HDFC Life Q4 Review - Business Growth Slightly Better, Margins Steady: Prabhudas Lilladher
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Prabhudas Lilladher Report
HDFC Life Insurance Company Ltd.’s gross written premium grew by 18% YoY in FY21 and 22% YoY in Q4 FY21 leading to a better annual premium equivalent growth of 13% in FY21 versus 30% decline post lockdown and was led by continued growth in non-par savings segment.
Margins were steady at 26% in FY21 and 27% in Q4 FY21 and largely in-line with expectation.
Margin expansion has been not large as protection business has been slower in H2 FY21 and higher mortality charges (Covid-19 reserve) and fixed cost in the credit product business.
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