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Results
19-Apr-24
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Analysis
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HDFC Life Insurance Company
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VNB and APE declines in Q4FY24 on high base, net profit up 14%
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HDFC Life Insurance Company, on consolidated basis,
has recorded 14% increase in net profit to Rs 411.64 crore in the quarter ended
March 2024 (Q4FY2024). The total premium income has increased 7% to Rs 20937 crore
in Q4FY2024, driven by 23% jump in the renewal premium collection to Rs 11406
crore. However, the new business premium declined 8% to Rs 9531 crore. APE
dipped 8% to Rs 4727 crore as individual APE dipped 6% to Rs 4238 crore in
Q4FY2024.
The value of new business (VNB) dipped 18% to Rs 1234
crore in Q4FY2024. New business margin for FY2024 stood at 26.3% showing
decline on sequential basis from 26.5% for 9MFY2024 and over a year ago from 27.6%
in FY2023.
The embedded value surged 20% Rs 47468 crore end
March 2024. An operating return on embedded value rose on sequential basis to
17.5% for FY2024 up from 16.5% in 9MFY2024.
AUM
of the company increased 22% to Rs 292220 crore end March 2024 from Rs 238782
crore end March 2023 crore and also moved up from Rs 279707 crore end December 2023.
The
consolidated Networth stood at Rs 14216 crore end March 2024, while the
solvency ratio of the company was at 187% end March 2024.
Embedded Value per share stood at Rs 220.7 per
share at end March 2024.
Financial
Performance FY2024:
HDFC Life Insurance Company has posted 15% increase
in the net profit to Rs 1574.08 crore on consolidated basis in FY2024. Total
Premium increased 10% to Rs 63076 crore in FY2024, aided by renewal premium income
growth of 18% to Rs 33445 crore, while new business premium income grew 2% to Rs
29631 crore. Value of New Business declined 5% to Rs 3501 crore and new
business margin declined to 26.3% in FY2024 from 27.6% in FY2023.
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HDFC Life Insurance Company: Results Consolidated Policyholders
Account
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Premium earned (net)
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20533.71
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19468.60
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5
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62112.05
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56878.78
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9
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Income from Investments
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7253.87
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1191.50
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509
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38363.16
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12604.39
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204
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Other income
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78.65
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267.79
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-71
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336.40
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465.05
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-28
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Contribution from the Shareholders` account
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79.07
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542.61
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-85
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129.46
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879.49
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-85
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Total Income
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27945.30
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21470.50
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30
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100941.07
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70827.71
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43
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Commission
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2163.80
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1113.51
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94
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5262.09
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2890.59
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82
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Op. expenses related to Insurance business
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1766.81
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2923.50
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-40
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6921.56
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8449.48
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-18
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Others
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120.59
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96.00
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26
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318.32
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404.73
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-21
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Benefits paid (Net)
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12458.47
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11226.12
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11
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39804.90
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38971.53
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2
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Change in valuation of policy liabilities
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11159.58
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5285.98
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111
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48443.67
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18590.16
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161
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Provision for taxation
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-0.29
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251.19
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LP
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-592.39
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159.11
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LP
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Total Expense
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27668.96
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20896.30
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32
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100158.15
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69465.60
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44
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PAT
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276.34
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574.20
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-52
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782.92
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1362.11
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-43
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Transfer to Shareholders` account
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306.27
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586.23
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-48
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806.87
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1472.18
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-45
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HDFC Life Insurance Company: Results Consolidated Shareholders Account
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Amounts transferred from Policyholders` account
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306.27
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586.23
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-48
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806.87
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1472.18
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-45
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Income from investments
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253.70
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197.11
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29
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1006.59
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723.91
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39
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Others
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16.61
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71.90
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-77
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58.95
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92.78
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-36
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Total income
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576.58
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855.24
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-33
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1872.41
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2288.87
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-18
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Expenses (apart from Insurance)
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46.98
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40.01
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17
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168.81
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151.84
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11
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Contribution to policyholders account
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79.07
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542.61
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-85
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129.46
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879.49
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-85
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Others
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0.57
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-0.77
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PL
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4.47
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-24.67
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PL
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Total Expenses
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126.62
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581.85
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-78
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302.74
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1006.66
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-70
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PBT
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449.96
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273.39
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65
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1569.67
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1282.21
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22
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Tax
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38.32
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-88.58
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PL
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-4.41
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-86.07
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-
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PAT
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411.64
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361.97
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14
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1574.08
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1368.28
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15
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EPS (Rs)*
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7.7
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6.7
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7.3
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6.4
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EV (Rs)
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220.7
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183.9
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220.7
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183.9
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* on current equity of Rs 2150.94 crore of face value of Rs 10
each
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PL: Profit to Loss, LP: Loss to Profit
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Figures in crore, Source: Capitaline Database
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