Nomura initiates Buy on HDFC Standard Life, ICICI Prudential, SBI Life

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26 Aug, 2025 12:21

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Nomura has initiated coverage with Buy call on HDFC Standard Life, ICICI Prudential Life & SBI Life while it has maintained Buy call on Max Financial with a target price at Rs 680 per share.

The research house said its sector view is positive and it expects 22-38 percent CAGR in value of new business over FY17-20.

ICICI Prudential is its top pick in the insurance space with a target price at Rs 490 while it has set a target price at Rs 840 for SBI Life and Rs 430 for HDFC Life.

All these three insurance companies HDFC Standard Life, SBI Life and ICICI Prudential listed on exchanges in the last 16 months.

ICICI Prudential rallied 17 percent till date, from its issue price of Rs 334 and HDFC Standard Life gained 40.4 percent from issue price of Rs 290 but SBI Life has been trading around its issue price of Rs 700 per share.

At 11:32 hours IST, the stock price of HDFC Standard Life Insurance Company was quoting at Rs 405.80, up 1.54 percent and ICICI Prudential Life Insurance Company was at Rs 391.35, up 2.96 percent on the BSE.

SBI Life Insurance Company was quoting at Rs 698.25, down 0.39 percent and Max Financial Services (Max Life Insurance) was at Rs 585.45, down 0.54 percent.