HDFC Life Insurance on Friday, October 13 reported a 14.9% rise in net profit to Rs 378 crore in the September quarter of the 2023-24 fiscal (FY24). The value of new business (VNB) rose 4% to Rs 801 crore, as against Rs 770 crore in the same period last year. The solvency ratio, however, dipped slightly from 210% to 194% year-on-year (YoY).
The VNB margin stood strong at 26.4%, only marginally lower than the 27.1% YoY. One of the achievements for the insurer is a 19% increase in India Embedded Value, which reached Rs 42,908 crore, compared to Rs 36,016 crore in the previous year.
The company's growth in protection was strong at 28% in the first half of FY24 on a new business premium basis. Retail protection registered YoY growth of 46% in first half. Sum assured recorded healthy growth, with retail and overall sum assured growing 61% and 45%, respectively.
The company reported its
annualised premium equivalent (APE), which is a measure of new business written by a life insurance company, of Rs 3,045 crore, missing market expectations which expected APE to grow to Rs 3,201 crore.
At the time of writing this report, the stock was trading 0.2% higher at Rs 626.05 on the Bombay Stock Exchange (BSE).
(Edited by : Vijay Anand)
First Published: Oct 13, 2023 2:21 PM IST
