VNB & APE miss estimates

17 Jan 2024
5 Min read 
  • HDFC Life Insurance reports lower-than-expected performance in 3QFY24.
  •  Total APE declines marginally by 2% YoY, with growth in ULIPs and group products.
  •  VNB margins fall below expectations, but EV grows 20% YoY.
  •  Growth outlook remains steady, focusing on lower-tier cities and product innovation.
  •  Neutral rating maintained with a target price of INR700.
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