With a target price of Rs 2,410 per share, the brokerage implies an upside of 30.5% from current market levels. The company remains a compelling investment in India’s life insurance sector, in our view, supported by robust distribution strength and a consistent track record of embedded value (EV) growth. Our investment thesis centres on its ability to deliver a CAGR of 18% in EV over FY25-28e, driven by a recovery in annualised premium equivalent (APE) growth, deepening relationships with distributors and largely stable margins.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent…