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Yes Securities Report
Calculated post-merger value of new business margin of HDFC Life Insurance Company Ltd. grew by 52 basis points QoQ (comparable) but de-grew -2 bps YoY (comparable) to 26.8%.
The post-merger VNB growth was 6.9% QoQ (comparable), aided by both growth in annual premium equivalent and margin expansion.
The post-merger annual premium equivalent was Rs 31,910 million up by 4.8% QoQ (comparable) but down -2.1% YoY (comparable).
Post-merger expense ratio decreased -2 bps QoQ to 19.8% as operating expenses ratio decreased -15 bps QoQ but comm. ratio increased by 13 bps QoQ.
Persistency: Post-merger, 37th month ratio fell -30 bps QoQ to 71.2% and 61st month ratio fell -30 bps QoQ to 51.1% (comparable)
We maintain a less-than-bullish ‘Add’ rating on HDFC Life Insurance with a revised price target of Rs 720.
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Also Read: HCLTech Q3 Review - Robust Results With Strong Deals, Albeit With Lower Guidance: Axis Securities
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