External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>HDFC Life is among the most dominant players in the Indian life insurance industry with a strong distribution network, parentage, operating metrics.</li><li>Balanced product mix with focus on non-par, protection &amp; annuity business </li><li>Target Price and Valuation: We value HDFC Life at 3.4x FY24E EV with TP of Rs 800.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HDFC Life is among the most dominant players in the Indian life insurance industry with a strong distribution network, parentage, operating metrics.Balanced product mix with focus on non-par, protection &amp; annuity business Target Price and Valuation: We value HDFC Life at 3.4x FY24E EV with TP of Rs 800.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFC Life Insurance: Healthy Growth; Outlook on Growth Optimistic

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>HDFC Life has announced the 100% acquisition of Exide Life for consideration of INR66.87b, of which INR7.26b would be paid in cash. Furthermore, the company would issue 87m shares to Exide Industries Limited towards the balance amount at INR685 per share. HDFC Life expects to secure all the approvals and complete the transaction by 30th Jun'22. In FY21, Exide Life earned a total premium of INR33.25b (8.6% that of HDFC Life), and total AUM stood at INR187.8b (10.4% that of HDFC Life).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HDFC Life has announced the 100% acquisition of Exide Life for consideration of INR66.87b, of which INR7.26b would be paid in cash. Furthermore, the company would issue 87m shares to Exide Industries Limited towards the balance amount at INR685 per share. HDFC Life expects to secure all the approvals and complete the transaction by 30th Jun'22. In FY21, Exide Life earned a total premium of INR33.25b (8.6% that of HDFC Life), and total AUM stood at INR187.8b (10.4% that of HDFC Life).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFC Life announces 100
% acquisition in Exide Life

<p>About the stock: HDFC Life is among the most dominant players in Indian life insurance industry with strong distribution network, parentage, operating metrics.</p><ul><li>Balanced product mix with focus on non-par and protection business</li><li>Industry leading VNB margins of over 25%</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: HDFC Life is among the most dominant players in Indian life insurance industry with strong distribution network, parentage, operating metrics.Balanced product mix with focus on non-par and protection businessIndustry leading VNB margins of over 25%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFC Life Insurance: Higher Covid Claims – Near Term Overhang

<p>Higher reserves dent EVOP growth; persistency trends stable Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Higher reserves dent EVOP growth; persistency trends stable Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Higher reserves dent EVOP growth; persistency trends stable

India

HDFC Life Insurance Company Limited, doing business as HDFC Life, is an Indian life insurance company offering individual and group insurance solutions including protection, pension, savings, investment, annuity, and health plans. It operates through a multi-channel distribution network across India. The company is headquartered in Mumbai, India, and was incorporated in 2000.

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HDFC Life (HDFCLIFE IN)

HDFC Life Insurance: Healthy Growth; Outlook on Growth Optimistic

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

HDFC Life announces 100 % acquisition in Exide Life

HDFC Life has announced the 100% acquisition of Exide Life for consideration of INR66.87b, of which INR7.26b would be paid in cash. Furthermore,...

Motilal Oswal

HDFC Life Insurance: Higher Covid Claims – Near Term Overhang

HDFC Life is among the most dominant players in Indian life insurance industry with strong distribution network, parentage, operating metrics.

ICICI Securities Limited

Higher reserves dent EVOP growth; persistency trends stable

Higher reserves dent EVOP growth; persistency trends stable Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India...

Motilal Oswal

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