Citi has reiterated a Buy rating on HDFC Life, with a target price of ₹820 per share, citing its strategic positioning in the evolving life insurance landscape. The company is well-positioned to leverage the increasing consumer preference for embedded protection products, which remain a key growth driver.
HDFC Life continues to expand its presence in Tier-II and Tier-III markets, deploying substantial resources to scale its business and penetrate underserved areas. Its robust focus on deploying sales manpower across verticals ensures sustainable growth. Citi highlights that HDFC Life is also benefiting from its diversified distribution channels and product innovation, which enhance customer engagement.
With mid-to-high double-digit Value of New Business (VNB) CAGR expected over the medium term, Citi considers HDFC Life a strong long-term investment. The insurer’s ability to capitalize on structural tailwinds in protection and retail insurance reinforces its growth trajectory.
