New Delhi, Sept. 22 -- HDFC Life Insurance, Life Insurance Corporation of India (LIC), General Insurance Corporation of India, and other insurance stocks gained over a percent on Monday after foreign brokerage firm JPMorgan upgraded ratings and raised target prices on these stocks.

JPMorgan expects the compounding momentum of India's insurance sector to continue, similar to trends observed over the past five years, supporting further balance sheet growth.

The foreign brokerage estimates annual growth of 15% in new business value (NBV) for life insurers, while it expects to see 12% annual growth in book value for non-life insurers over the next three years.

JPMorgan has upgraded HDFC Life shares to 'Overweight' and raised target price t...