21 Jan 2022 , 08:13 AM
Result date: 21st January, 2022
Recommendation: Add
Target price: Rs. 770
HDFC Life’s new business premium is likely to increase by 34% YoY to Rs67.5 billion and renewal premium is seen at Rs52.6 billion, up 15% YoY. This will be driven by strong trends in Annuity and PAR segments. Total Annualized Premium Equivalent (APE) could come at Rs25.9 billion, registering a YoY increase of 20%.
The company’s Value of New Business (VNB) could grow at a healthy pace of 22% on a YoY basis, driven by continued momentum in APE and 50 basis points margin expansion.
Important management insights to watch out for:
– COVID related claims
– Outlook on margins
| Rs. Billion | December 2021 estimates | YoY change |
| New Business Premium | 67.5 | 34% |
| Renewal premium | 52.6 | 15% |
| Total APE | 25.9 | 20% |
| Savings APE | 22.4 | 20% |
| Protection APE | 3.5 | 22% |
| VNB | 7.0 | 22% |
| VNB Margin | 27.0% | 50 bps |
Source: IIFL Research, Company
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