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:
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
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