ICICI Direct has given Buy recommendation for HDFC Life Insurance with a target price of Rs. 670 in its research report issued on Apr 27, 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 over 26%.

Outlook

Insurance under penetration coupled with focus on product mix to aid healthy business growth and VNB margin. Market share trend and synergy benefit from Exide merger to be watched. We value HDFC Life at 2.8x FY24E EV with TP of Rs 670.

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