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Motilal Oswal Report
HDFC Life Insurance Co. reported an in-line growth in premium, led by a 24%/17% YoY growth in the first year/renewal premium.
Persistency trends improved across cohorts, with 13th/61st month improving 300 basis points each YoY to 91%/56%. However, there was a miss on shareholders' earnings by 20% due to higher Covid-19 claims settled.
HDFC Life Insurance's value of new business growth stood at 24% YoY (~6% beat), with VNB margin improving by around 100 bps YoY to 26.6%, aided by strong trends in Credit Life.
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