IN Q3FY24, HDFC LIFE INSURANCE reported performance below expectations, with total annual premium equivalent (APE) at 3,190 crore, missing our estimates by 7.3%. The decline in total APE by 2% y-o-yto 3,190 crore was influenced by a decrease in non-PAR/ annuity/ term products by 35%/45%/16%yo-y, counteracted by a 74%/96% surge in ULIPs/group products.Value of new business (VNB) margins, at 26.8%, were 70bp below expectations, missing estimates by 9.6%.
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