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 maintain our HOLD rating on the stock. Factoring in steady VNB margins and growth levers, we upgrade out target price from Rs 540 to Rs 570, valuing the stock at 2.2x FY25E EV.
For all recommendations report, click here
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