Credit Suisse has downgraded ICICI Prudential Life Insurance to an underperform rating with a target price of Rs 415 per share. SBI Life Insurance has been downgraded to a neutral rating with a target price of Rs 900 apiece.

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The amendments to the LIC act ahead of the initial public offering (IPO) have mandated the distribution of surplus to policyholders from 95 percent to 90 percent for the par products and from 95 percent to 0 percent for the non-par products.

The brokerage house believes that there will be margin pressure on the private insurance players.

Watch the accompanying video of CNBC-TV18’s Nimesh Shah for more details.

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(Edited by : Ajay Vaishnav)