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HDFC Life Insurance - Q2FY22 First Cut - ICICI Direct

Posted On: 2021-10-24 15:17:25 (Time Zone: IST)


(CMP - Rs. 689, MCap- Rs. 139496 crore)

Mixed performance wherein premium growth remained healthy with balanced product mix leading to steady margins. However, continued higher Covid claims impacted earnings.

Q2FY22 Earnings Summary

  • Gross premium growth remained healthy at 14% YoY to Rs. 11632 crore, led by healthy traction in renewal at Rs. 5035 crore (up 17% YoY) and new business premium at Rs. 6596 crore (up 12% YoY). On APE basis, premiums increased 19.4% YoY to Rs. 2551 crore. Individual APE for Q2FY22 stood at Rs. 2121 crore, which was up by ~20% YoY. Growth in protection APE for H1FY22 witnessed robust traction with 41% YoY growth (attributable to pick up in credit disbursement).
  • On APE basis, individual business mix reported at 26/ 30/ 32/ 7/ 5 in Ulip/ Par/ Non Par/ Term/ Annuity in H1FY22
  • Commission ratio increased by ~ 30 bps YoY and 50 bps QoQ to 4.5%. Opex ratio (management expense) ratio increased ~80 bps YoY to 11.6%
  • In H1FY22, HDFC Life settled around 2 lakh claims. Gross and net claims amounted to Rs. 3,640 crore (Rs. 1598 crore in Q1FY22) and Rs. 2,466 crore (Rs. 956 crore in Q1FY22) respectively. PAT for the quarter stood at Rs. 274 crore, down 16% YoY, and lower than our estimate (due to higher claim payout)
  • AUM growth for the quarter stood at Rs. 191212 crore, up 27% YoY, owing to traction in Unit linked AUM. Debt to Equity mix in AUM stood at 62:38 with ~98% of debt investments in G-secs and AAA bonds
  • Persistency ratio largely remained buoyant with 13th month persistency at 85% and 61st month persistency at 53%.
  • New business margins continued to remain healthy at 26.4% in H1FY22
  • Market share for the company on Individual WRP and Total New business basis continued to remain buoyant at 16.2% and 22.3% respectively as of September 2021.
  • Indian Embedded Value stood at Rs. 28703 crore as of September 2021, up 23% YoY. Solvency ratio was healthy at 1.90x


Shares of HDFC Life Insurance Company Limited was last trading in BSE at Rs. 690.65 as compared to the previous close of Rs. 694.90. The total number of shares traded during the day was 198339 in over 9705 trades.

The stock hit an intraday high of Rs. 702.00 and intraday low of 678.00. The net turnover during the day was Rs. 137151420.00.


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