Insurance firms stay ahead of mutual funds & FIs in equity returns in past 3 years

London: Unit holder equity products of domestic insurance companies' earned more or lost less than investors in mutual funds and foreign institutions in the past three years, according to an ET study.
The investment strategy of buying into a weak market and sell when the stock is rising has helped insurance fund managers perform better than other institutional investors, money managers said the insurers and mutual funds.
The amount of equity investments of insurance companies increased by 23.28% in 2010-11 and 7.82% in 2011-12. Mutual funds' stock investment value grew 22.91% in 2010-11 and 0.45% in 2011-12. Now in 2012-13, insurers' stock investment value dropped 5.9% while that of mutual funds declined 6.4%, according to ET study of all BSE-listed company.
The calculation is based on the number of shares held by institutions multiplied by the amount at the end of each fiscal year after deducting fresh inflows in 2010-11 and 2011-12.
"We sell when valuations go up. It is the prime reason why the equity portfolio of insurance companies outperform the broader market," said Abhijit Gulanikar, CIO, SBI Life Insurance.
When the Sensex rose 10.94% in 2010-11, the insurance company will buy stock worth 3138 crore as foreign investors poured 1.14-lakh crore in the Indian market. In 2011-12, when the Sensex dipped 10.5%, insurance companies sold stock worth 9652 crore while foreign equities to buy the tune of 40,000 crore. Insurers to buy shares worth 1,625 crore in 2012-13 against the now foreign institutions' Sale of nearly 2,000 crore. Sensex dropped 6.8% from March 31 till date.
Insurance companies can sell and buy on the rise in the stock market declines, due to the steady flow of money on their premium products in equity.
"Unlike mutual funds or FIIs, are we getting the funds on a regular basis and we are waiting for the right opportunity to enter," says chief investment officer of an insurance company. "The opportunity may be situations where there are only sellers and no buyers.
On the other side, an FII or a mutual fund will get money only when there is a positive market sentiment, "he said. Insurers' investments are limited to a few sectors. While insurers invested in nearly 640 listed companies, 68% of their investments are spread across the company among the five sectors, including banks, oil and gas, consumer goods, software and auto.
Bank, a majority of investment comes from the LIC, which helped some state-run banks meet their capital needs. Punjab National Bank, Axis Bank, Syndicate Bank, United Bank of India, Development Credit Bank and UCO Bank are among the top picks of the insurance companies.


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