• Sat. Jul 27th, 2024

HDFC Life Q2 profit rises 15% to Rs 377 crore; stock remains steady.

ByNishat Manzar

Oct 13, 2023

According to Vibha Padalkar, MD & CEO of HDFC Life, the life insurance business has shown to be very resilient despite recent budget revisions that were thought to be unfavorable for the sector.

In comparison to the same quarter previous year, HDFC Life Insurance Company Ltd.’s net profit increased by 15.48% year over year (YoY) to Rs. 376.77 crore from Rs. 326.24 crore. According to MD & CEO Vibha Padalkar, for the first half of the year, the life insurance business showed exceptional resilience despite recent budget amendments that were viewed as being unfavorable for the sector.

“For the half year ending September 30th, 2023, we had a good rise of 10% in individual WRP vs 8% for the total industry. In the private and overall sectors, our market share in H1FY24 was 15.7% and 10.3%, respectively. We kept expanding more quickly than the sector as a whole, and we were among the top 3 life insurers for both individual and group enterprises, Padalkar added.

According to Padalkar, the number of individual policies sold by his life insurance firm increased by 10% in H1, outpacing industry growth. 

According to Padalkar, the number of individual policies sold by his life insurance firm increased by 10% in H1, outpacing industry growth. 

“The steady volume rise is consistent with our stated goal of growing our clientele. Through our individual and group companies, we have covered more than 3 crore lives, which represents a YoY rise of 16%, Padalkar added.

Following the announcement of the results, the stock was up 0.2% at Rs. 626.05 on the BSE.

According to HDFC Life, growth in protection was strong at 28% in H1FY24 on the basis of new business premiums. In H1, retail protection had a 46% YoY rise. Retail and total amount assured grew by 6% and 45%, respectively, while amount Assured saw strong growth.

According to Padalkar, the number of individual policies sold by his life insurance firm increased by 10% in H1, outpacing industry growth. 

According to HDFC Life, it maintained its lead in terms of total sum assured, and for H1FY24, our private market share based on total sum assured was 18%. For the first half of the year, annuity APE increased by 17%, and the segment was responsible for 18% of new business premium. Together, annuity and protection made for around 5% of the new business premium in H1FY24.