HDFC Life Insurance Q2 Results FY2024, Net profit at Rs.792.1 crores for H1FY24

Shreya Anaokar 15th October 2023 - 08:44 am

On 13th October 2023, HDFC Life announced its quarterly results.

Key Highlights:

- Individual APE up by 9% to Rs.4478 crores in H1FY24.
- The first-year premium registered a growth of 6% at Rs.2,566 crore.
- New Business Premium (NBP) (Individual and Group) has grew by to Rs.12,970 crores in H1FY24
- Net Premium income stood at Rs. 14797.21 crores
- Profit after Tax (PAT) was at Rs.792.1 crores for H1FY24.
- VoNB increased by 10% to Rs.1411 crores for H1FY24.

Business Highlights:

- Retail protection registered YoY growth of 46% in H1FY24.
- Retail and total sum assured both had a significant increase of 61% and 45%, respectively.
- Annuity APE increased by 17%, and it provided 18% of the New Business Premium.
- Two fresh products in the protection category—HDFC Life Sanchay Legacy and Click 2 Protect Elite—were launched.

Commenting on results for half year ended September 30, 2023, Ms. Vibha Padalkar, MD & CEO said “Despite the recent budget changes that were perceived to be unfavorable for the sector, the life insurance industry has demonstrated remarkable resilience. We recorded a healthy growth of 10% in individual WRP vs 8% for overall industry, for the half year ended September 30th, 2023. Our H1FY24 market share was 15.7% and 10.3% in the private and overall sector respectively. We continued to grow faster than the overall industry and be ranked amongst the top 3 life insurers across individual and group businesses. We saw an uptick of 10% in the number of individual policies sold, beating industry growth. This healthy volume growth is in line with our stated objective of broadening our customer base. We have insured more than 3 crore lives across our individual and group businesses, which represents a YoY growth of 16%."