Buy HDFC Life Insurance Company; target of Rs 779: Religare Retail Research

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Religare Retail Research report on HDFC Life Insurance Company

HDFC Life premium income growth in Q1FY24 remained moderate and in line with expectations at 17% YoY which was driven by single premium growth of 24% YoY. Net commission costs increased as the focus remains on increasing the agency network and expanding geographically. Annualized Premium Equivalent (APE) increased by 13% YoY which was driven by increase in individual APE growth of 12% YoY. Value of new business (VNB) growth was decent at 18% YoY as the focus remains on increasing the market share.

Outlook

We maintain a Buy rating on the insurance company while increasing our target price upwards to Rs 779. We value the company based on 3x of its FY25E embedded value per share.

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HDFC Life Insurance Company- 24 -07 - 2023