External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades.

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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>HDFCLIFE reported broadly in-line results for Q1FY25, with APE at Rs28.6bn (+23% YoY), coming in 4% above our estimates and more than offsetting the slight margin miss at 25% (Emkay est.: 25.6%), leading to a ~2% beat in VNB at Rs7.18bn (Emkay: Rs7bn).</li><li>The margin decline in Q1 was largely due to product-mix changes in favor of ULIP.</li><li>The management is confident of doubling the VNB over the next 4 years, with the heavy lifting of VNB growth being done by APE growth—this will be backed by HDFC Bank and the Agency channel firing up and the margin largely holding up as the limited impact from surrender-value regulatory changes can be offset by various actions by the company; also, focus on riders and sum assured should improve margins for savings products. </li></ul><p><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></p>

HDFCLIFE reported broadly in-line results for Q1FY25, with APE at Rs28.6bn (+23% YoY), coming in 4% above our estimates and more than offsetting the slight margin miss at 25% (Emkay est.: 25.6%), leading to a ~2% beat in VNB at Rs7.18bn (Emkay: Rs7bn).The margin decline in Q1 was largely due to product-mix changes in favor of ULIP.The management is confident of doubling the VNB over the next 4 years, with the heavy lifting of VNB growth being done by APE growth—this will be backed by HDFC Bank and the Agency channel firing up and the margin largely holding up as the limited impact from surrender-value regulatory changes can be offset by various actions by the company; also, focus on riders and sum assured should improve margins for savings products. 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 - Ingredients in Place for Growth and Margin Delivery