Data shows that investors are willing to pay much less for the future profits of life insurance players than what they did about a decade ago. What explains this derating?
The country’s five listed life insurance players—SBI Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, Max Financial Services, and Life Insurance Corporation of India (LIC)—are substantially larger today than what they were at the time of their initial public offering (IPO), but they are valued at much lower multiples despite the manifold growth in business.
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