Buy HDFC Life Insurance; target of Rs 820: ICICI Direct
ICICI Direct is bullish on HDFC Life Insurance recommended buy rating on the stock with a target price of Rs 820 in its research report dated January 07, 2021
January 14, 2021 / 08:52 PM IST
ICICI Direct's research report on HDFC Life Insurance
HDFC Life Insurance (HDFC Life) is among the dominant private players in the Indian life insurance space today. It was established in 2000, as a joint venture between HDFC Ltd and Standard Life. The company is one of the most profitable in the industry and has gradually shifted from Ulip heavy to a more balanced product mix. HDFC Life has a strong distribution network with partnerships ranging from banks (includes HDFC Bank), NBFCs, MFIs and new age distributors. Diversified product portfolio and focus on product innovation has enabled HDFC Life to be ahead of the curve.
Considering the current business franchise and building anticipated improvement in business momentum and profitability metric, we initiate coverage on the stock with a BUY rating and a target price of Rs 820/share, valuing the company at 5.0x FY23E EV.
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