{"id":128628,"date":"2022-04-27T07:31:05","date_gmt":"2022-04-27T11:31:05","guid":{"rendered":"https:\/\/44.250.171.167\/?p=128628"},"modified":"2022-10-05T06:33:03","modified_gmt":"2022-10-05T10:33:03","slug":"hdfc-life-insurance-company-ltd-q4-fy22-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/hdfc-life-insurance-company-ltd-q4-fy22-earnings-conference-call-insights\/","title":{"rendered":"HDFC Life Insurance Company Ltd Q4 FY22 Earnings Conference Call Insights"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"HDFC Life Insurance Company Ltd Q4 FY22 Earnings Concall\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/OkH9KYjojDQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><strong>Key highlights from HDFC Life Insurance Company Ltd (<a href=\"https:\/\/44.250.171.167\/symbol\/HDFCLIFE\/\">HDFCLIFE<\/a>) Q4 FY22 Earnings Concall<\/strong><\/p>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>Suresh Ganapathy from Macquarie asked about the details of the 80 bp change in operating assumptions impacting margin. Niraj Shah CFO said that it\u2019s the seasonality assumptions the company had at the beginning of the period given what\u2019s seen in the portfolio.<\/li>\n<\/ul>\n<ul>\n<li>Suresh Ganapathy of Macquarie also asked that the merger with HDFC Limited and Bank, how does it change the equation. Vibha Padalkar MD replied that with this merger going through, HDFCLIFE will become a subsidiary of HDFC Bank. So there will be a direct alignment and also will have cross-sell opportunities in a structured manner.<\/li>\n<\/ul>\n<ul>\n<li>Arav Sangai of VT Capital asked about the expense, if the company is spending extra and would it affect the VNB margins in order of acquisition expenses increasing. Vibha Padalkar MD answered that the margins on a standalone basis will continue to trend upwards. Along with Exide Life as a combined margin, HDFCLIFE hopes to end flat against the FY22 margin.<\/li>\n<\/ul>\n<ul>\n<li>Arav Sangai of VT Capital also asked that since the increase in retention in 3Q22, will it affect the mortality sensitivity going ahead. Srinivasan Parthasarathy Chief Actuary said the mortality retention on the new business should be slightly higher, but the EV sensitivity should not really change materially.<\/li>\n<\/ul>\n<ul>\n<li>Ravi Naredi with Naredi Investment enquired about the profit from unrealized investment gain as on 31 March, \u201822. Vibha Padalkar MD said it is nothing but the mark-to-market of equity. So as on 31 March, whatever is the market rates, that is what\u2019s the underlying AUM, that will be mark-to-market.<\/li>\n<\/ul>\n<ul>\n<li>Ravi Naredi with Naredi Investment also asked that on the merged entity of HDFC and HDFC Bank how much equity HDFC Bank may hold in HDFC Life. Vibha Padalkar MD replied that currently 47.6% HDFC is holding, which will go to HDFC Bank. They have asked for regulatory approval to take it up to 50%.<\/li>\n<\/ul>\n<ul>\n<li>Deepika Mundra from J.P. Morgan enquired about the capital requirements for the business going forward. Vibha Padalkar MD replied that over a period of time, HDFCLIFE is expecting to move to a risk-based capital approach and that will release significant capital for the industry. And that\u2019s something that HDFCLIFE will need to keep in mind over the next maybe 3 year period.<\/li>\n<\/ul>\n<ul>\n<li>Deepika Mundra from J.P. Morgan asked about the solvency requirement for next year and what\u2019s the comfortable level of solvency. Vibha Padalkar MD said the company started off with a solvency of 190% as of 31st of March. HDFCLIFE typically will hover around the 180% in terms of solvency.<\/li>\n<\/ul>\n<ul>\n<li>Nischint Chawathe with Kotak Securities asked what explains margin expansion looking at the business from a 4Q basis. Niraj Shah CFO said that apart from the assumption change on mortality, large part of it is largely coming through in terms of the product mix shift, managing to reprice a large part of the business over the last 12 to 18 months and on the non-par side, there has been a slight expansion in the quarter from 32% to 35%.<\/li>\n<\/ul>\n<ul>\n<li>Dhaval Gada of DSP Mutual Fund asked how much more headroom is available to sort of take the margins higher closer to 30% in the next 3-4 years. Vibha Padalkar MD answered that if all things being equal on regulation, then it should be possible, and that\u2019s what HDFCLIFE will be working towards, without dropping market share.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from HDFC Life Insurance Company Ltd (HDFCLIFE) Q4 FY22 Earnings Concall Q&amp;A Highlights: Suresh Ganapathy from Macquarie asked about the details of the 80 bp change in operating assumptions impacting margin. Niraj Shah CFO said that it\u2019s the seasonality assumptions the company had at the beginning of the period given what\u2019s seen in [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,1],"tags":[1792,8233],"class_list":["post-128628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-finance-stocks","tag-financial-services","tag-insurance-services"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":131358,"url":"https:\/\/alphastreet.com\/india\/hdfc-life-insurance-company-ltd-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":128628,"position":0},"title":"HDFC Life Insurance Company Ltd Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"July 20, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Xn13N9KB_W4 Key highlights from HDFC Life Insurance Company Ltd (HDFCLIFE) Q1 FY23 Earnings Concall Management Update: HDFCLIFE said that its HDFC Pension crossed the 30,000 crore AUM mark, almost doubling its AUM in the last 15 months. As on June 30th, 2022, HDFC Pension had a market share of 38%,\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":128777,"url":"https:\/\/alphastreet.com\/india\/housing-development-finance-corporation-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":128628,"position":1},"title":"Housing Development Finance Corporation Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 3, 2022","format":false,"excerpt":"https:\/\/youtu.be\/qph4fE6WtoE Key highlights from Housing Development Finance Corporation Ltd (HDFC) Q4 FY22 Earnings Concall Q&A Highlights: Suresh Ganapathy from Macquarie asked that ahead of merger, if the bank would like to grow the non-individual book now because it\u2019s shown some traction in the last couple of quarters. Keki Mistry CEO\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":145074,"url":"https:\/\/alphastreet.com\/india\/housing-development-finance-corporation-ltd-q4-fy23-earnings-conference-call-insights\/","url_meta":{"origin":128628,"position":2},"title":"Housing Development Finance Corporation Ltd Q4 FY23 Earnings Conference Call Insights","author":"Praveen","date":"May 5, 2023","format":false,"excerpt":"Key highlights from Housing Development Finance Corporation Ltd (HDFC) Q4 FY23 Earnings Concall Management Update: [00:02:35] HDFC said it had its highest monthly individual disbursements in March 2023. 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