HSBC upbeat on HDFC Life after Q1 results, sees consistent growth and margin stability
HSBC has reiterated its 'Buy' rating on HDFC Life Insurance, maintaining a target price of ₹900, after the company delivered an in-line operating performance in Q1FY26 with stable margins and a healthy APE growth trajectory.
The insurer reported a 1Q Operating Return on Embedded Value (RoEV) of 16.3%, reflecting the quality of its new business and prudent capital allocation. The brokerage noted that new customer acquisition efforts, product diversification, and deepening of distribution channels will be key drivers of performance in the coming years.
HSBC expects a 16% CAGR in total APE between FY25 and FY28, driven by strong execution and margin discipline. While macro headwinds persist, HDFC Life's balanced mix between savings, annuity, and protection products provides defensiveness to its business model.
The firm continues to see HDFC Life as well-positioned within the Indian life insurance sector, given its scale, consistency, and profitability. The valuation remains rich, but justified by the insurer's premium quality and long-term growth visibility, according to HSBC.
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