BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
HDFC Standard Life Insurance Company Ltd. reported weak business trends with new business annualised premium equivalent (APE) declined 30% YoY affected by lockdown and weak buyer sentiment towards unit linked insurance plan (ULIP) segment while the individual protection and participating (PAR) reflected strong traction. Persistency across cohorts declined to 13th/61st months persistency decreased by 140 basis points/20 basis points QoQ.
Q1 FY21 of new business (VNB) declined 43% YoY, and thus, VNB margins moderated to 24.3% (versus 29.8% in Q1 FY20) on the back of lower mix of non-PAR savings. Overall, we expect VNB margins to gradually improve to approximaely 26% by FY22E, led by balanced product mix. Maintain Neutral.
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