Kotak Equities initiates buy rating on LIC

“The margin expansion, driven by the shifting of product mix by its unparalleled agency force, should boost VNB (value of new business) growth, even as overall medium-term APE (annual premium equivalent) growth will likely be lower than private peers,” said Kotak’s analysts in a client note. “The large unrealized equity gains (59% of FY2022 EV) should also support LIC’s EV (Enterprise Value) and make it leveraged to capital market movements.”

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