HDFC Life Insurance on Thursday reported a 14.7 per cent rise in net profit at Rs 412 crore in the fourth quarter ended March 2024. The profit was Rs 359 crore in the January-March quarter of the preceding fiscal, HDFC Life said in a regulatory filing.

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The insurer earned a total income of Rs 27,893 crore in the quarter against Rs 21,426 crore in the same period a year ago. The net premium income of the insurer increased to Rs 20,488 crore compared to Rs 19,427 crore. 

The board has recommended a final dividend of Rs 2 per equity share of the face value of Rs 10 each for the financial year 2023-24, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM).

The embedded value rose to Rs 47,468 crore as on March 31, 2024 as against Rs 39,527 crore at the end of last fiscal.

Profit After Tax (PAT) for FY24 increased 15 per cent at Rs 1,569 crore as against Rs 1,360 crore in the previous fiscal. However, the solvency margin declined to 187 per cent at the end of  March 2024 from 203 per cent at the end of March 2023.

The insurer further said Deepak Parekh has decided to step down as the chairman and non-executive director of the company with effect from the close of business hours on April 18, 2024.

"Being the founder Chairman of our Company, Parekh has been instrumental in guiding and nurturing the company over the past 24 years. We thank Parekh for the immense contributions made by him and wish him the very best for the future," it said.

The Board has unanimously approved the appointment of Keki M Mistry as the Chairman of the Board. Mistry has been associated with the company since December 2000 and is currently a non-executive director on our board.

Under his stewardship, the company aim to achieve many more remarkable milestones and emerge stronger and more resilient than ever before, it added.