SBI Life, HDFC Life, ICICI Prudential, Max Financial: What is UBS' bet on Indian insurance firms?

Life insurance stocks to buy: UBS believes investors are overly focused on regulatory action and underappreciating the growth potential in India's insurance sector. Given the rate cut expectation by the global brokerage in FY25 (UBSe 50bp rate cut in H2FY25). UBS believes demand for non-par guaranteed products should improve in line with historical trends, with margin expansion from FY25 onwards.

According to the brokerage's note, Max Financial is its top pick. Analysts at the brokerage see 33 percent upside potential in the counter. Here are the revised targets by UBS on India Life Insurance:

Max Financial Services share price target

UBS has maintained 'buy' on Max Financial Services, a part of Max Group with a raise in target to Rs 1,270 from Rs 1,150. Max Financial remains the top pick of UBS. The brokerage sees an upside potential of 33 per cent on the joint venture between Max Financial Services Limited and Axis Bank Limited.

SBI Life Insurance share price target

The global brokerage has maintained a 'buy' call on SBI Life Insurance. The brokerage has raised the target by Rs 205 on the life insurance stock to Rs 1,835.

ICICI Prudential Life Insurance share price target

The brokerage has maintained a 'neutral' stance on ICICI Prudential Life Insurance, with a raised target of Rs 640 from Rs 550.

HDFC Life Insurance share price target

UBS has maintained a 'neutral' call on the Mumbai-headquartered long-term life insurance provider. The brokerage has raised the target on the counter by Rs 15 to Rs 715.

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