January 5, 2018 / 3:59 AM / 6 months ago

BUZZ-Nomura initiates HDFC Standard Life, ICICI Prudential and SBI Life with 'buy'

** Nomura initiates coverage on Indian insurers HDFC Standard Life Insurance Co Ltd, ICICI Prudential Life Insurance Co Ltd (IPRU) and SBI Life Insurance Co Ltd with ‘Buy’ rating

** Bullish on Indian life insurance as improvement in growth outlook and operating metrics more structural and less cyclic, Nomura analysts write in a note

** Profitability of listed life insurers best among all sub-sectors in India financials - Nomura

** HDFC Standard Life has balanced product mix, making its business model less cyclical relative to peers while SBI Life has “best distribution franchise”, according to Nomura

** IPRU followed strategy based on unit-linked insurance plans post regulatory changes and that is the cleanest savings product; hence its growth should outpace that of traditional products - Nomura

** IPRU gains 1.8 pct to 368.50, HDFC Standard Life up 0.1 pct to 399.45 rupees while SBI Life down 0.2 pct to 700 rupees

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