Sharekhan has given Buy recommendation for HDFC Life Insurance Company with a target price of Rs. 740 in its research report issued on Apr 27, 2022

Sharekhan’s research report on HDFC Life Insurance Company

HDFC Life reported PAT of Rs. 358 crore, in line with our expectation. PAT grew by ~12% y-o-y and ~31% q-o-q. The company registered ~8% y-o-y growth in net premium income, led by strong growth in renewal premium and single premium, thereby reflecting steady trend in persistency. Renewal premiums constituted ~51% of net premium. Management sounded confident about growth prospects and margin outlook for FY2023 after registering strong performance in FY2022 amid a challenging environment. The acquisition and integration process is well on track; management expects the merger to be margin neutral in FY2023 and margin accretive from FY2024.

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