Assets under management (AUM) jumped 19% to Rs 2,53,301 crore in Q1 FY24 as compared to Rs 2,13,405 crore reported in Q1 FY23.

The company reported Annualized Premium Equivalent (APE) stood at Rs 2328 crore in Q1 FY24 as compared with Rs 2,064 crore in Q1 FY23.

Value of new business stood at Rs 610 crore in Q1 FY24 as compared with Rs 518 crore in corresponding quarter last year. New business margin for the year was 26.6% in Q1 FY24 as against 25.1% for Q1 FY23.

The company's embedded value (EV), as on 30 June 2023, was Rs 41,843 crore with an operating return on embedded value of 16% in Q1 FY24 as compared to 15.7% in Q1 FY23.

Solvency ratio was 200% in Q1 FY24 as against 183% in Q1 FY23.

Vibha Padalkar, MD & CEO, said, “We covered more than 2 lakh lives in retail policies and 1.6 cr lives overall in Q1FY24, a growth of 8% and 34% respectively, over Q1FY23. Retail sum assured recorded an increase of 55% and overall sum assured 73%, and our overall market share in Q1FY24 was 16.9%. We feel privileged to have led the way in helping bridge the protection gap in the country by being the market leader in terms of total sum assured.

Retail protection trends remain encouraging with YoY growth of 45% in Q1FY24. While the growth is accentuated by a favourable base, we do believe that the pickup in protection is sustainable and the growth is likely to be healthy for the year.”

HDFC Life Insurance Company is a joint venture between HDFC, India's leading housing finance institution and Abrdn (Mauritius Holdings) 2006, a global investment company. HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity and health.

The scrip declined 2.52% to Rs 645 on the BSE.