Motilal Oswal - MOSL: Morning India (17/September/18): 1. HDFC Standard Life Insurance (Annual Report Update); 2. Dalmia Bharat; 3. EcoScope (Government announces measures to support INR); 4. EcoScope (Monsoon)

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Motilal Oswal

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MOSL: Morning India (17/September/18): 1. HDFC Standard Life Insurance (Annual Report Update); 2. Dalmia Bharat; 3. EcoScope (Government announces measures to support INR); 4. EcoScope (Monsoon)

MOrning India (17/September/18): 1. HDFC Standard Life Insurance (Annual Report Update); 2. Dalmia Bharat (Best is yet to come for the Indian cement industry); 3. EcoScope (Government announces measures to support INR); 4. EcoScope (Monsoon)

Today’s top research idea

HDFC Standard Life Insurance (Annual Report Update): Enhancing value for customers by well calibrated approach

FY18 was a strong performance year for HDFC Life in terms of total premium growth across premium categories, distribution channels, technology and margins.
Through this note we have tried to analyze the first annual report of HDFC Life, post-listing, and our key findings are: (i) risk retained in the individual business has dropped from 65% in FY13 to 38% in FY18; (ii) increase in total expense was mainly due to an increase in first year and single-premium commissions, investment in technology and expansion in the distribution reach; and (iii) the proportion of surrenders in the benefits paid has declined from 81% in FY13 to 53% in FY18 (iv) Wide distribution reach helped improve cross-sell rate.
We expect HDFCLIFE to deliver a 24.1% CAGR in new business annualized premium equivalent (APE) over FY18-20E, while margins are likely to sustain at current levels of ~24%.

Piping hot news

Govt announces five measures to stabilize rupee, curb current account deficit

Finance minister Arun Jaitley on Friday night announced a series of measures to boost market confidence, curb the widening current account deficit and stabilize the rupee after a marathon meeting with Prime Minister Narendra Modi to discuss the nation’s economy. Jaitley said five decisions have been taken to address the issue of the current account deficit, which touched 2.4% of gross domestic product in the June quarter.

17/09/2018 24 EN

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MOSL: Morning India (17/September/18): 1. HDFC Standard Life Insurance (Annual Report Update); 2. Dalmia Bharat; 3. EcoScope (Government announces measures to support INR); 4. EcoScope (Monsoon)

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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