HDFC Life share price: HSBC arrives at a target price of Rs 630
HDFC Life delivered an 18% yoy increase in annual premium equivalent (APE) and a 180bp rise in the new business value (NBV) margin leading to a 27% rise in NBV. APE and NBV were 3% and 4% above our expectation, respectively in Q3 FY21. The share of protection APE fell 345bp to 13.3% 3QFY21. APE grew due to 19% yoy growth in individual APE and a 36% yoy rise in group savings.
HDFC Life’s market share among private insurers rose 214 bps to 16.4% (9M FY20: 14.3%) on an individual APE basis. Par APE (+117% yoy) and annuities showed strong growth, up 52% yoy: Reuters