Jefferies, Kotak recommend ‘Buy’ on HDFC Life, see 20-28% upside

Jefferies and Kotak Institutional Equities have recommended a “Buy” on HDFC Life Insurance Company with a projected 20-28% upside. The optimism is based on its current business performance and growth outlook. Jefferies and Kotak are anticipating a higher than industry average annual premium equivalent growth rate for HDFC Life Insurance Company. Kotak considers HDFC Life a “conviction” buy. Meanwhile, low sensitivity to interest rates also positions life insurance companies better than banks, says Jefferies.

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