MUMBAI: Fund managers at India's largest private sector life insurer, ICICI Prudential Life Insurance, are turning their attention to the technology and pharmaceutical sectors following bumper payoffs from a contrarian bet on the country's telecommunications sector.

ICICI Pru Life's Chief Investment Officer, Manish Kumar, said he kept buying telecoms shares this year even as a bruising price war and plunging profits forced several other investors to cut their exposure to the sector.

Kumar's investment was unorthodox as insurers' exposure limits give them little elbow room to experiment with significant changes in asset allocation, which means their shifts in positioning are generally very modest.

"I don't think we have taken as strong a contrarian bet in any of the sectors," Kumar told Reuters.

India's telecoms companies have been hurting all year as Reliance Jio - the mobile market's newest entrant backed by India's richest man Mukesh Ambani - rolled out freebies and slashed costs for data plans.

Analysts say Jio's surprise decision to raise tariffs last month signals an end to the competitive price-cutting war. As a result, shares in top mobile carrier Bharti Airtel are near their highest levels in a decade, while those of IDEA Cellular are near eight-month highs.

ICICI Pru Life, whose assets under management grew about 16 percent in that period and now total 1.3 trillion rupees ($20 billion), increased its exposure to the telecom sector by 80 basis points to 7.3 percent, even as other mutual funds cut their exposures.

The insurer has 54 percent of its assets in debt, driven by regulatory requirements and preferences of its unit-linked policyholders.