Outlook on insurance sector looks strong; SBI Life, ICICI Lombard top buys

The Insurance Regulatory Authority of India has given insurers permission to launch group and individual unit-linked life and health insurance products without prior approval. While general insurance has been flourishing in India, the growth of life insurance moderated in April and May 2023 after a surge in March, just prior to regulatory changes. SBI Life is targeting a 20% CAGR in APE over FY23-2025; ICICI Lombard is expecting growth in the motor segment, health segment profitability improvements and benefits from the Bharti AXA merger to help improve the combined ratio and ROE.

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