Profit before tax stood at Rs 366.83 crore in Q3 FY24, registering a growth of 16.74% as against Rs 314.24 crore posted in the corresponding quarter previous year.

On nine month basis, the company's standalone net profit rose 16% to Rs 1,157 in 9MFY24 from Rs 1,001 crore registered in the same period a year ago. Net premium income in 9M FY24 stood at Rs 41,471.11 crore, up by 11.07% YoY.

Assets under management (AuM) jumped 20% to Rs 2,79,707 crore in 9M FY24 as compared to Rs 2,33,839 crore posted in 9M FY23.

The value of new business (VNB) increased by 5% to Rs 2,267 crore in 9M FY24 as against Rs 2,163 crore posted in 9M FY23. The company's Indian embedded value (IEV) in 9M FY24 was at Rs 45,173 crore, registering a growth of 20% YoY.

The life insurer's new business margin was consistent at 26.5% in 9M FY24 on YoY basis. The solvency ratio slipped to 190% in 9M FY24 from 203% recorded in 9M FY23.

Vibha Padalkar, MD & CEO said “The number of policies clocked a healthy growth of 9%, outpacing private and overall industry. Growth from Tier 2 and 3 markets remain strong, witnessing 14% growth year on year. Our retail protection grew by 36% based on individual APE and credit protect clocked 21% growth YoY.

Towards the latter part of Q3FY24, we introduced Click 2 Achieve, an industry first, do-it-yourself (DIY) non-par savings product. This innovative plan empowers customers to create unlimited combinations, tailor their cash flows to align with personal goals, with the cushion of a guaranteed return. The product has been received well across channels and garnered 100 crore within 4 weeks of its launch. This is our 2nd ‘100 crore in a month’ blockbuster product to be launched this year.

We are proud to announce our new bancassurance partnerships with Karnataka Bank, Karur Vysya Bank and NKGSB Co-operative Bank and we are confident of growing with them over the next few years whilst offering their customers a range of innovative and customer-centric financial solutions.

As the protection gap in our country continues to widen, we remain focused on offering solutions to tap into this vast opportunity. We expect to grow by leveraging multiple drivers including strengthened market position at HDFC Bank, capitalising on ongoing investments such as branch expansion and new tie-ups, continuing to scale up a high quality proprietary business led by agency and favourable macro environment shifts.”

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 shed 0.85% to Rs 638.15 on the BSE.