HDFC Life Q4 Profit Surges 14.8% to ₹411 Crore

19 Apr 2024 , 01:09 PM

HDFC Life Insurance reported a net profit of ₹411 Crore for the January-March quarter of FY 2023-24, marking a 14.8% increase from the year-ago period’s ₹358 Crore, surpassing market expectations. Net premium income rose by 5.4% to ₹20,488 Crore, compared to ₹19,426 Crore in the same quarter last year.

The insurer’s solvency ratio increased to 187% from 203% a year ago. Annualised premium equivalent (APE) declined by 8% to ₹4,727 Crore for the quarter, contrary to market expectations of a 7% decrease.

Value of new business (VNB) margin decreased by 18.3% to ₹1,234 Crore, below market estimates of a 15% decline.  HDFC Life proposed a dividend of ₹2 per share.

At the time of writing, HDFC Life Insurance stocks were trading at ₹595.50 which is a 1.68% hike than the previous close.

Deepak Parekh resigned from the role of Chairman and Non-Executive Director, with Keki M Mistry appointed as the new Chairman of the Board. VK Viswanathan and Prasad Chandran will no longer serve as independent directors after completing their two consecutive terms of five years each on April 24, 2024. Venkatraman Srinivasan has been appointed as an Independent Director.

HDFC Life Insurance Company Limited, also known as HDFC Life, is a Mumbai-based provider of long-term life insurance services, catering to both individuals and groups. The company commenced operations on August 14, 2000.

HDFC Life operates as a joint venture between Housing Development Finance Corporation Ltd (HDFC), a prominent housing finance institution in India, and Abrdn, a global investment company.

For feedback and suggestions, write to us at [e-mail]