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HDFC STANDARD LIFE: Key takeaways
HDFC has emerged as one of the fastest growing insurance company in the private sector
over the last few months. Effective implementation and higher business from HDFC Bank
(post the merger with CBOP) has likely driven growth. The company expects to deliver
APE growth of 15-20% in FY2012E and in the medium term. Traditional business will be
about 20% and ULIPs will likely contribute about 80% of the business.
Conservatism ratio is back to 80%. Notably, HDFC SL had reported 80%+ conservatism in
the past which had declined in last two years to about 70% due to limited pay products.
HDFC standard Life expects to bring down its cost to income ratio to 18% in FY2011. The
company has undertaken several cost rationalization efforts; the full impact of these
efforts will be visible in 2012E. It may be difficult to reduce the absolute amount of
expenses from 2012E levels, the biggest challenge for the company is to improve its
productivity within the current expenses levels.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
HDFC STANDARD LIFE: Key takeaways
HDFC has emerged as one of the fastest growing insurance company in the private sector
over the last few months. Effective implementation and higher business from HDFC Bank
(post the merger with CBOP) has likely driven growth. The company expects to deliver
APE growth of 15-20% in FY2012E and in the medium term. Traditional business will be
about 20% and ULIPs will likely contribute about 80% of the business.
Conservatism ratio is back to 80%. Notably, HDFC SL had reported 80%+ conservatism in
the past which had declined in last two years to about 70% due to limited pay products.
HDFC standard Life expects to bring down its cost to income ratio to 18% in FY2011. The
company has undertaken several cost rationalization efforts; the full impact of these
efforts will be visible in 2012E. It may be difficult to reduce the absolute amount of
expenses from 2012E levels, the biggest challenge for the company is to improve its
productivity within the current expenses levels.
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