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Insurance
22-Oct-21
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HDFC Life Insurance's July-Sept quarter profit declines 16% to Rs 274 crore
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HDFC Life Insurance Company Ltd has reported a net profit of Rs 274.16 crore for July-September quarter vs Rs 326 crore during the same period last year. The company's profit during the previous quarter stood at Rs 302 crore. The net profit in Q2 declined 13% on a QoQ basis, while 16% on a YoY basis.
The company's net premium for the said quarter rose to Rs 11,443 crore vs Rs 10,045 crore during the same quarter last year. In the fiscal year so far, HDFC Life has reported a 26% decline in its net profit on a year-on-year basis in the April-September period on higher claims reserving warranted by the second Covid wave.
The company saw 41% growth in protection APE (annual premium equivalent), while 47% growth in annuity business. Its new business margin also expanded to 26.4%, while operating RoEV (Return on Embedded Value) at 18.4% (pre-EMR). HDFC Life also saw 18% growth in its renewal premium, and the AUM (assets under management) stood at Rs 1.9 lakh crore, implying 27% YoY growth, as of September 30.
HDFC Life MD and CEO Vibha Padalkar said consumer sentiment remains buoyant and the company is "optimistic about a sustained increase in business" in the coming few months.
Padalkar said the company's business performance remains strong, with 22% growth and a private market share of 16.2% in terms of Individual WRP in H1 FY22.
"New business margin (NBM) expanded by 130 bps with NBM at 26.4% for H1 FY22, higher than 25.1% in H1 FY21. Value of new business was Rs 1,086 crore, recording a robust growth of 30% over last year," said Padalkar. The product mix was balanced with non-par savings at 32%, participating products at 30% and ULIPs at 26% on an APE basis.
HDFC Life has said it has been ranked "number 1 in terms of overall new business premium" in the private sector, with a market share of 22.3%.
The company continues to maintain a balanced product mix, with a share of participating savings, non-participating savings, ULIPs, protection and annuity accounted for 30%, 32%, 26%, 7% and 5% of individual APE, respectively.
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