Life insurers to see 10-20% VNB growth in Q2 FY27

Indian life insurance companies are expected to post 10-20% year-on-year growth in value of new business in Q2 FY27, driven by strong protection plan sales, per Kotak Institutional Equities. LIC may lead with 40% VNB surge and 320 bps margin expansion. Regulatory concerns around distribution norms and EoM caps are expected to dominate earnings discussions.