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Emkay and Geojit increase target prices of LIC, expect over 20% upside

Posted On: 2023-11-29 23:27:23 (Time Zone: IST)


Emkay increased its target price to Rs. 850/share (Rs. 760 earlier, Nov 12, 2023), noting that the business is in a comfortable position to considerably enhance its dividend distribution due to its strong solvency ratio of 190% and solid surplus creation amid relatively slower growth. While the brokerage house is conscious of the structural difficulties brought about by slower growth-driven market share loss as well as by excessive operating costs, they predict these will eventually come down.

From an earlier target price of Rs. 727, Geojit has increased it to Rs. 823/share. The brokerage house believes that as domestic household savings gradually expand, life insurance's percentage of the additional home savings is anticipated to climb gradually as well. LIC, as the market leader and a trusted name among the populace, is best positioned to benefit in the long-term. Focus continues to be on diversifying product mix and enhancing the non-par share of products. The positive impact of the increasing share of the non-par business is visible as VNB margin was stable at 14.6% even though VNB decreased 10.1% YoY in H1 FY24. During H1FY24, the company launched three new non-PAR product and market share by agent workforce stood at 49%.

Shares of Life Insurance Corporation Of India was last trading in BSE at Rs. 679.15 as compared to the previous close of Rs. 673.65. The total number of shares traded during the day was 145413 in over 4054 trades.

The stock hit an intraday high of Rs. 691.80 and intraday low of 672.45. The net turnover during the day was Rs. 99164798.00.


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