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KRChoksey Report
HDFC Life Insurance Co. Ltd.'s strength in distribution and product mix bodes extremely well for its business momentum, and we expect it to continue to drive the momentum and enhance margins in the coming years.
We expect the Non-Par/Annuity segment to be the most key growth driver for HDFC Life in the near term.
Positive trigger points for the company include a well-balanced and varied product and channel mix and an improving persistency in the market.
We have factored in a 16% CAGR in premiums, 18% in VNB, and 18% in EV over FY21-24E.
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