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Results
19-Jul-22
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Analysis
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HDFC Life Insurance Company
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Steady quarter with healthy growth and improved margins
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HDFC Life Insurance Company, on consolidated
basis, has posted 22% growth net profit to Rs 328.79 crore in the quarter ended
June 2022. The figure includes number for recently acquired Exide life
insurance Company effective from 01 January 2022. On standalone basis, the
company has posted healthy 21% increase in the net profit to Rs 365.29 crore
for Q1FY2023.
The company has continued to maintain healthy
growth in the premium collection and exhibited improvement in new business
margin to 26.8% in Q1FY2023 from 26.2% in Q1FY2022 on the back of a favourable
product mix and growth in protection business.
The value of new business (VNB) increased 25%
to Rs 510 crore in Q1FY2023 from Rs 408 crore in Q1FY2022. The company has
posted a 31% increase in total premium collection to Rs 10050 crore, driven by
a 27% rise in new business premium, while the renewal premium income also moved
up 19%.
Amongst top 2 in terms of Overall new business and individual new
business segment in private sector with market share at 19.0% and 14.6%
respectively; Ranked number 1 within group new business segment in private
sector with market share of 22.2%.
The company continues to
maintain a balanced product mix with share of participating savings,
non-participating savings, ULIPs, protection and annuity accounting for 30%,
35%, 25%, 5% and 6% of individual APE respectively.
The diversified distribution mix is evidenced by wide access to
customers through over 300 distribution partners and 1.2 lakh+ agents end June
2022, further supplemented by 383 branches across the country.
AUM of the company increased 10% yoy to Rs 2 lakh crore (Debt: Equity
mix 65:35) with around 99% of debt investments in G-Secs and AAA bonds.
The consolidated Networth stood at Rs 15498 crore end June 2022, while
the solvency ratio of the company was at 178% end June 2022.
Embedded Value (IEV methodology) on
standalone basis stood at Rs 29709 crore with Embedded Value per share at Rs 140.6
per share at end June 2022.
The pension subsidiary, HDFC Pension, crossed the Rs 30,000 crore AUM
mark and has almost doubled its AUM in just 15 months. HDFC Pension had a
market share of 38% end June 2022, maintaining its leadership position as
private Pension Fund Manager (PFM) in terms of NPS AUM.
Exide Life witnessed strong growth of 34% based on Individual WRP in
Q1FY2023 and continues to enjoy a healthy product mix and growth across
channels.
Financial Performance FY2022:
HDFC Life Insurance Company has posted 11% decline
in the net profit to Rs 1207.69 crore on standalone basis in FY2022, on the
back of higher claims reserving warranted by the second wave of the pandemic.
Total Premium increased 19% to Rs 45963 crore in FY2022, aided by new business
growth of 20% and 18% in renewal business. Value of New Business was Rs 2675 crore,
recording a robust growth of 22% over last year.
On consolidated basis, HDFC Life Insurance
Company has posted net profit of Rs 1326.93 crore in FY2023.
HDFC Life Insurance Company: Results Consolidated Policyholders
Account
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2206 (3)
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2106 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Premium earned (net)
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9870.06
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7583.20
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46800.95
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38194.20
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Income from Investments
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-3301.12
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6966.54
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19511.80
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32683.86
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Other income
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59.60
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21.77
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192.31
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183.39
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Contribution from the Shareholders` account
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51.66
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80.52
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554.44
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258.56
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Total Income
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6680.20
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14652.03
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67059.50
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71320.01
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Commission
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400.66
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304.25
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2007.75
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1712.45
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Op. expenses related to Insurance business
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1560.41
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955.63
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5852.98
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4593.33
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Others
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110.78
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-116.21
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117.58
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168.21
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Benefits paid (Net)
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7296.84
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5862.45
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32616.32
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22630.17
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Change in valuation of policy liabilities
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-2956.50
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7615.50
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25237.00
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40842.33
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Provision for taxation
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20.21
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-1.81
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184.50
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274.39
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Total Expense
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6432.40
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14619.81
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66016.13
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70220.88
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PAT
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247.80
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32.22
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1043.37
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1099.13
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Transfer to Shareholders` account
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261.35
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97.88
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1105.72
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991.58
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HDFC Life Insurance Company: Results Consolidated Shareholders
Account
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2206 (3)
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2106 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Amounts transferred from Policyholders` account
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261.35
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97.88
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1105.72
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991.58
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Income from investments
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121.17
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258.37
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813.10
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649.97
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Others
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6.06
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-18.62
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19.01
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3.10
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Total income
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388.58
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337.63
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1937.83
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1644.65
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Expenses (apart from Insurance)
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29.27
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17.86
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113.96
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69.12
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Contribution to policyholders account
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51.66
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80.52
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554.44
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258.56
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Others
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-22.71
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-34.87
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-33.32
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-37.31
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Total Expenses
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58.22
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63.51
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635.08
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290.37
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PBT
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330.36
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274.14
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1302.75
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1354.28
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Tax
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1.57
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4.59
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-24.18
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-6.59
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PAT
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328.79
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269.55
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1326.93
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1360.87
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EPS (Rs)*
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6.2
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5.1
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6.3
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6.4
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* on current equity of Rs 2113.17 crore of face value of Rs 10
each
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PL: Profit to Loss, LP: Loss to Profit
$ Figures for 2206 (3) and 2203 (12) includes figures for Exide
Life Insurance Company and are not comparable with earlier periods
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Figures in crore, Source: Capitaline Corporate Database
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