HDFC Life - Limited Triggers, More Structural Play: Prabhudas Lilladher
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Prabhudas Lilladher Report
HDFC Life Insurance Company Ltd. underperformed benchmarks in last six months by 5.4% given, second Covid-19 wave challenges such as risks from claims (death and otherwise) and lockdown led limited activity on protection side.
As per channel checks, despite increased awareness, protection business has been slower because of limited mobility, reluctance on medical tests and underwriting stringency.
Volumes have been contributing largely from two products in non-par (which has witnessed competitive intensity leading to higher internal rate of returns revisions) and Par (led by Banca).
This in our view will limit any margin expansions as revision in IRRs has been supported by volumes and protection being slower.
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