Private insurer HDFC Life Insurance on Tuesday reported steady growth during the first quarter earnings of the financial year 2022-23 (Q1FY23). The company registered a double-digit growth in all metrics exceeding the expectations of several brokerages. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

HDFC Life’s profit surged by 21 per cent to Rs 365 crore year-on-year (YoY) in the June-end quarter of FY23, the company said in its filing to exchanges. While new business margins increased to 26.8 per cent and the Value of New Business soared 25 per cent YoY, it added. 

“We continue to maintain a consistent growth trajectory, growing by 22 per cent in terms of APE (annual premium equivalent) in Q1FY23,  this has enabled us to maintain market leadership as a ‘Top 3 life insurer’ across individual & group business,” Vibha Padalkar, MD & CEO of HDFC Life said. 

She added, “Our product mix remains balanced, with non-par savings at 35 per cent, participating products at 30 per cent, ULIPs at 25 per cent, individual protection at 5 per cent and annuity at 6 per cent, based on individual APE.” 

Renewal premiums have grown by 19 per cent, supported by improving persistency, the HDFC Life said in its results filing. 

Stating that the integration of Exide Life is on track, HDFC Life said, “Exide Life witnessed strong growth of 34% based on Individual WRP and continues to enjoy a healthy product.”

The insurer has received the initial NCLT (National Company Law Tribunal) approval for triggering the merger process, including intimations to various regulatory authorities and related NOCs (No Objection Certificates).

AUM (Asset Under Management) of over Rs 2 lakh crore with a debt: equity mix of 65:35 ratio and around 99 per cent of debt investments in G-Secs and AAA bonds, the release also said.

Shares of HDFC Life were trading 0.60% lower at Rs 539 apiece on NSE at 2 PM.