HDFC Life Q2 Review - Steady Growth, Outlook Optimistic: ICICI Direct
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ICICI Direct Report
HDFC Life Insurance Co. Ltd. Q2 FY22 results;
Gross premium grew at a healthy pace of 14% YoY to Rs 11,632 crore. VNB margins remained healthy at 26.4%, aided by a balanced product mix. Claims remained elevated amid pandemic; provision buffer at Rs 204 crore. Surplus improved from Rs 59 crore to Rs 178 crore QoQ.
Key triggers for future price performance:
Focus on credit protect & retirement product to aid business growth.
Strong distribution network remains core to maintain business momentum.
VNB margins to be industry leading at ~26%, led by balanced product mix.
Approval from IRDA, CCI for merger of Exide Life expected in Q4 FY22.
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