HDFC Life had the market buzzing on Thursday morning, with shares rocketing 9.6% to touch a six-week high of ₹651. The catalyst? A blockbuster Q3 performance that left analysts reaffirming their bullish stance. The insurance giant reported a 15% jump in consolidated net profit for the December quarter, clocking in at ₹421.31 crore compared to ₹367.54 crore last year. Net premium income also rose by 10%, hitting ₹16,832 crore, while individual annual premium equivalent (APE) soared by an impressive 24%. Assets under management surged 18% year-over-year to ₹3.3 lakh crore, and persistency ratios saw solid gains, with the 13th-month ratio reaching 87%. It wasn’t just the numbers that caught the eye. HDFC Life showcased a well-diversified product mix, with unit-linked policies making up 37%, non-par savings 35%, and protection products 6% of individual APE. Plus, its solvency ratio stood strong at 188%, comfortably clearing regulatory requirements. Analysts across the board seem upbeat but cautious. CLSA kept its ‘Outperform’ rating, albeit with a slightly lowered target of ₹690, citing regulatory uncertainty and softer premium growth. Jefferies, meanwhile, stuck to a ₹750 target, praising the product mix but highlighting the need for clarity on banca norms. Investec and HSBC both pointed to margin surprises, maintaining buy calls with targets of ₹850 and ₹750, respectively. They see the margins stabilizing, bolstered by credit protection sales and potential rate cuts. On the other hand, Macquarie took a more tempered stance with a ₹570 target, flagging muted VNB growth despite expecting HDFC Life to hit its full-year guidance. While regulatory challenges and slower premium growth might cast a shadow, there’s no denying that HDFC Life’s solid fundamentals and diversified approach are keeping it firmly in the game. For now, the stock looks poised to ride this wave of optimism.