BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Exide Life merger was completed on October 14, 2022 and numbers have been restated. Hence, YoY and QoQ numbers are not comparable.
On a post-merger basis, HDFC Life Insurance Company Ltd.'s new business premium grew at a slower pace at 9.6% YoY at Rs 18713 crore in nine months-FY23 and new business margin were at 26.5% in 9MFY23 versus 26.2% in H1 FY23. Individual WRP market share declined 30 basis points YoY to 15.8%.
Total APE (post-merger) registered healthy growth of 21.8% YoY at Rs 8174 crore for 9MFY23.
Non-par saving products now form 39% versus 37% in H1 FY23 and 33% in 9MFY22. Annuity business contributes 6% while protection business contributes 4% of premium in 9MFY23.
HDFC Life's opex ratio increased ~250 bps YoY from 12.2% to 14.7%, led by merger. However, on a merged basis, opex ratio has remained steady at 14.7% sequentially.
Assets under management was at Rs 233839 crore, up 20.1% YoY. Debt to equity mix in AUM was at 68:32 with ~99% of debt investments in G-secs and AAA bonds. On a merged basis, AUM has increased 4% QoQ.
Persistency ratio remains steady with 13th month persistency at 87% and 61st month persistency at 52%.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
