HDFC Life Q4 net rises 12.45% to Rs 357.52 crore

HDFC Life Insurance

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.

Also Read: HDFC Life and Manipal Global Collaborate to Train FinTech Talent in India

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

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.