HDFC Life Q2 earnings: Net profit jumps 15% to Rs 376 cr
Oct 13, 2023
New Delhi [India], October 13 : Private sector insurance major HDFC Life Insurance has reported a 15.3 per cent yearly rise in its standalone net profit during the July-September 2023-24 quarter at Rs 376 crore.
In the same quarter last fiscal, the net profit after taxes was at Rs 326 crore.
Further, the net premium income of the insurance firm registered a 13 per cent increase at Rs 14,755 crore. The same quarter last year, it was at Rs 13,110 crore.
Coming to the Assets Under Management, it grew 18 per cent to Rs 264,870 crore. The total value of shareholders' and policyholders' investments managed by the insurance company is called AUM.
The Board of Directors of HDFC Life, established in 2000, approved and adopted today the audited standalone and reviewed consolidated financial results for the half year ended September 30.
"Despite the recent budget changes that were perceived to be unfavourable for the sector, the life insurance industry has demonstrated remarkable resilience," said Vibha Padalkar, MD and CEO, after the earnings data were released.
"We continued to grow faster than the overall industry and be ranked amongst the top 3 life insurers across individual and group businesses," Padalkar said.
The company saw an uptick of 10 per cent in the number of individual policies sold, beating industry growth, the CEO further noted, adding the healthy volume growth was in line with its "stated objective of broadening our customer base".
It has insured more than three crore lives across its individual and group businesses, representing a 16 per cent year-on-year growth.
Apart from the earnings figures, the company said it introduced two new products in the protection category -- HDFC Life Sanchay Legacy and Click 2 Protect Elite. HDFC Life Sanchay Legacy is an industry-first whole life, return of premium protection plan with increasing life cover and is designed to cater to a middle-aged and beyond customer segment. The other term product, C2P Elite, caters to a more affluent customer category.
The company's shares settled 0.15 per cent lower at Rs 623.70 on Friday. Since the start of 2023, it rose 9.4 per cent on a cumulative basis.
