HDFC Life Q4 Review - Strong FY21 Validates Execution Capability: ICICI Securities

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ICICI Securities Report

HDFC Life Insurance Company Ltd. has pulled off a strong FY21 with 14%/13% value of new business/ annual premium equivalent growth on FY20 annual premium equivalent base of more than Rs 70 billion.

This was driven by banca (29% individual APE growth in FY21) and par (107% individual APE growth in FY21).

With available growth levers for volumes as well as margins, we remain optimistic about the company’s ability to maintain more than a 15% APE growth trajectory with improving margins.

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