25 Apr 2022 , 12:25 AM
Result date: 26th April, 2022
Recommendation: Add
Target price: Rs690
HDFC Life Insurance Company could post moderate set of results for the March 2022 quarter. Its new business premium and renewal premium could grow 8% and 19%, respectively over the year-ago quarter. New business premium growth to remain modest on strong trends in Annuity/PAR. Growth in total APE is estimated at 7% on a year-on-year basis. The company’s balanced product mix is helping it navigate the business cycle better than peers.
VNB Margin could contract 40 basis points to 26.5%. Expense ratio is likely to remain stable.
Important management insights to watch out for:
Rs Billion | March 2022 estimates | YoY change |
New Business Premium | 70.7 | 8% |
Renewal Premium | 75.8 | 19% |
Total APE | 31.0 | 7% |
VNB | 8.2 | 6% |
VNB Margin | 26.5% | (40) bps |
Source: IIFL Research
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