HDFC Life reported a 15 per cent growth in net profit at Rs 415 crore, for the June quarter 2023-24, driven by general improvement in business and large capital gains from the market.
According to chief executive officer and managing director Vibha Padalkar, the insurer had a net income of Rs 6,600 crore from market investments in the reviewed period as opposed to a net loss of Rs 7,000 crore in the June 2022 quarter.
Retail protection saw a 45 per cent increase, driving up the total growth in sum assured by 73 per cent to Rs 41,843 crore and the overall growth in the number of lives insured by 34 per cent. All of this, she claimed, enabled it to surpass the Rs 2.5 lakh crore AUM threshold.
Additionally, the business gave more than 23 lakh policyholders its highest bonus ever, totaling Rs 3,660 crore.
“We closed Q1 with a robust 12 per cent growth in individual premium income, which is 1.5x of private peers, despite coming off a strong March. Over the past four years, despite facing open architecture and intense competition from unlisted insurers, our market share has steadily increased from 12.5 per cent in FY19 to 16.5 per cent in FY23 and to 16.9 per cent in Q1,” Padalkar said.
More than 2 lakh retail customers were added during the quarter, an increase of 8 per cent, bringing the total number of lives insured to over 1.6 crore, an increase of 34 per cent YoY.
Retail sum assured climbed by 55 per cent, total sum assured by 73 per cent, and market share overall increased to 16.9 per cent. With a growth of 45 per cent, retail protection trends are still positive.
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The overall annualised premium equivalent increased 13 per cent to Rs 2,328 crore while individual premium increased by 12 per cent to Rs 1,882 crore.
The assets under management increased to Rs 2.533 lakh crore, while the new business premium increased by 19 per cent to Rs 5,869 crore and the renewal premium increased by 14 per cent to Rs 5,804 crore, bringing the total premium to Rs 11,673 crore.
