'Buy' HDFC Life Stock Maintains Motilal Oswal, Sets Target Price Of Rs 800 — Here's Why

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Motilal Oswal Report

HDFC Life Insurance Company Ltd. aims to sustain a well-balanced product portfolio while expanding its market presence through geographical growth and customer acquisition.

Persistency rates have shown consistent improvement across segments, supporting steady renewal premium growth. The revised commission structure, following discussions, is expected to have only a 20-30 basis points impact on value of new business margins due to surrender charge regulations.

Management has indicated that margins will remain stable or slightly improve, driven by stronger growth in Q4 and no deterioration in the product mix. Reiterate Buy with a target price of Rs 800 (premised on 2.5x Sep’26E embedded value).

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