PAT miss 6% YoY; VNB margin lower than estimates

19 Apr 2024
5 Min read 
  • HDFC Life Insurance reported lower-than-expected margins and a 6% YoY decrease in PAT.
  •  VNB margin was lower than estimates and absolute VNB remained flat.
  •  APE growth and VNB margin assumptions have been revised based on 4QFY24 performance and guidance.
  •  HDFC Life Insurance expects to deliver a steady VNB margin of 26-27% and a ~16% VNB CAGR over FY24-26.
  •  The banca channel and tier 2/3 markets have shown strong growth for HDFC Life Insurance.
  •  The company aims to grow at the higher end of the 12-15% growth range for the private life insurance industry in FY25.
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