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Motilal Oswal Report
HDFC Life Insurance Company Ltd. reported ~28% YoY growth in premium, led by 40%/19% YoY growth in single/first year premium. Persistency trends improved across cohorts, with 13th/61st month persistency improving 100 basis points QoQ each to 92%/57%.
Shareholders' profit after tax grew 3% YoY to Rs 2.74 billion (10% miss). Value of new business growth stood at 22% YoY (~11% beat), with VNB margin coming broadly in line at 26.7%.
HDFC Life's embedded value operating profit after tax grew 18.6% YoY in 9MFY22 (16.2% growth post the impact of excess mortality reserve of Rs 6.5 billion).
On the annual premium equivalent front, the individual protection business grew 20% YoY versus a 2% YoY growth in 9MFY22, while strong trends continued in annuity and non-par savings business.
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