Buy HDFC Life Insurance; target of Rs 690: ICICI Direct

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ICICI Direct's research report on HDFC Life Insurance

HDFC Life is among the most dominant players in the Indian life insurance industry with a strong distribution network, parentage, operating metrics. Balanced product mix with focus on non-par, protection & annuity business • Industry leading VNB margins of ~26-27%.

Outlook

We retain our BUY rating on the stock. Insurance under penetration coupled with focus on product mix to aid healthy business growth and VNB margin. Rolling over to FY25E, we upgrade our target price from Rs 635 to Rs 690, valuing HDFC Life at 2.6x FY25E EV.