The value of new business (VNB) jumped 27% to Rs 570 crore in Q3FY2021 from Rs 450 crore in Q3FY2020. The company has posted 20% surge in total premium collection to Rs 9628 crore, driven by 19% growth in new business premium, while the renewal premium income also moved up 22%.

The company ranked number 2 in terms of Individual WRP with market share expanding by 214 bps from 14.3% to 16.4%. Its private market share within the group and overall new business segment stood at 27.3% and 22.3% respectively.

The company continues to maintain a balanced product mix with share of participating savings, non-participating savings, ULIPs, protection and annuity accounting for 35%, 30%, 23%, 7% and 5% of Individual APE respectively. The focus on the retiral segment has resulted in 42% growth in annuity business

The diversified distribution mix is evidenced by the wide spectrum of 300+ partners, including more than 50 new-ecosystem partners. This is supplemented by 391 branches across the country

The Assets Under Management increased 21%to Rs 165623 crore end December 2020 over Rs 136451 crore end December 2019. The Debt:Equity mix was 64:36, while about 98% of debt investments were in G-Secs and AAA bonds end December 2020

Networth increased by 21% to Rs 8089 crore end December 2020, while the solvency ratio of the company was healthy at 202% end December 2020.

Embedded Value (IEV methodology) increased 20% to yoy Rs 25054 crore with Embedded Value per share rising to Rs 124.0 per share at end December 2020.

Financial Performance 9MFY2021:

HDFC Life Insurance Company has posted 6% growth in the net profit to Rs 1042.18 crore in 9MFY2021. Total Premium increased 16% to Rs 25673 crore in 9MFY2021, aided by new business growth of 12% and 22% in renewal business. The value of new business (VNB) rose 0.1% to Rs 1408 crore, while the new business margins eased marginally to 25.6% for 9MFY2021