ICICI Securities: HDFC Life’s Recovery Well On Track Post Covid-19 Dip
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ICICI Securities Report
HDFC Standard Life Insurance Company Ltd. continues with its diversified product/distribution strategy with strong recovery in Q2 FY21 (Total annual premium equivalent growth of 21% in Q2 FY21 compared to 30% decline in Q1 FY21) leading to 135 basis points QoQ improvement in value of new business (VNB) margin to 25.7%.
H1 FY21 VNB margin stood at 25.1%. VNB grew 22%/89% YoY/QoQ to Rs 5.5 billion in Q2 FY21.
Product suite is stronger with new high-margin par and group protection products.
Persistency has also recovered for unit linked insurance plans to pre-Covid-19 levels, while non-par book intrinsically has higher persistency.
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