• Upgrade to Buy from Neutral; Hike target price to Rs 700 from Rs 670
• Corrected 20% in past 5 months, while all other private listed players have been range-bound
• Surrender charges risk priced in more than adequately
• Industry premiums likely to grow 12-15%; HDFCLIFE to grow at higher end of the range
• See FY25 APE growth at ~15%; stable VNB margins
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