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Results
26-Apr-22
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Analysis
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HDFC Life Insurance Company
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Stable quarter, VNB margins improving
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HDFC Life Insurance Company, on consolidated
basis, has posted strong net profit of Rs 506.19 crore in the quarter ended
March 2022, which includes figure for recently acquired Exide life insurance
Company effective from 01 January 2022. On standalone basis, the company has
posted healthy 12% increase in the net profit to Rs 357.52 crore for Q4FY2022.
The company has continued to maintain healthy
growth in the premium collection and exhibited further improvement in new
business margin to 27.4% in FY2022 from 26.5% in 9MFY2022 and 26.1% in FY2021 on
the back of a favourable product mix and cost control measures.
The value of new business (VNB) increased 15%
to Rs 895 crore in Q4FY2022 from Rs 777 crore in Q4FY2021. The company has
posted a 12% increase in total premium collection to Rs 14421.3 crore, driven
by a 8% rise in new business premium, while the renewal premium income also
moved up 16%.
The company is amongst top 2 in terms of Overall New Business and
individual new business segment in private sector with market share at 21.0%
and 14.8% respectively. The company also ranked number 1 within group new
business segment in private sector with market share of 27.9%.
The product portfolio continues
to maintain a balanced product mix with share of participating savings, non
participating savings, ULIPs, protection and annuity accounted for 30%, 33%,
26%, 6% and 5% of Individual APE respectively
The distribution mix was diversified
evidenced by wide access to customers with nearly 300 partners and 1 lakh+
agents end March 2022, further supplemented by 372 branches spread across the
country
The Assets Under Management increased 17% to Rs 204170 crore end March 2022 with
Debt: Equity mix of 63:37, while over 98% of debt investments were in G-Secs
and AAA bonds.
Standalone Networth increased to Rs 15483 crore
end March 2022, while the solvency ratio of the company was at 176% end March
2022.
Embedded Value (IEV methodology) on
standalone basis increased 13% to yoy Rs 30048 crore with Embedded Value per
share at Rs 142.2 per share at end March 2022.
The subsidiary, HDFC Pension, touched AUM of Rs 28400 crore end March
2022, showing strong growth of 73%. HDFC Pension continues to be the #1 private
Pension Fund Manager (PFM) in terms of NPS AUM with a market share of 37% end March
2022.
Exide Life Insurance Company has posted 22% growth in Individual APE to
Rs 730 crore in FY2022 with strong improvement in VNB margin to 44% from 35%.
AUM of the company increased 12% to Rs 19680 crore. Embedded value has
increased 8% to Rs 2910 crore. The solvency ratio stood at 217%. 13th month persistency has improved to 78%.
Financial Performance FY2022:
HDFC Life Insurance Company has posted 11% decline
in the net profit to Rs 1207.69 crore on standalone basis in FY2022, on the
back of higher claims reserving warranted by the second wave of the pandemic.
Total Premium increased 19% to Rs 45963 crore in FY2022, aided by new business
growth of 20% and 18% in renewal business. Value of New Business was Rs 2675 crore,
recording a robust growth of 22% over last year.
On consolidated basis, HDFC Life Insurance
Company has posted net profit of Rs 1326.93 crore in FY2023.
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HDFC Life Insurance Company: Results Consolidated Policyholders
Account
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2203 (3)
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2103 (3)
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Var %$
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2203 (12)
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2103 (12)
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Var %$
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Premium earned (net)
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15624.90
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12897.01
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46800.95
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38194.20
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Income from Investments
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1688.58
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6016.78
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19511.80
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32683.86
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Other income
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78.81
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66.61
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192.31
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183.39
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Contribution from the Shareholders` account
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290.02
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241.28
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554.44
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258.56
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Total Income
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17682.31
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19221.68
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67059.50
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71320.01
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Commission
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686.45
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599.35
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2007.75
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1712.45
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Op. expenses related to Insurance business
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2042.90
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1512.06
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5852.98
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4593.33
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Others
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102.57
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5.65
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117.58
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168.21
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Benefits paid (Net)
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10305.23
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8855.48
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32616.32
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22630.17
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Change in valuation of policy liabilities
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3722.04
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7630.03
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25237.00
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40842.33
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Provision for taxation
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154.86
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183.81
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184.50
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274.39
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Total Expense
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17014.05
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18786.38
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66016.13
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70220.88
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PAT
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668.26
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435.30
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1043.37
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1099.13
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Transfer to Shareholders` account
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628.62
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287.89
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1105.72
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991.58
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HDFC Life Insurance
Company: Results Consolidated Shareholders Account
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2203 (3)
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2103 (3)
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Var %$
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2203 (12)
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2103 (12)
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Var %$
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Amounts transferred from
Policyholders` account
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628.62
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287.89
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1105.72
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991.58
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Income from investments
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168.13
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271.81
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813.10
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649.97
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Others
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5.56
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0.96
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19.01
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3.10
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Total income
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802.31
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560.66
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1937.83
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1644.65
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Expenses (apart from Insurance)
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40.03
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25.68
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113.96
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69.12
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Contribution to policyholders account
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290.02
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241.28
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554.44
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258.56
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Others
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-0.58
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-16.52
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-33.32
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-37.31
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Total Expenses
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329.47
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250.44
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635.08
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290.37
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PBT
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472.84
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310.21
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1302.75
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1354.28
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Tax
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-33.35
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-8.85
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-24.18
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-6.59
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PAT
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506.19
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319.06
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1326.93
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1360.87
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EPS (Rs)*
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9.6
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6.0
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6.3
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6.4
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* on current equity
of Rs 2112.62 crore of face value of Rs 10 each
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$ Figures for 2203
(3) and 2203 (12) includes figures for Exide Life Insurance Company and are
not comparable with earlier periods
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Figures in crore,
Source: Capitaline Corporate Database
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