Abrdn sells 1.6% stake, exits HDFC Life Insurance

The shares of the private insurer were offered at Rs 563-585, according to the terms obtained by Bloomberg.

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About 3.6 crore shares, or 1.6 percent equity, of HDFC Life Insurance changed hands in the block deal window on May 31. While the buyers were not known immediately, it was earlier reported that Abrdn, formerly Standard Life, was likely to sell its entire stake and exit the company.

The shares of the private insurer were offered at Rs 563-585, according to the terms obtained by Bloomberg. After the deal, the stock opened higher and was quoting at Rs 590.05 with trading volumes of over 32 lakh shares at 9:30 am.

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Notably, HDFC Life shares have gained 15 percent after the Reserve Bank of India (RBI) on April 21 allowed HDFC Bank or HDFC Limited to increase the shareholding in HDFC Life to more than 50 percent. HDFC Ltd, as of March 2023, held 48.65 percent stake in HDFC Life.

The stock had suffered from the aftershocks of the Union Budget proposals on taxing proceeds of insurance policies with premiums in excess of Rs 5 lakh and introduction of the new tax regime, which removed almost all exemptions.

The company is now investing to grow lower-ticket policies to offset a slowdown in higher ticket non par business, as per analysts.

The financials

For Q4, HDFC Life reported an almost flat net profit of Rs 359 crore, as against Rs 357 crore last year, even though net premium income increased 36 percent to Rs 19,426 crore. The company’s embedded value stood at Rs 39,527 crore as on March 31, 2023, with an operating return on embedded value of 19.7 percent for FY23.

The stock currently has 24 Buy calls, 3 Hold and 4 Sell calls on it. The consensus 12-month target on the stock is Rs 638, indicating 8 percent upside from current level.

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