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"Despite demand advancing to Mar-23 in the wake of a change in taxation of insurance products, private insurers’ individual new business premium (NBP)/APE turned in smart growth of 11%/10.4% YoY in May. FY24 to date, industry growth momentum is holding up as individual APE growth came in at 2% YoY while private insurers grew 5.1% YoY," said the brokerage in its report. Given the strong base set in FY23 and the positive performance in May-23, the brokerage is continuing to monitor sales growth. ₹1,600) is its top pick in the industry, followed by ₹650). Unlisted private life insurers like Aditya Birla Sun Life, Bajaj Life, and Let's look at the brokerages' views of the sector stocks listed below. HDFC Life Individual APE showed a noteworthy increase of 9.8% YoY; the brokerage believes the major drivers are still sales of non-linked savings products. The brokerage expects some improvement in counter share inside its parent channel as a result of HDFC Life now being expected to become a subsidiary of ICICI Prudential Life Insurance The company has recorded individual APE increase of 3.8% YoY and total APE growth of -1% YoY, according to the brokerage. While other channels expanded 8.3% YoY, the View Full Image HDFCLIFE, and SBILIFE gain individual APE market shares Max Life The brokerage reports that Max Life's individual APE growth has remained unimpressive at 1.7% YoY. The four-year YTD CAGR for individual APE is 17.2% (through FY20-24). SBI Life Insurance Company “Individu...