12 Oct 2023 , 09:29 AM
Result date: October 13, 2023
Recommendation: Add
Target price: Rs 710
HDFC Life Insurance Company (HDFC Life) could see APE growth of 23% YoY and a 190 basis points decline in VNB margin over the year-ago quarter owing to higher investments, believe analysts at IIFL Capital Services. Growth in New Business Premium is likely to be driven by healthy traction in annuity/non-PaR and retail protection segments.
The company’s Value of New Business (VNB) could increase 15.4% over the year-ago quarter.
Important management insights to watch out for:
| Rs. Billion |
September 2023 estimates |
YoY change |
| New business premium |
75.9 |
19.0% |
| Renewal premium |
83.2 |
20.4% |
| Total APE |
30.6 |
23.1% |
| Savings APE |
25.7 |
20.7% |
| Protection APE |
4.8 |
37.5% |
| VNB |
8.6 |
15.4% |
| VNB Margin |
28.0% |
(190) bps |
Source: IIFL Research
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