# HDFC Life、SBI Life 與 Max Financial Services 持續為核心標的。

*fintech · news · 2026-02-10 · CNBC TV18*

## Key points

- PB FinTech 收購計畫的不確定性增加了股價波動性。
- 對佣金的潛在監管行動可能會大幅影響 PB FinTech 的獲利能力。
- HDFC Life、SBI Life 與 Max Financial 的估值現已大致趨於一致，EV 倍數相近。
- Axis Max Life 在一月報告最高成長，零售APE增長近29%。
- HDFC Life 一月所有保費指標均下滑，顯示成長壓力。

Manas Agrawal, Vice President – Research Analyst at Bernstein, remains cautious on PB FinTech. He said recent uncertainty around acquisition plans has added to stock volatility, but the bigger concern is the possibility of regulatory action on commissions. Any such move could materially impact profitability, keeping investors on the sidelines. Life insurance data for January shows mixed trends across players. According to Manas Agrawal, Vice President – Research Analyst at Bernstein, the gap in performance and valuation between leading life insurers has narrowed significantly. Among the large insurers, HDFC Life, SBI Life and Max Financial Services continue to remain core names. Agrawal said, “I like HDFC Life, SBI Life and Max Life all three are perform rated.” While January data for HDFC Life appeared slightly weaker compared to SBI Life and Max Fin, Bernstein believes the overall franchise strength remains intact. Valuations across the three insurers have largely converged, with similar embedded value (EV) multiples. This limits the scope for sharp re-rating in the near term. However, HDFC Life still enjoys an edge due to its strong distribution network, balanced product mix and consistent reporting standards. Between the three, Bernstein prefers Max Financial, but sees all of them as fairly valued at current levels. Axis Max Life delivered the best numbers among all life insurers despite a strong base. Its New Business Premium grew 24% during the month and total Annualised Premium Equivalent (APE) rose about 28%, while retail APE increased nearly 29%, reflecting broad-based growth across individual policies. SBI Life slowed after delivering strong numbers in the previous months. In January, New Business Premium growth moderated to about 8%, while both total APE and retail APE grew by roughly 3%. HDFC Life, reported a softer month. New Business Premium declined by about 3%, total APE fell nearly 6%, and retail APE contracted by around 7%, showing pressure on growth. On PB Fintech, the brokerage remains cautious. The recent uncertainty around acquisition plans has added to volatility, but the bigger concern is potential regulatory action on commissions. These regulations could materially impact the company’s profitability, keeping investors on the sidelines. The stock has already corrected meaningfully on a year-to-date basis, but in the absence of regulatory or cost clarity, it is difficult to take a clear view at this stage. Watch accompanying video for more Live stock market updates—follow our blog Note To Readers Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

**Companies:** HDFC Life, SBI Life, Max Financial Services, Axis Max Life, PB Fintech

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