Shares of SBI Life Insurance Company Ltd, HDFC Life Insurance Company Ltd, Max Financial Services Ltd and ICICI Prudential Life Insurance Company Ltd are likely to remain in focus after Nuvama Institutional Equities reiterated its positive stance on the life insurance sector.

According to the brokerage, individual retail weighted received premium (RWRP) growth remained strong and broad-based across the industry.

"Individual RWRP growth was strong and broad-based with industry up ~21 per cent year-on-year (YoY) to Rs 2,090 crore," Nuvama Institutional Equities said. “Private players posted 22 per cent YoY surge to Rs 4,450 crore while LIC grew 19 per cent YoY to Rs 2,200 crore. This was backed by a low base in Apr-25, in which private players grew 2 per cent YoY and LIC posted a 4 per cent YoY dip. On 2-year CAGR basis, individual RWRP for industry grew ~9.9 per cent while private players/LIC grew ~11.4 per cent/~7.1 per cent," it added.

The brokerage retained 'Buy' ratings on SBI Life, HDFC Life, Max Financial and ICICI Prudential Life, while assigning target prices for each stock.

SBI Life Insurance share target price

Nuvama said SBI Life was the standout performer during the month. "SBI Life was the standout performer, reporting overall APE growth of 120 per cent YoY to Rs 2,090 crore, driven by strong growth across both retail (+18 per cent YoY to Rs 990 crore) and group segment (+875 per cent YoY to Rs 1,100 crore). Within group segment, growth was largely driven by lumpy group yearly renewal premiums. Adjusted for this, overall APE growth was 19 per cent YoY, broadly in line with industry growth," the brokerage noted.

It added that on a two-year CAGR basis, SBI Life reported individual APE growth of around 10 per cent, while total APE grew about 53.8 per cent, mainly led by strong group business growth.

"SBILIFE trades at FY27E/28E P/EV of 2.0x/1.7x; maintain 'BUY' with a TP of Rs 2,390," Nuvama said.

HDFC Life share target price

For HDFC Life Insurance, the brokerage highlighted healthy premium growth aided by a favourable base. "HDFC Life posted overall APE growth of 24 per cent YoY to Rs 950 crore with RWRP growing 24 per cent YoY to Rs 790 crore. Growth in RWRP comes on a low base of Apr-25 where it posted ~3 per cent YoY growth," Nuvama said.

The brokerage said HDFC Life posted individual APE growth CAGR of around 13.4 per cent over two years, while total APE grew around 16.6 per cent.

"HDFCLIFE trades at FY27E/28E P/EV of 1.9x/1.6x; retain 'BUY; TP of Rs 850," it stated.

Max Financial share target price

Nuvama also retained a positive view on Max Financial Services. "Max Financial posted overall APE of Rs 440 crore in Apr-26 (+15 per cent YoY) with RWRP of Rs 430 crore (+21 per cent YoY). This comes on a high base as it had reported +23.5 per cent YoY growth in RWRP in Apr-25," the brokerage said.

It added that the company reported positive APE growth in 35 out of the last 37 months.

"MAXF trades at FY27E/28E P/EV of 2.1x/1.7x; maintain 'BUY' with a TP of Rs 2,070," Nuvama stated.

ICICI Prudential Life share target price

On ICICI Prudential Life Insurance, the brokerage said growth was supported by a weak base. "ICICI Prudential posted 24 per cent YoY growth in APE to Rs 620 crore with RWRP growth of 25 per cent YoY to Rs 420 crore. RWRP growth comes on a low base as IPRU had posted a 16 per cent YoY fall in Apr-25," Nuvama said.

It noted that on a two-year CAGR basis, ICICI Prudential reported individual APE growth of around 2.5 per cent, while total APE grew about 8.4 per cent.

"IPRU trades at FY27E/FY28E P/EV of 1.4x/1.2x; maintain 'BUY' with a TP of Rs 750," the Nuvama added.