Leading private life insurers in India made notable shifts in their equity portfolios during September, with significant buying interest in defense and e-commerce firms, alongside a reduction in stakes in some financial and IT giants. Data compiled by Nuvama Institutional Equities reveals the buying and selling activities of ICICI Life Insurance, HDFC Life, Tata AIA Life, and Kotak Life.
Key Additions in September
Among the top stocks where these four insurers increased their holdings, Hindustan Aeronautics Ltd (HAL) and Meesho saw substantial investments. Insurers collectively bought Meesho shares worth Rs 276 crore and HAL shares amounting to Rs 259 crore, raising their total exposure in the defense player to Rs 1,016 crore.
Other significant additions included Bharat Forge Ltd, where insurers acquired shares worth Rs 397 crore, bringing their total holding to Rs 1,562 crore. UltraTech Cement Ltd also attracted considerable buying, with Rs 308 crore invested in 2.81 million shares, pushing total holdings to Rs 2,226 crore.
Further investments, ranging from Rs 201-254 crore, were made in companies like AUSFB, Syrma SGS, Aditya Infotech, and Finolex Cables. Gland Pharma, Swiggy, Schaeffler India, and Ajanta Pharma were also among the insurers' picks.
Major Stake Reductions
Conversely, the insurers divested significant portions of their holdings in several prominent companies. BSE Ltd witnessed the largest selling, with shares worth Rs 796 crore offloaded in September. PB Fintech Ltd and Infosys Ltd also saw substantial trimming, with reductions of Rs 774 crore and Rs 355 crore, respectively.
Other stocks experiencing selling pressure, with reductions up to Rs 322 crore, included Voltas, Oil India, Eternal, Havells India, and Polycab India.
Individual Insurer Activities
- ICICI Prudential Life Insurance: Prominent additions included Swiggy (Rs 205 crore), Reliance Industries (Rs 157 crore), and Vishal Mega Mart (Rs 99 crore). Reductions were seen in BSE (Rs 393 crore), Redington (Rs 193 crore), and Polycab India (Rs 114 crore).
- SBI Life Insurance: Major additions comprised Eternal (Rs 861 crore), HDFC Bank (Rs 496 crore), and One 97 Communications (Rs 106 crore). Significant reductions were made in BSE (Rs 544 crore), Infosys (Rs 375 crore), and Bajaj Finance (Rs 125 crore).
- HDFC Life Insurance: Key additions were Aditya Infotech (Rs 201 crore), Syrma SGS Technology (Rs 181 crore), and Gland Pharma (Rs 177 crore). Prominent reductions included BSE (Rs 724 crore), Oil India (Rs 258 crore), and Havells India (Rs 201 crore).
- Tata AIA Life Insurance: Major additions included Bharat Forge (Rs 338 crore), BSE (Rs 324 crore), and AU Small Finance Bank (Rs 298 crore). Holdings were reduced in Eternal (Rs 257 crore), ICICI Bank (Rs 71 crore), and Jindal Steel (Rs 68 crore).
- Kotak Mahindra Life Insurance: Notable additions were UltraTech Cement (Rs 281 crore), Granules India (Rs 137 crore), and HDFC Bank (Rs 69 crore). Reductions were primarily in Infosys (Rs 253 crore), Bajaj Finance (Rs 108 crore), and Eternal (Rs 10 crore).