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Indian insurers continue to outperform APAC peers in Q3

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Indian insurers continue to outperform APAC peers in Q3

The market capitalizations of Indian life insurers continued to surge over the three months ended Sept. 30, registering some of the highest total stock return among its regional peers, according to S&P Global Market Intelligence analysis.

HDFC Life Insurance Co. Ltd. reported a 29.4% rise in its market cap on a sequential-quarter basis, and a 53.5% rise compared to a year ago. It was also the best-performing stock in Q3 after its share price rose by 29.4% quarter over quarter.

ICICI Prudential Life Insurance Co. Ltd. posted a quarter-over-quarter market cap rise of 19.3% to become the 18th-largest insurer in the Asia-Pacific insurance marketplace. Its total stock return of 19.8% in Q3 was also second-best among its top 20 regional peers. SBI Life Insurance Co. Ltd. was third with a return of 17.0%.

The rankings of the largest six insurers by market capitalization remained unchanged quarter over quarter, led by Ping An Insurance (Group) Co. of China Ltd. at $203.68 billion as of Sept. 30. Among S&P Global Market Intelligence's three featured regional indexes, only SNL Japan Insurance posted a positive total return of 2.1% at the end of the third quarter, while the broader SNL Asia Pacific Insurance saw a negative return of 4.1%.

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