Motilal Oswal: HDFC Life’s Premium Growth Steady; Persistency Rates Showing Recovery
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Motilal Oswal Report
HDFC Standard Life Insurance Company Ltd. reported improvement in new business annual premium equivalent, led by individual protection/participating and group savings business while the trend in unit linked insurance plans remained weak in Q2 FY21.
Value of new business (VNB) margins improved to 25.6% led by rise in retail protection/annuity business and cost control.Thus, Absolute VNB grew 22% YoY during Q2 FY21.
On the persistency front, better trends were witnessed in the participating/protection business, and thus, 13th/25th month persistency improved by 200 basis point/400 basis point.
Overall, shareholders’ profit after tax grew approximately 6% YoY to Rs 3.3 billion during Q2 FY21.
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