The brokerage remains constructive on private sector banks and life insurance, citing improving credit growth, supportive liquidity conditions and balance sheet strength. It expects a strong earnings rebound for banks in FY27 and continued momentum in insurance driven by ULIP demand and favourable yield dynamics. BNP Paribas’ target prices are Rs 1,460 for HDFC Bank, Rs 1,990 for ICICI Bank, Rs 1,660 for Axis Bank and Rs 2,730 for SBI Life Insurance.