policies sold is still
trending downwards by 18-20%.

 TATA AIA continues to surprise with strong growth of 20-30% in last 6-7
months with steady increase in ticket size of 12% YTD and 17% YoY for
H1FY21. Similar trends have been seen in Max Life which also continues
to see recovery in growth at 4% YoY in 6MFY21. ABSLI & BALIC also saw
decent growth of 36% YoY & 16% YoY respectively in individual business
for Sep’20.

 Private players gain share but LIC retains share on 6MFY21 basis: Private
players regained some lost ground in Sep’20 in overall APE with 720bps of
market share gain reaching 55%, although LIC continues to dominate with 52%
share on 6MFY21 basis. HDLI through its strong growth has been gaining
Pritesh Bumb
priteshbumb@plindia.com | 91-22-66322232 market share from last few months with SBILI & IPru losing share. Although
Aashi Rara SBILI still dominates market at 12% (10.5% in 6MFY21) as compared to 9.5%
aashirara@plindia.com | for HDLI (9% in 6MFY21). Similar trends have been on individual APE basis
and amongst private players.

October 8, 2020 1
 Life Insurance

Overall New Business APE has been steady but still subdued

APE - Sep 20 (Rs bn) YoY gr. (RHS)

45,000 11% 14%
40,000 12%
75,508 41,126 10%
35,000 8%
34,382
30,000 7% 6%
25,000 4%
5% 2%
20,000 0%
15,000 -2%
10,000 -4%
-6%
5,000 -8%
0 -10%
Industry LIC Private

Source: Life Insurance Council, PL

New biz. APE – Barring HDLI other large players still witnessing de-growth; mid-sized players growing well

APE - Sep 20 (Rs bn) YoY gr. (RHS)

45%
12,000 50%
30% 40%
10,000 24%
16% 30%
8,000 9% 20%
6,000 -1% 6% -2% 10%
-6%
4,000 0%
-23% -10%
2,000 -20%
0 -30%
Kotak Life
ABS Life

RN Life
PNB Met Life
HDFC Life

ICICI Pru

BALIC
Tata AIA
Max Life
SBI Life

Source: Life insurance Council, PL

Insurance industry is improving month over month post COVID-

19 lockdown impact

Private Players LIC Industry

130%
110%
90%
70%
50%
30%
10%
-10%
-30%
-50%
-70%
May-19
Jan-19

Jan-20

May-20
Mar-20
Mar-19

Jul-19

Jul-20
Sep-18

Sep-19

Sep-20
Nov-19
Nov-18

Source: Life Insurance Council, PL

October 8, 2020 2
 Life Insurance

New biz. sales numbers (APE) and growth – Most private players see strong growth in Sep’20
Life Insurer (Rs in million) Sep-20 YoY gr. MoM gr. FY21 YTD YTD gr. FY20 YoY gr.
Industry Total 75,508 7.4% 1.6% 359,174 -6.2% 885,562 10.1%
LIC 34,382 11.1% -12.2% 185,455 -2.6% 440,668 15.8%
Total Private 41,126 4.5% 16.9% 173,720 -9.7% 444,894 5.0%
Aditya Birla Sun Life 1,881 29.7% 27.9% 8,603 13.6% 18,793 -0.9%
Aegon Life 45 -27.7% 21.5% 215 -40.1% 711 -29.7%
Aviva Life 113 17.7% 11.2% 591 24.0% 1,160 -31.3%
Bajaj Allianz Life 2,049 6.1% 8.5% 9,807 6.9% 22,272 9.6%
Bharti Axa Life 439 -13.3% 17.5% 2,135 -24.9% 6,130 0.4%
Canara HSBC OBC Life 939 -21.4% 32.3% 3,435 -24.3% 10,098 5.4%
Pramerica Life 110 -29.2% 17.0% 589 -39.4% 1,857 -47.7%
Edelweiss Tokio Life 375 1.0% 31.0% 1,511 12.8% 3,270 -6.3%
Exide Life 523 -24.2% 30.3% 2,097 -17.9% 6,395 -4.9%
Future Generali Life 225 -35.8% 14.1% 1,164 -21.9% 3,748 -1.9%
HDFC Life 7,206 45.3% 10.8% 32,367 3.4% 68,085 19.2%
ICICI Prudential Life 4,615 -22.8% 7.0% 19,465 -38.0% 68,582 -5.1%
IDBI Federal Life 311 1.4% 46.1% 962 -34.6% 2,974 -35.7%
IndiaFirst Life 863 -11.4% 20.2% 3,342 -11.1% 9,404 15.1%
Kotak Mahindra Life 1,454 -6.1% 27.0% 6,241 -3.1% 17,618 0.0%
Max Life 4,269 16.5% 13.3% 17,681 3.8% 41,110 5.1%
PNB MetLife Life 1,227 9.4% 23.5% 5,126 -12.1% 13,374 -4.2%
Reliance Nippon Life 772 -1.6% 17.3% 3,542 -14.5% 8,981 0.9%
SBI Life 9,543 -0.9% 18.2% 37,862 -15.2% 102,857 9.9%
Shriram Life 527 6.8% 41.3% 1,914 -7.9% 4,809 -0.5%
Star Union Dai-Ichi Life 872 4.0% 103.2% 2,254 -5.0% 5,613 -1.4%
Tata AIA Life 2,771 23.8% 14.1% 12,819 21.5% 27,054 20.6%

Source: Life Insurance Council, PL

APE Growth trends for select private players – HDLI & Max seeing improving trends, TATA AIA strong growth
continued
APE YoY Growth Jul-20 Aug-20
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Sep-20
Trends
Aditya Birla Sun Life -15% -5% 10% -37% 0% 6% 33% 8% -4% 30%
Bajaj Allianz Life 5% 27% 27% -42% 12% -24% -3% 41% 9% 6%
HDFC Life 39% 13% 32% -25% -37% -36% -2% 18% 20% 45%
ICICI Prudential Life 8% -4% -13% -48% -56% -54% -44% -37% -27% -23%
Kotak Mahindra Life 23% 15% 0% -37% -25% -5% 15% -3% -2% -6%
Max Life 23% 15% 1% -36% -21% -20% 13% -2% 11% 16%
SBI Life 17% 16% -5% -43% -59% -44% -2% -7% -9% -1%
Tata AIA Life 23% 31% 48% -36% 36% 3% 18% 18% 34% 24%
Source: Company, PL

October 8, 2020 3
 Life Insurance

Individual APE and growth details – Mixed growth trends but large/mid sized players see sharp growth recovery
Individual APE (Rs. mn) Sep-20 YoY gr. MoM gr. YTD21 YoY gr. FY20 YoY gr.
Industry Total 60,531 4% 2% 283,946 -7% 734,533 6%
LIC 22,573 5% -17% 123,622 -2% 314,572 8%
Total Private 37,958 4% 17% 160,324 -11% 419,962 5%
Aditya Birla Sun Life 1,674 36% 29% 7,439 7% 17,018 0%
Aegon Life 45 -26% 21% 215 -40% 710 -30%
Aviva Life 113 18% 11% 589 24% 1,156 -31%
Bajaj Allianz Life 1,838 16% 7% 8,653 11% 19,268 11%
Bharti Axa Life 428 -12% 18% 2,087 -23% 5,936 2%
Canara HSBC OBC Life 899 -23% 45% 3,095 -28% 9,749 7%
Primerica Life 101 -22% 11% 572 -30% 1,585 -47%
Edelweiss Tokio Life 374 1% 31% 1,506 14% 3,229 -5%
Exide Life 521 -25% 30% 2,088 -18% 6,356 -5%
Future Generali Life 218 -37% 11% 1,155 -21% 3,671 -2%
HDFC Life 6,113 43% 13% 28,110 2% 59,646 19%
ICICI Prudential Life 4,422 -24% 9% 18,845 -38% 66,427 -6%
IDBI Federal Life 303 3% 47% 935 -34% 2,820 -37%
IndiaFirst Life 821 -5% 26% 2,797 -14% 8,499 25%
Kotak Mahindra Life 1,380 -6% 27% 5,979 2% 16,454 -1%
Max Life 4,232 16% 13% 17,578 4% 40,785 5%
PNB MetLife Life 1,201 11% 23% 5,032 -11% 12,964 -5%
Reliance Nippon Life 768 -1% 17% 3,530 -14% 8,931 2%
SBI Life 8,381 -4% 16% 33,236 -20% 97,711 9%
Shriram Life 509 6% 41% 1,875 -5% 4,608 1%
Star Union Dai-Ichi Life 856 4% 104% 2,212 -6% 5,520 -2%
Tata AIA Life 2,763 25% 14% 12,795 22% 26,918 21%

Source: Life Insurance Council, PL

MoM improvement of market share for private; HDLI/SBILI gain

higher market share
Ind. APE Market Share Aug-20 YoY gr. MoM gr. YTD21 YoY gr. FY20 YoY gr.
LIC 37.3% 0.28% -8.35% 43.5% 2.5% 42.8% 0.8%
Total Private 62.7% -0.28% 8.35% 56.5% -2.5% 57.2% -0.8%
SBI Life 13.8% -1.23% 1.73% 11.7% -1.9% 13.3% 0.4%
HDFC Life 10.1% 2.76% 0.98% 9.9% 0.9% 8.1% 0.9%
ICICI Prudential Life 7.3% -2.68% 0.48% 6.6% -3.3% 9.0% -1.2%
Max Life 7.0% 0.73% 0.70% 6.2% 0.7% 5.6% -0.1%
Tata AIA Life 4.6% 0.77% 0.49% 4.5% 1.1% 3.7% 0.4%
Bajaj Allianz Life 3.0% 0.32% 0.14% 3.0% 0.5% 2.6% 0.1%
Aditya Birla Sun Life 2.8% 0.65% 0.58% 2.6% 0.4% 2.3% -0.1%
Kotak Mahindra Life 2.3% -0.24% 0.45% 2.1% 0.2% 2.2% -0.2%
PNB Metlife 2.0% 0.12% 0.35% 1.8% -0.1% 1.8% -0.2%
Reliance Nippon Life 1.3% -0.07% 0.17% 1.2% -0.1% 1.2% -0.1%
Source: Life Insurance Council, PL

October 8, 2020 4
 Life Insurance

SBILI is the only player gaining market share in overall share

Individual APE overall market share trend

SBILI HDFCLI IPRULI MAXLI

20%
18%
16% 14%
14%
12%
10% 10%
8% 7%
6% 7%
4%
2%
0%

May-19

May-20
Jan-19

Jun-19

Jan-20

Jun-20
Mar-19

Mar-20
Feb-19

Feb-20
Jul-19

Jul-20
Apr-19

Oct-19

Apr-20
Nov-19
Dec-19
Aug-19
Sep-19

Sep-20
Aug-20
Source: Life Insurance Council, PL

Market share within the private – SBILI retains top spot

Ind. APE Market Share
Sep-20 YoY gr. MoM gr. YTD21 YoY gr. FY20 YoY gr.
within Private
SBI Life 22.08% -1.85% -0.21% 20.7% -2.4% 23.3% 0.9%
HDFC Life 16.10% 4.45% -0.68% 17.5% 2.3% 14.2% 1.7%
ICICI Prudential Life 11.65% -4.21% -0.91% 11.8% -5.1% 15.8% -1.9%
Max Life 11.15% 1.22% -0.42% 11.0% 1.6% 9.7% 0.0%
Tata AIA Life 7.28% 1.25% -0.22% 8.0% 2.2% 6.4% 0.8%
Bajaj Allianz Life 4.84% 0.53% -0.48% 5.4% 1.1% 4.6% 0.2%
Aditya Birla Sun Life 4.41% 1.05% 0.39% 4.6% 0.8% 4.1% -0.2%
Kotak Mahindra Life 3.64% -0.36% 0.27% 3.7% 0.5% 3.9% -0.2%
PNB MetLife Life 3.16% 0.21% 0.15% 3.1% 0.0% 3.1% -0.3%
Reliance Nippon Life 2.02% -0.10% -0.01% 2.2% -0.1% 2.1% -0.1%
Source: Life Insurance Council, PL

Individual APE market share – trends on like to like basis is steady

Individual APE market share trend amongst Private players

HDFCLI IPRULI MAXLI SBILI

35%
30%
25% 22%

20% 18%
15% 12%
10%
12%
5%
0%
May-19

May-20
Jan-19

Jun-19

Jan-20

Jun-20
Mar-19

Mar-20
Feb-19

Feb-20
Oct-19
Apr-19

Apr-20
Jul-19

Jul-20
Dec-19
Nov-19
Sep-19

Sep-20
Aug-19

Aug-20

Source: Company, PL

October 8, 2020 5
 Life Insurance

Premium per policy based on retail APE

Ticket Size based on Individual APE Sep-20 YoY gr. MoM gr. YTD21 YoY gr. FY20 YoY gr.
Industry Total 32,999 9.9% -16.6% 39,582 20.4% 25,471 5%
LIC 20,657 14.7% -29.4% 30,139 34.6% 14,366 6%
Total Private 68,345 3.9% 1.3% 61,892 -2.7% 60,499 9%
Aditya Birla Sun Life 85,490 42.6% 8.3% 75,370 18.1% 64,999 9%
Aegon Life 26,780 35.3% 22.5% 24,647 -7.6% 19,001 0%
Aviva Life 62,274 7.0% -3.5% 61,188 8.3% 55,741 7%
Bajaj Allianz Life 61,278 -22.8% -2.9% 51,964 -26.4% 61,873 10%
Bharti Axa Life 48,942 42.4% 17.9% 44,382 83.9% 28,593 -18%
Canara HSBC OBC Life 52,026 -17.2% 0.0% 48,922 -28.1% 65,056 -8%
DHFL Pramerica Life 39,626 -22.7% 46.4% 45,969 -4.2% 39,783 -2%
Edelweiss Tokio Life 57,118 29.2% 7.8% 42,104 9.8% 40,410 -4%
Exide Life 35,624 -1.6% 2.6% 33,143 2.4% 35,593 7%
Future Generali Life 52,297 11.9% 4.7% 49,856 -1.0% 56,236 7%
HDFC Life 83,535 19.8% -3.4% 72,855 -2.2% 66,543 32%
ICICI Prudential Life 88,775 -6.3% 6.6% 70,337 -20.0% 86,810 9%
IDBI Federal Life 70,752 14.7% -0.3% 61,334 8.7% 59,356 35%
IndiaFirst Life 47,676 -3.8% 9.4% 45,617 6.7% 45,235 18%
Kotak Mahindra Life 45,735 -4.0% -7.8% 45,126 -8.4% 52,179 8%
Max Life 79,136 13.9% 8.8% 62,432 -3.2% 68,370 14%
PNB MetLife Life 57,397 -19.4% 2.2% 51,127 -21.8% 66,783 3%
Reliance Nippon Life 45,411 -0.2% 1.7% 42,400 5.2% 43,598 12%
SBI Life 64,251 -7.3% 0.8% 63,242 -0.9% 62,992 7%
Shriram Life 19,014 8.1% 4.3% 19,245 9.9% 16,772 -2%
Star Union Dai-Ichi Life 70,308 -6.2% 4.1% 67,870 0.3% 71,127 21%
Tata AIA Life 76,943 44.3% 7.4% 64,249 16.3% 56,322 -12%

Source: Life Insurance Council, PL

Ticket size for private are improving to pre-covid levels

LIC - Prem/Policy (Rs) Private - Prem/Policy (Rs)

67,462
70,000

50,000

30,000
28,806

10,000
May-18

May-19

May-20
Jan-18

Jun-18

Jan-19

Jun-19

Jan-20

Jun-20
Mar-18
Feb-18

Feb-19

Feb-20
Mar-19

Mar-20
Jul-19

Jul-20
Jul-18
Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20
Nov-17

Nov-18

Nov-19
Dec-17

Dec-18

Dec-19
Aug-17
Sep-17

Aug-18
Sep-18

Aug-19
Sep-19

Sep-20
Aug-20

Source: Life Insurance Council, PL

October 8, 2020 6
 Life Insurance

Insurance valuation and comparison parameters

HDFC Life SBI Life ICICI Pru Life Max Fin Services
Price 579 828 434 610
Mcap (Rs bn) 1169 828 623 164
Target Price 533 919 424 651
Upside -7.9% 11.1% -2.2% 6.7%
Rating REDUCE ACCUMULATE HOLD ACCUMULATE

Valuation FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E
P/EV 5.7 4.7 3.9 3.3 3.1 2.7 2.3 2.0 2.7 2.4 2.1 1.8 1.6 1.4 1.3 1.1
P/EVOP 35.3 31.6 25.3 22.2 18.0 19.4 16.6 14.4 18.9 18.6 16.4 14.6 9.1 9.2 7.8 7.0
P/BV 16.3 13.5 10.5 9.0 8.5 7.5 6.6 5.8 7.9 6.5 5.6 4.9 6.5 5.5 4.6 3.9
P/E 90.3 66.4 41.6 55.0 58.2 55.9 48.2 39.2 58.3 34.7 31.9 30.0 20.6 18.8 17.1 15.5

Key Parameters (Rs bn) FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E
APE 74.1 73.0 86.1 101.0 107.4 107.9 125.0 145.0 73.8 62.9 70.5 77.8 42.3 45.6 52.0 58.3
VNB 19.2 18.4 22.9 26.6 20.1 20.6 24.7 28.7 16.1 15.4 17.3 19.2 9.0 8.9 10.8 12.1
EVOP 33.2 37.0 46.2 52.7 45.9 42.6 49.9 57.6 32.9 33.6 38.0 42.5 18.1 17.9 20.9 23.4
EV 206.5 250.6 296.5 349.3 262.9 311.6 364.9 422.9 230.3 261.9 299.6 341.8 99.8 113.9 130.9 149.6
Networth 71.9 86.5 111.6 129.9 97.3 109.8 124.5 143.6 78.4 96.3 110.8 126.7 25.5 30.1 35.5 41.9
VIF 134.6 164.1 184.9 219.5 165.6 201.8 240.3 279.3 151.9 165.6 188.8 215.2 74.3 83.3 93.5 104.8
PAT 13.0 17.6 28.1 21.3 14.2 14.8 17.2 21.1 10.7 17.9 19.6 20.7 8.0 8.7 9.6 10.6

Growth YoY FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E
APE 18.3% -1.4% 17.9% 17.9% 13.6% 8.3% 2.7% 15.9% 0.1% -5.4% -14.7% 12.0% 5.6% 7.8% 14.1% 14.1%
VNB 20.0% 24.6% -4.2% 24.8% 24.1% 17.0% 2.6% 19.9% 3.3% 20.9% -3.9% 12.0% 25.6% 4.7% 3.0% 21.0%
EVOP 14.1% 8.3% 11.5% 25.1% 12.5% 38.3% -7.2% 17.1% 3.3% -13.5% 2.0% 13.4% 21.1% 10.1% -1.5% 17.3%
EV 20.3% 12.8% 21.4% 18.3% 17.5% 17.4% 18.5% 17.1% 15.1% 6.5% 13.7% 14.4% 19.0% 11.6% 14.2% 14.9%
Networth 21.0% 22.4% 20.3% 29.0% 14.7% 13.6% 12.8% 13.5% 4.7% 6.6% 22.7% 15.2% -3.3% 6.1% 18.4% 17.9%
VIF 19.9% 8.3% 12.7% 14.0% 19.3% 19.7% 21.9% 19.1% 21.3% 6.4% 9.0% 14.0% 30.1% 13.6% 12.1% 12.2%
PAT 15.1% 1.4% 36.0% 36.0% 7.2% 4.0% 16.1% 23.0% -9.8% 67.9% 9.0% 6.1% 43.3% 9.4% 10.4% 10.2%

Operating Parameters FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E
VNB Margin 25.9% 25.2% 26.6% 26.3% 18.7% 19.1% 19.8% 19.8% 21.7% 24.5% 24.5% 24.6% 21.6% 19.5% 20.7% 20.8%
OP RoEV 18.1% 17.9% 18.4% 17.8% 20.5% 16.2% 16.0% 15.8% 15.2% 14.6% 14.5% 14.2% 20.3% 17.9% 18.4% 17.9%
RoEV 12.6% 22.5% 19.2% 18.6% 17.4% 18.5% 17.1% 15.9% 6.5% 13.7% 14.4% 14.1% 16.7% 18.2% 18.6% 17.5%

Per Share Values FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E
VNB per share 9.5 9.1 11.4 13.2 20.1 20.6 24.7 28.7 11.2 10.7 12.0 13.3 33.3 33.0 39.9 44.9
EVOP per share 16.4 18.3 22.9 26.1 45.9 42.6 49.9 57.6 22.9 23.4 26.5 29.6 67.3 66.2 77.7 87.0
EV per share 102.3 124.1 146.8 173.0 262.9 311.5 364.9 422.9 160.4 182.4 208.7 238.1 370.1 422.6 485.4 554.8
BV per share 35.6 42.8 55.3 64.3 97.3 109.8 124.5 143.6 54.6 67.0 77.2 88.2 94.4 111.8 131.8 155.5
VIF per share 66.6 81.3 91.6 108.7 165.6 201.8 240.3 279.3 105.8 115.3 131.5 149.8 275.7 309.0 346.8 388.8
Earnings per share 6.4 8.7 13.9 10.5 14.2 14.8 17.2 21.1 7.4 12.5 13.6 14.4 29.6 32.4 35.7 39.4

Source: Company, PL

October 8, 2020 7
 Life Insurance
Analyst Coverage Universe
Sr. No. Company Name Rating TP (Rs) Share Price (Rs)
1 Axis Bank Hold 480 446
2 Bank of Baroda BUY 65 49
3 Federal Bank BUY 67 50
4 HDFC Bank BUY 1,265 1,098
5 HDFC Life Insurance Company Reduce 533 579
6 ICICI Bank BUY 462 383
7 ICICI Prudential Life Insurance Company Hold 424 434
8 IDFC First Bank Sell 21 28
9 IndusInd Bank BUY 680 527
10 Kotak Mahindra Bank Accumulate 1,389 1,323
11 Max Financial Services Accumulate 651 610
12 Punjab National Bank Hold 37 35
13 SBI Life Insurance Company Accumulate 920 828
14 South Indian Bank BUY 11 8
15 State Bank of India BUY 276 191

PL’s Recommendation Nomenclature

Buy : > 15%
Accumulate : 5% to 15%
Hold : +5% to -5%
Reduce : -5% to -15%
Sell : < -15%
Not Rated (NR) : No specific call on the stock
Under Review (UR) : Rating likely to change shortly

October 8, 2020 8
 Life Insurance

ANALYST CERTIFICATION
(Indian Clients)
We/I Mr. Pritesh Bumb- MBA, M.com, Ms. Aashi Rara- CA, B.Com Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed
in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly
related to the specific recommendation(s) or view(s) in this report.

(US Clients)
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reflect his or her or their personal views about all of the issuers and their securities; and No part of his or her or their compensation was, is or will be directly related to the specific
recommendation or views expressed in this research report.

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October 8, 2020 AMNISH AGGARWAL

Digitally signed by AMNISH AGGARWAL
DN: c=IN, o=Prabhudas Lilladher Private Limited, ou=organisation, cn=AMNISH AGGARWAL,
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st=Maharashtra
9
Date: 2020.10.08 08:43:24 +05'30'