Indian life insurers fall; analysts say premium growth dropped in Aug
** HDFC Life Insurance HDFL.NS, SBI Life Insurance SBIL.NS and ICICI Prudential Life Insurance ICIR.NS slide 3.5%, 2.5% and 1.7%, respectively, while state-owned Life Insurance Corp of India LIFI.NS rises ~1%
** Decline in most life insurers drags high weightage financials .NIFTYFIN 0.5% lower
** HSBC estimates industry's annualised premium equivalent (APE) growth moderated to 10.5% YoY in Aug from 16.3% in July, while number of policies sold dropped by 1%
** CLSA says total APE for Max Life Insurance, unit of Max Financial Services MAXI.NS, and ICIR rose 17-20% in Aug.; grew 8% for HDFL and fell 2% for SBIL
** SBIL and HDFL are Nuvama's top sectoral picks as brokerage remains cautious of impact from new surrender value regulations, competitive intensity and margins
** YTD, ICIR up ~40% and SBIL up ~30%, while HDFL and LIC are up ~10% and ~24%, respectively
Reporting by Dimpal Gulwani in Bengaluru
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