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), Prabhudas Lilladhar

Prabhudas Lilladhar

<p>Deal valued at 2.5x at current EV of Rs27.1bn for Exide Life, looks on expensive side but 35% discount to listed players (ex-HDFCLI) HDFC Life is making a second attempt at an inorganic deal with acquisition of Exide Life for Rs66.87bn valuing the company at 2.5x current EV. The rationale for the deal has been (i) strong agency business (adds 40% to...</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>

Deal valued at 2.5x at current EV of Rs27.1bn for Exide Life, looks on expensive side but 35% discount to listed players (ex-HDFCLI) HDFC Life is making a second attempt at an inorganic deal with acquisition of Exide Life for Rs66.87bn valuing the company at 2.5x current EV. The rationale for the deal has been (i) strong agency business (adds 40% to...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.

Event Update - Relatively expensive deal compared to synergies - HOLD

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

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Spike in claims affects PAT; Operations stable HDFC Life Insurance Co. Ltd, a joint venture between HDFC Ltd. and Standard Life Aberdeen, provides insurance services and was listed on BSE on 17th...</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>

Spike in claims affects PAT; Operations stable HDFC Life Insurance Co. Ltd, a joint venture between HDFC Ltd. and Standard Life Aberdeen, provides insurance services and was listed on BSE on 17th...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 Company Limited: Spike in Claims Affects PAT; Operations Stable

<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

India

HDFC Standard Life Insurance Company Limited is a life insurance firm. The Company offers protection, pension, savings and investment, and children's and women's plans to individuals. HDFC Standard Life Insurance serves customers in India and United Arab Emirates.

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HDFC Life Insurance (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

Event Update - Relatively expensive deal compared to synergies - HOLD

Deal valued at 2.5x at current EV of Rs27.1bn for Exide Life, looks on expensive side but 35% discount to listed players (ex-HDFCLI) HDFC Life is...

Prabhudas Lilladhar

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 Company Limited: Spike in Claims Affects PAT; Operations Stable

Spike in claims affects PAT; Operations stable HDFC Life Insurance Co. Ltd, a joint venture between HDFC Ltd. and Standard Life Aberdeen, provides...

Geojit

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

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