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Corporation
FINANCIAL | Insurance / Life Insurance
hdfclife.com

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Founded Year

2000

Stage

IPO | IPO

Date of IPO

11/7/2017

About HDFC Standard Life Insurance

HDFC Standard Life Insurance Company (HDFC Life) is Mumbai based life insurance provider in India. HDFC Life offers a wide range of individual and group insurance solutions including Protection, Pension, Savings & Investment and Health, along with Children's and Women's Plan. HDFC Life sells policies through a multi channel network. This includes direct sales through own branches, Insurance agents, Partner Banks and through other financial institutions.

HDFC Standard Life Insurance Headquarter Location

13th Floor, Lodha Excelus, Apollo Mills Compound N.M. Joshi Marg, Mahalaxmi

Mumbai, 400 011,

India

+91 (22) 6751 6666

Latest HDFC Standard Life Insurance News

Buy HDFC Standard Life Insurance; target of Rs 691: Emkay Global Financial

Oct 20, 2020

Emkay Global Financial is bullish on HDFC Standard Life Insurance has recommended buy rating on the stock with a target price of Rs 691 in its research report dated October 19, 2020. Broker Research VNB margins surged 80bps qoq to 25.7% (+140bps qoq) in Q2FY21 (25.1% for H1FY21) due to a change in product mix and active role of distribution mix. Absolute VNB grew by ~22% yoy after a ~42.9% yoy fall in the last quarter amid Covid-19-related lockdowns. HDFC Life has utilized its distribution mix in the most effective manner. In spite of a steep rise in the share of bancassurance channel to ~60% of distribution mix (vs. ~50% in FY20), the share of ULIPs stood at ~23%, whereas savings products grew to ~66% (vs. ~60% in FY20). Demand for term plans may rise as demand for credit protect policies normalizes. The firm’s balanced product mix provides a cushion against any business cyclicality while, at the same time, taking advantage of the underpenetrated protection market. We expect margins to improve gradually with the rising share of protection plans and increasing penetration in geographies. Outlook We maintain our estimates and expect VNB to grow at a 13.4% CAGR to Rs28.3bn over FY20-23E, with a ~19% CAGR (due to a low base) in EV to Rs0.35tn by FY23E. We retain Buy/OW in EAP, with a TP of Rs691, corresponding to ~4x P/FY23E EV. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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