India Financials ‐ Insurance Report By Prabhudas Lilladher

Within our coverage universe ‐ HDFC Life, ICICI PruLife, SBI Life & Kotak Insurance constitutes nearly 8%, 9.5%, 6.5% & 3% respectively to the total SOTP valuation of their parent entities. The passage of the bill will enable these companies to monetise a part of their investment and raise equity capital as and when growth recovers. The valuation of these insurance entities can thus be at a significant premium to our/street estimates and can provide 2.5%‐4% upside to the consolidated entities. We continue to maintain our preference for ICICI Bank and HDFC Bank.

Download India Financials By PL