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Q4FY22 preview:HDFC Life Insurance Company: New Business Premium seen at Rs70.7 billion, VNB at Rs8.2 billion

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:

  • Outlook for growth across segments
  • Commentary on market share trends
  • Improvement in persistency ratio
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

Related Tags

  • HDFC Life
  • HDFC Life Insurance Company
  • March 2022 quarter
  • Q4FY22
  • Q4FY22 preview
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