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Q4FY23 Preview: HDFC Life Insurance Company: VNB margin seen at 34.0%

24 Apr 2023 , 06:34 PM

Result date: 26th April, 2023

Recommendation: Add

Target price: Rs 630

 

Analysts at IIFL Capital Services expect HDFC Life Insurance Company (HDFC Life) to post 38% growth in APE over the year-ago quarter (adjusted for the Exide acquisition).

Lower share of retail protection products coupled with merger of Exide will lead to a 430 basis points contraction in VNB margin as compared to the year-ago quarter.

Overall, though the company has a balanced product mix which will help it navigate the business cycle, believe analysts at IIFL Capital Services.

Important management insights to watch out for:

  • Demand trends across product categories
  • Update on actual impact of the changes announced in the Union Budget
Rs Billion

March 2023 estimates

YoY change

New Business Premium

60.9

24.2%

Renewal Premium

72.1

5.9%

Total APE

30.8

18.3%

VNB

10.5

35.3%

VNB Margin

34.0%

430 bps

Source: IIFL Research

 

Related Tags

  • HDFC Life
  • HDFC Life Insurance
  • HDFC Life Insurance Q4
  • HDFC Life Q4
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