Life insurance sector sees a slump in November with the new business premium down 27 percent and annual premium equivalent down 44 percent.

Prayesh Jain, Lead Analyst - Institutional Equities at Yes Securities, said, “The festive season is a period where people prefer consumption over saving or protection policies. That is the trend that caught up in November but I think the industry should leap back to its growth from next month onwards."

“We like ICICI Pru followed by SBI Life,” he said in an interview with CNBC-TV18.

“Companies like HDFC Life and Max Life has been the outperformers for the past six months and ICICI Pru Life has been an underperformer for some time now. It has to be seen with the fact that ICICI Bank, which is the key distributor for ICICI Pru Life product, last year in Q4 has started a strategy of selling a lot of savings products. So this is in the base now and from Q4 onwards we will see a recovery and a sharp recovery,” he said.

For entire discussion, watch video...

(Edited by : Bivekananda Biswas)

First Published:Dec 9, 2020 6:36 PM IST