HDFC Life Insurance Company Ltd. Brokerage/Research Reports, analyst Research Reports (2024)

Broker Report

VNB seen doubling every 4 years

Sharekhan

We maintain a Buy on HDFC Life with a revised PT of Rs.870. The company is confident of growing
retail APE higher than industry APE and doubling VNB every four years.

Broker Report

HDFC Life Insurance

ICICI Direct

Broker Report

Focus on doubling VNB and APE with product innovation and geographic expansion

KRChoksey

The Gross Written Premium (GWP) for Q1FY25 stood at INR 128,109 Mn, a growth of 9.7% YoY, primarily led by the renewal segment. On a QoQ basis, the GWP declined by 38.8% on account of a high base of Q4FY24.

Broker Report

Ingredients in place for growth and margin delivery; reiterate BUY

Emkay

HDFCLIFE reported broadly in-line results for Q1FY25, with APE at Rs28.6bn
(+23% YoY), coming in 4% above our estimates and more than offsetting the
slight margin miss at 25% (Emkay est.: 25.6%), leading to a ~2% beat in VNB
at Rs7.18bn (Emkay: Rs7bn).

Broker Report

APE up 23% YoY, VNB margins 100bp below estimate

Motilal Oswal

HDFC Life Insurance (HDFCLIFE) in 1QFY25 reported lower-than-expected
VNB margins at 25% (est. 26%), with absolute VNB increasing 18% YoY to
INR7.2b (in line with estimate).

Broker Report

Well placed to benefit from improving outlook of volume growth and margin balance

ICICI Securities Limited

HDFC Life (HDFCLI) reported 18% growth in VNB YoY despite 113bps reduction in VNB margin to 25.1% in Q1FY25. This, along with strong 39% growth in non-par, 31% growth in individual protection and 22% growth in number of policies underline HDFCLI’s execution efforts as it aims to clock 18–20% VNB CAGR.

Broker Report

APE growth strong, VNB margins decline

Sharekhan

HDFC Life reported broadly in-line performance, except VNB margins lagged estimates. APE grew by 23% y-o-y mainly driven by higher ULIP sales (up 99% y-o-y).

Broker Report

HDFC LIFE INSURANCE COMPANY LIMITED

Geojit BNP Paribas

Broker Report

Strong distribution, product efforts offset by adverse product mix in FY24

ICICI Securities Limited

HDFC Life (HDFCLI) has successfully worked its way to improve bancassurance as well as agency while focusing on SURU markets (semi-urban and rural) in FY24. This has led to 13% YoY growth in tier 2/3 locations while overall NoP has grown 11% YoY in FY24.

Broker Report

Year of reset is behind; Upgrade to BUY

Emkay

Following a bumper FY23 in terms of APE growth and VNB margin on account
of taxation changes, HDFCLIFE reported muted performance in FY24 with a
largely flat APE at Rs 132.9bn and VNB declining 4.7% YoY to Rs35.0bn due to
130bps YoY VNB margin contraction to 26.3%.

Broker Report

Misses VNB margin guidance; Focus to remain on VNB growth for FY25E

ICICI Direct

The Gross Written Premium (GWP) for Q4FY24 stood at INR 209,376 Mn, up 34.9% QoQ. However, GWP was 7.0% lower than our estimates due to lower-than-expected renewal premium growth.

Broker Report

HDFC Life

Motilal Oswal

Broker Report

HDFC Life

Emkay

Broker Report

HDFC Life

Sharekhan

Broker Report

HDFC Life (BUY): Subdued quarter

BOB Capital Markets Ltd.

HDFC Life's APE growth muted in FY24 despite traction in Tier-2/-3 cities; cut our estimates by 8% each for FY25/FY26

Broker Report

Mixed bag Q4

Sharekhan

HDFC Life reported an ~8% y-o-y decline in APE growth in Q4 on reported basis while adjusted for one off in the base period, it grew by 14% y-o-y. For FY24, APE growth was flat. Value of new business (VNB) fell by ~18% y-o-y/ 5% y-o-y in Q4FY24/ FY24.

Broker Report

PAT miss 6% YoY; VNB margin lower than estimates

Motilal Oswal

HDFC Life Insurance (HDFCLIFE) in 4QFY24 reported lower-than-expected
margins at 26.1% with total APE at INR47.3b (broadly in line with
estimates).

Broker Report

Muted Quarter; Focus on new product pipeline and Tier 2/3 cities to drive growth

KRChoksey

Gross Written Premium (GWP) for HDFCLIFE reported a modest growth of 6.5% YoY/3.9% QoQ at INR 155,259 Mn in Q3FY24. The New Business Premium (NBP) saw a de-growth of 3.4% YoY while
remaining flat sequentially at INR 71,297 Mn.

Broker Report

Muted Quarter; Focus on new product pipeline and Tier 2/3 cities to drive growth

KRChoksey

Gross Written Premium (GWP) for HDFCLIFE reported a modest growth of 6.5% YoY/3.9% QoQ at INR 155,259 Mn in Q3FY24. The New Business Premium (NBP) saw a de-growth of 3.4% YoY while
remaining flat sequentially at INR 71,297 Mn.

Broker Report

HDFC Life

Sharekhan