Why has HDFC Life done better post COVID compared to SBI Life and ICICI Pru Life?
Answer
Answer
You are correct in your observation that through the pandemic it is HDFC Life that has shown maximum strength and is almost inching towards its pre-COVID highs. On the other hand, SBI Life and ICICI Pru Life are still 15-20% away from their pre-COVID levels.
To an extent, HDFC Life FY20 performance was better than peers. HDFC Life new business margin stood at 25.9% for FY20 with SBI Life at 18.7% and ICICI Pru Life at 21.7%. Business contraction due to COVID for HDFC Life was just 5% whereas it was 19% for SBI Life and 40% for ICICI Pru Life.