Hold HDFC Life Insurance Company; target of Rs 685: Anand Rathi

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Anand Rathi 's research report on HDFC Life Insurance Company

HDFC Life Insurance Company Ltd. reported 10.3% year-over-year (y/y) decline in gross premium to Rs.58,626 million in Q1FY21, mainly due to de-growth in new business premium. However, renewal premium witnessed decent growth of 24.1% y/y. Net premium income (net of reinsurance) decreased 11.2% y/y Rs.57,337 million in the quarter. The company sold about 1,90,000 policies in the quarter, registering a degrowth of 4%. The quarter witnessed lower commission expenses along with reduced benefits and change in actuarial liabilities. Profit after tax increased 5.8 % y/y to Rs.4,505 million as new business strain was offset by continued profit from back book.

Outlook

We continue to remain positive on the company with HOLD rating and a target price of Rs.685 per share.

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