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Prabhudas Lilladher' research report on HDFC Standard Life Insurance
HDFC SL showed strong performance in APE growth at 32% YoY for FY18 slightly below our expectations (Ple: 35% YoY) mainly led by ULIPs. However, margins improved significantly by 120bps at 23.2% mainly on increase in share of protection segment (25.9% share of total new business premium) as it benefits from innovation and digitisation despite price competition. We have revised the APE growth estimates slightly and increased VNB margins. We maintain our recommendation of a BUY, and revise our TP to Rs518 (from Rs500) and value it at Rs1,040 bn (from Rs996 bn) translating to 4.3x FY20E EV.
Outlook
We have revised the APE growth estimates slightly and increased VNB margins. We maintain our recommendation of a BUY, and revise our TP to Rs518 (from Rs500) and value it at Rs1,040 bn (from Rs996 bn) translating to 4.3x FY20E EV.For all recommendations report, click here
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