HDFC Life Insurance has recorded a 12.45% year-on-year increase in its standalone net profit to Rs 357.52 crore in the fourth quarter of the previous fiscal year.
According to a stock exchange filing, net profit of the private life insurer for the March quarter increased by 30.65 percent from Rs 273.65 crore in the December quarter of FY22.
Vibha Padalkar, MD & CEO, said, “The company’s individual weighted received premium (WRP) growth was 16 percent, with a market share of 14.8 percent in the private sector and 9.3 percent in the entire sector.”
According to reports, during the Covid pandemic, the company’s two-year CAGR of 17% was almost two times industry growth of 9%. Moreover, overall protection increased by 24% in terms of annual premium equivalent (APE) and 47% in terms of new business premium throughout this time.
The company settled about 3.9 lakh claims during FY22.
According to reports, the company’s new business margin was 27.4 percent in FY22, up from 26.1 percent in FY21