ICICI Direct has given Buy recommendation for HDFC Life Insurance recommended buy rating on the stock with a target price of Rs 635 in its research rep with a target price of Rs. 635 in its research report issued on Oct 23, 2022
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%.
We retain our BUY rating on the stock, Insurance under penetration coupled with focus on product mix to aid healthy business growth and VNB margin. However, integration of Exide Life and uncertainty on stake of parent acts as near term deterrents. We continue to value HDFC Life at 2.9x FY24E EV with target price maintained at Rs 635.