INDIA FIRST TO MARKET

Research evidence excerpt

INDIA FIRST TO MARKET

Sanjay Mookim AC Asia Pacific Equity Research

(91-22) 6157-3600 10 July 2026 J P M O R G A N

sanjay.mookim@jpmorgan.com

India’s insurers are scheduled to report 1Q27 results beginning mid-July and we expect results to be mixed but on an improving

trajectory. Life: We expect continued strong protection growth, but volatile equity markets to keep ULIP sales under check. On

a Y/Y basis, margins are likely to vary based on growth and mix enhancement, and face some pressure due to non-availability

of ITC on GST. In the near term, discussion is likely to revolve around potential regulatory changes on distribution payouts and

implementation of IND-AS. Non-life: Reduced competitive intensity from PSU insurers should at least partly offset the pressure

on CoRs from increased competitive pricing in the B2B lines. A modest recovery in equity markets should aid investment

income and earnings. We expect B2B pricing, competitive intensity in motor (pricing), tighter implementation of expense-of-

management frameworks, and the likely impact of IND-AS to dominate result call discussions. Overall, across insurers,

valuations have corrected materially. We prefer life over non-life. Our top picks are MAXF and SBI Life among life insurers, and

ICICIGI among non-life insurers.

Dixon Technologies (Bhavik Mehta, CFA) (DIXON IN, OW)

Finally, Vivo JV has come

Dixon finally received the long awaited Press Note 3 approval from the government for its proposed JV with Vivo . Dixon will

hold a 51% stake in the JV and Vivo 49%. Dixon had highlighted that Vivo has 35mn annual volumes in India of which 67% will

come to Dixon, so ~22mn. As per management, the JV could lead to a revenue uplift of Rs300bn with a higher average selling

price compared to the existing mobile portfolio.