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HDFC Life Q1 Results Review - APE Up 23% YoY, New Business Margins 100 Bps Below Estimate: Motilal Oswal

The brokerage raises their APE growth estimates but lowered their VNB margin assumptions based on the Q1 performance and the guidance.

<div class="paragraphs"><p>Filling an application form. (Source: pexels /Andrea Piacquadio)</p></div>
Filling an application form. (Source: pexels /Andrea Piacquadio)
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