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Prabhudas Lilladher Report
HDFC Life Insurance Company Ltd.’s annual premium equivalent of Rs 15.6 billion was slower than expectation with growth of 30% YoY, while margins were steady at 26.2% leading to 40% YoY growth in value of new business at 4.1 billion.
The company made a Rs 7.0 billion (including previous reserve of Rs 0.7 billion) or 260 basis points of enterprise value as claim reserving on higher claims from the second wave severity.
HDFC Life continues to have a steady product mix, although in Q1 FY22 unit linked insurance plan improved and credit protect bounced back sharply.
Focus continues to remain on long term products, while is cautious in near term on protection as profitable underwriting is quite tough.
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