NDTV Profit'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 NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit 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 NDTV Profit.
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.
