SBI Life, HDFC Life, Max Financial, IPRU shares: Check target prices, outlook
For SBI Life, individual annualised premium equivalent (APE) growth accelerated 21.8 per cent year-on-year (YoY) to Rs 1,860 crore, while total APE rose 16.4 per cent YoY to Rs 2,020 crore.
- Sep 8, 2026,
- Updated Sep 8, 2026 10:26 AM IST
Nuvama Institutional Equities retained 'Buy' ratings on SBI Life Insurance Company Ltd, HDFC Life Insurance Company Ltd, Max Financial Services Ltd and ICICI Prudential Life Insurance Company Ltd (IPRU).
For SBI Life, individual annualised premium equivalent (APE) growth accelerated 21.8 per cent year-on-year (YoY) to Rs 1,860 crore, while total APE rose 16.4 per cent YoY to Rs 2,020 crore. Group APE, however, declined 23.7 per cent YoY. On a two-year CAGR basis, individual APE grew around 8.1 per cent, while total APE increased about 8.4 per cent. Nuvama retained its 'Buy' call and has valued the stock at 1.8x/1.5x FY27E/FY28E P/EV, with a target price of Rs 2,600.
HDFC Life reported a sharp improvement in individual APE growth, which rose 17.4 per cent YoY to Rs 1,290 crore, compared with a 6.6 per cent decline in July. Total APE increased 17.6 per cent YoY to Rs 1,510 crore, aided by group APE growth of 18.8 per cent. Individual and total APE grew around 8.7 per cent and 10.1 per cent, respectively, on a two-year CAGR basis. Nuvama retained its 'Buy' rating, with FY27E/FY28E P/EV multiples of 1.6x/1.4x and a target price of Rs 790.
For Max Financial Services, individual APE slowed to 10.2 per cent YoY to Rs 820 crore. Group APE declined 12.8 per cent YoY. On a two-year CAGR basis, individual APE grew around 13.1 per cent. Nuvama maintained its 'Buy' rating, with FY27E/FY28E P/EV multiples of 1.9x/1.6x and a target price of Rs 1,870.
ICICI Prudential Life reported 11.2 per cent YoY growth in individual APE to Rs 660 crore. Total APE grew 23.4 per cent YoY to Rs 890 crore, driven by a 78.6 per cent increase in group APE. On a two-year CAGR basis, individual APE declined around 1.7 per cent, while total APE grew about 5.7 per cent. Nuvama retained its 'Buy' call, with FY27E/FY28E P/EV multiples of 1.1x/1.0x and a target price of Rs 700.
Systematix target prices
Systematix Institutional Equities has also assigned 'Buy' ratings to the four stocks. It has set target prices of Rs 2,400 for SBI Life, Rs 700 for HDFC Life, Rs 2,100 for Max Financial and Rs 640 for ICICI Prudential Life.
Nuvama Institutional Equities retained 'Buy' ratings on SBI Life Insurance Company Ltd, HDFC Life Insurance Company Ltd, Max Financial Services Ltd and ICICI Prudential Life Insurance Company Ltd (IPRU).
For SBI Life, individual annualised premium equivalent (APE) growth accelerated 21.8 per cent year-on-year (YoY) to Rs 1,860 crore, while total APE rose 16.4 per cent YoY to Rs 2,020 crore. Group APE, however, declined 23.7 per cent YoY. On a two-year CAGR basis, individual APE grew around 8.1 per cent, while total APE increased about 8.4 per cent. Nuvama retained its 'Buy' call and has valued the stock at 1.8x/1.5x FY27E/FY28E P/EV, with a target price of Rs 2,600.
HDFC Life reported a sharp improvement in individual APE growth, which rose 17.4 per cent YoY to Rs 1,290 crore, compared with a 6.6 per cent decline in July. Total APE increased 17.6 per cent YoY to Rs 1,510 crore, aided by group APE growth of 18.8 per cent. Individual and total APE grew around 8.7 per cent and 10.1 per cent, respectively, on a two-year CAGR basis. Nuvama retained its 'Buy' rating, with FY27E/FY28E P/EV multiples of 1.6x/1.4x and a target price of Rs 790.
For Max Financial Services, individual APE slowed to 10.2 per cent YoY to Rs 820 crore. Group APE declined 12.8 per cent YoY. On a two-year CAGR basis, individual APE grew around 13.1 per cent. Nuvama maintained its 'Buy' rating, with FY27E/FY28E P/EV multiples of 1.9x/1.6x and a target price of Rs 1,870.
ICICI Prudential Life reported 11.2 per cent YoY growth in individual APE to Rs 660 crore. Total APE grew 23.4 per cent YoY to Rs 890 crore, driven by a 78.6 per cent increase in group APE. On a two-year CAGR basis, individual APE declined around 1.7 per cent, while total APE grew about 5.7 per cent. Nuvama retained its 'Buy' call, with FY27E/FY28E P/EV multiples of 1.1x/1.0x and a target price of Rs 700.
Systematix target prices
Systematix Institutional Equities has also assigned 'Buy' ratings to the four stocks. It has set target prices of Rs 2,400 for SBI Life, Rs 700 for HDFC Life, Rs 2,100 for Max Financial and Rs 640 for ICICI Prudential Life.