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Motilal Oswal Report
We remain constructive on the life insurance industry given the positive tailwinds from regulatory actions. Both IFRS and risk-based solvency would be favorable and release capital for further growth of the industry.
We upgraded our recommendation on HDFC Life Insurance Company Ltd. in May 2024, and since then, the stock has delivered 32% return, outperforming Nifty by 20%.
We believe HDFC Life is well poised for strong growth ahead, led by-
product innovation;
push in the HDFC Bank channel, especially with new branches;
significant agency count additions over the past two years; and
strong return on embedded value of 16-17%.
We upgrade our target FY26 price/EV multiple to 3.0 times and value the stock at Rs 900, maintaining Buy.
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