HDFC Life Reports 15% Profit Growth in Q2 FY24, Expanding Market Share

13 Oct 2023 , 03:13 PM

HDFC Life Insurance reports consolidated net profit of Rs 378 crore in Q2 FY24, marking a 15% YoY growth from Rs 329 crore in the same quarter last fiscal. Net premium income in Q2 FY24 increases by 13% to Rs 14,797 crore compared to Rs 13,138 crore in the previous year.

First-year premium experiences a 6% growth, reaching Rs 2,566 crore in comparison to Rs 2,423 crore YoY. Individual Annualized Premium Equivalent (APE) rises by 9% YoY to Rs 4,478 crore for the first half of FY24, while total APE also sees a 9% increase to Rs 5,373 crore.

New business premium grows by 15% YoY during H1, reaching Rs 12,970 crore. HDFC Life records a 10% growth in individual Weighted Received Premium (WRP) for H1FY24, outperforming the industry’s 8%.

The company maintains a market share of 15.7% in the private sector and 10.3% overall. Total assets under management (AUM) at the end of the September quarter reach Rs 2.64 lakh crore, an 18% increase from the previous year.

Value of New Business (VoNB) in Q2FY24 increases by 4% to Rs 801 crore and by 11% in H1FY24 to Rs 1,411 crore. New Business Margins remain stable at 26.2% for H1FY24.

The number of individual policies sold increases by 10%, aligned with the goal of broadening the customer base, reaching over 3 crore lives insured across individual and group businesses, representing a 16% YoY growth.

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