Tbet hdfc life

• HDFC Life Click 2 Invest - ULIP • HDFC Life Classic One • HDFC SL YoungStar Super Premium • HDFC SL ProGrowth Super II • HDFC Life ProGrowth Plus • HDFC SL ProGrowth Flexi • HDFC Life Invest Wise Plan • HDFC Life Smart Woman • HDFC Life Single Premium Pension Super • HDFC SL ProGrowth Maximiser • HDFC SL Pension Maximus • HDFC Unit Linked Enhanced Life Protection II • HDFC Endowment Supreme • HDFC Endowment Supreme Suvidha • HDFC YoungStar Supreme • HDFC YoungStar Supreme Suvidha • HDFC Pension Supreme • HDFC YoungStar Super • HDFC YoungStar Super Suvidha • HDFC Endowment Super • HDFC Endowment Super Suvidha • HDFC Pension Champion • HDFC YoungStar Champion Suvidha • HDFC Endowment Champion Suvidha • HDFC Life Click 2 Retire • HDFC Life Sampoorn Nivesh • HDFC Life Assured Pension Plan • Unclaimed Policyholders Fund • HDFC Life Capital Shield • HDFC Unit Linked Endowment & HDFC Unit Linked Endowment Plus • HDFC Unit Linked Young Star & HDFC Unit Linked Young Star Plus • HDFC Unit Linked Endowment Suvidha & HDFC Unit Linked Endowment Suvidha Plus • HDFC Unit Linked Young Star Suvidha & HDFC Unit Linked Young Star Suvidha Plus • HDFC Unit Linked Pension & HDFC Unit Linked Pension Plus • HDFC Group Unit Linked Plan - for Defined Benefit (Superannuation Schemes) $ • HDFC Leave Encashment Plan • HDFC Group Unit Linked Plan - For Gratuity & Leave Encashment Schemes * • HDFC Group Unit Linked Plan - For Defined Benefit Superannuation Schemes @ • HDFC Unit Linked Young Star II , ...

While we are constructive on the long-term growth prospects of the LI sector, we believe major tectonic shifts will create near-term challenges, albeit preparing the industry for a cleaner insurance penetration. Contrary to expectations of relief in the Union Budget, life insurers are expected to be adversely impacted by the first-order and second-order changes proposed in the Finance Act'23. Conversation with industry experts suggest that the top four private life insurers are likely to witness 20-27% adverse impact on FY24E APE predominantly on account of the impending transition to the new tax regime. We flag high ceding charges in guaranteed NPAR savings as the next potential target as policymakers look to protect policyholder interest and improve life insurance (LI) penetration. While the demand for retail term protection remains subdued and the Apr-23 growth print was soft, we await evidence of medium-term growth momentum. The Gross written premium for Q3FY23 stood at INR 1,45,750 Mn, healthy growth of 18.9% YoY/ 9.7% QoQ led by strong growth of 29.7% YoY in the renewal premium. The New Business Premium for the quarter grew by 10.1% YoY/ 15.9% QoQ driven by 28.8% YoY/ 12.5% QoQ in First-Year Premium segment. The single premium segment grew by 1.5% YoY in Q3FY23. New business margin (NBM) expanded by 74 bps QoQ (-8 bps YoY) at 26.7% in Q2FY23 for the merged entity. The value of the new business increased to INR 8,700 Mn, registering a QoQ growth of 11.5% (25.4% YoY) i...