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Results
15-Mar-19
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Analysis
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HDFC Standard Life Insurance Company
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Maintains strong premium income growth
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HDFC Standard Life Insurance Company has posted 18% growth in the net profit to Rs 245.63 crore in the quarter ended December 2018 (Q3FY2019). The company has registered strong growth in total premium collection at 27% to Rs 6961.35 crore in Q3FY2019, aided by healthy new business growth of 37% and 18% in renewal business.
The value of new business (VNB) grew by 22% to Rs 361 crore. New business margins (post overrun) grew to 24.0% in 9MFY2019 from 22.1% 9MFY2018.
- The company has continued to maintain a balanced product mix with ULIPs contributing 59%, Par 20% and Non par 21% of the Individual APE.
- The company has maintained leadership position in terms of total new business received premium with a market share of 21.0% in the private sector compared to 18.4% in the same period last year. Consistently ranked amongst the top 3 private players in individual and group segments with market share of 12.6% based on Individual WRP and 28.2% based on Group business (on received premium) during 9MFY19.
Total number of lives insured grew by 71% to Rs 3.48 crore during 9M FY19. Overall new business sum assured also saw an increase of 27% to Rs 406943 crore end December 2018.
In line with our stated strategy, the company continues to maintain a balanced product mix with focus on protection business. Protection APE has increased from Rs 407 crore for 9MFY18 to Rs 673 crore for 9MFY19, recording a robust increase of 66%. Protection business comprises a healthy 28.1% of total new business premium.
The company has a diversified distribution mix, backed by strong presence across the country through 413 HDFC Life offices, along with wide access to the branches of our 209 bancassurance and 37 non-traditional ecosystem partnerships as on 31 December 2018. Crossselling to group customers formed 8.4% of the individual new business policies sold during 9MFY19.
The company is amongst the leading fund managers in India with an AUM of more than Rs 117701 crore, the debt:equity mix as on 31 December 2018 is 62:38. Over 96% of debt investments are in AAA rated and Government bonds as on 31 December 2018.
- The persistency ratios continue to trend strongly across most cohorts. While 13th month persistency healthy at 86% (9MFY18: 87%), 61st month persistency was at 50% compared to 53% for the same period last year.
Networth increased by 31% to Rs 5690 crore end December 2018, while the company has maintained stable solvency ratio at 191% end December 2018.
- Embedded Value (IEV methodology) stood at Rs 17397 crore and Rs 86.4 per share at end December 2018. Annualised Operating return on Embedded Value during the period was (EVOP/Opening Embedded value) 19.7% in 9MFY2019.
- YTD Financial Performance:
- HDFC Standard Life Insurance Company has posted 20% growth in the net profit to Rs 912.79 crore in 9MFY2019. Total Premium increased 29% to Rs 18859.56 crore in 9MFY2019, aided by healthy new business growth of 41% and 18% in renewal business. The persistency ratios continued to trend strongly across various cohorts. The value of new business (VNB) grew by 25% to Rs 971 crore, while the new business margins grew to 24% for 9MFY2019.
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