LIC, HDFC Life, ICICI Pru, SBI Life: Insurance stocks surge after upbeat premium numbers in February
While LIC's premium went up by more than 67 per cent, Max Life gained 51 per cent, and ICICI Pru collected 32.5 per cent more premium in February Year-on-Year. SBI Life saw a rise of 32.3 per cent, HDFC Life gained 14.4 per cent, while Bajaj Allianz's premium was up by 12.9 per cent.
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Insurance Stocks: Stocks of prominent insurance companies such as LIC, HDFC Life, ICICI Pru, SBI Life, Bajaj Finance, Star Health, and New India Assurance traded in positive territory on the BSE on Monday (March 11, 2024) amid strong growth in new business premiums in February.
While LIC's premium jumped more than 67 per cent, Max Life's new premiums were up by 51 per cent, and ICICI Pru saw a 32.5 per cent jump in its premium year-on-year (YoY) in February.
SBI Life saw a rise of 32.3 per cent, HDFC Life gained 14.4 per cent, and Bajaj Allianz's premiums were up by 12.9 per cent in February.
Amid the business update, here's how insurance stocks are performing on the BSE.
LIC
India's largest PSU traded higher by 1.88 per cent in morning deals on BSE on Monday.
LIC was trading higher by 1.59 per cent, or Rs 16.05, at Rs 1044.75 at 10 a.m. on Monday. Its day's high is Rs 1,044.75.
HDFC Life
The stock rose by 1.12 per cent in the morning session to the day's high of Rs 628.70.
HDFC Life was trading higher by 0.73 per cent, or Rs 4.55, at Rs 626.30.
New Business Premiums (February)
| Life Insurance New Business Premium February Month (Yoy) | ||||
| HDFC Life 2602 Cr Vs 2273 Cr, Up 14.4% | ||||
| ICICI Pru 1763 Cr vs 1330 Cr, Up 32.5% | ||||
| Max Life 1097 Cr Vs 726 Cr, Up 51.1% | ||||
| SBI Life 2649 Cr Vs 2002 Cr, Up 32.3% | ||||
| Bajaj Allianz 1050 Cr Vs 930 Cr, Up 12.9% | ||||
| LIC 19896 Cr Vs 11879 Cr, Up 67.4% | ||||
ICICI Pru
The stock rose by 4.69 per cent to the day's high of Rs 614.45 in morning deals. It nearly hit its 52-week high of Rs 615.55.
The stock of ICICI Pru was up by 0.88 per cent, or Rs 5.15, at Rs 592.05.
SBI Life
The stock of the insurance company rose over 2 per cent to the day's high of Rs 1540.00.
It was trading up by 0.92 per cent, or Rs 13.95, at Rs 1523.60.
Bajaj Allianz (Bajaj Finserv)
Bajaj Allianz is a joint venture between Allianz SE and Bajaj Finserv.
The stock of Bajaj Finserv rose 1.52 per cent to the day's high of Rs 1606.60.
Bajaj Finserv was trading higher by 1.12 per cent, or Rs 17.75, at Rs 1600.35.
Star Health
The stock of the insurance firm jumped by 1.25 per cent to the day's high of Rs 556.20.
It was trading up by 0.38 per cent, or Rs 2.10, at 551.45.
The New India Assurance
The stock of the insurance company jumped by 3.24 per cent to the day's high of Rs 266.05.
It was trading flat at Rs 257.60.
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