LIC to be third largest stock in India by market cap: UBS

UBS Securities has put out a note saying the stock market may value shares of LIC at a discount to its listed peers. This comes at the backdrop of LIC DRHP being filed. Currently, listed peers of LIC trade at 2-3.3 times their one-year forward embedded value. UBS is of the view that discount to private players is owing to LIC's traditionally savings-heavy business mix, lower operating leverage, heavier dependency on the agency channel, and its status as a state-owned enterprise. Check out the key highlights.