Profit before tax stood at Rs 330.67 crore in Q2 FY24, registering a growth of 1.03% as against Rs 327.31 crore posted in the corresponding quarter previous year.

On half yearly basis, the company's standalone net profit rose 15.43% to Rs 792.12 in H1 FY24 from Rs 686.26 crore registered in the same period a year ago. Net premium income in H1 FY24 stood at Rs 26,235.78 crore, up by 14.8% over H1 FY23.

Assets under management (AuM) grew 18% to Rs 2,64,870 crore in H1 FY24 as compared to Rs 2,24,901 crore reported the same period last year.

The value of new business (VNB) increased by 10% to Rs 1,411 crore in H1 FY24 as against Rs 1,288 crore posted in H1 FY23. The company's Indian embedded value (IEV) in first half of FY24 was at Rs 42,908 crore, registering a growth of 19% year on year.

The life insurer's new business margin was consistent at 26.2% in H1 FY24 on YoY basis. The solvency ratio slipped to 194% in H1 FY24 as against 210% recorded in H1 FY23.

Vibha Padalkar, MD & CEO said “We recorded a healthy growth of 10% in individual WRP vs 8% for overall industry, for the half year ended 30 September 2023. Our H1 FY24 market share was 15.7% and 10.3% in the private and overall sector respectively. We continued to grow faster than the overall industry and be ranked amongst the top 3 life insurers across individual and group businesses.

We saw an uptick of 10% in the number of individual policies sold, beating industry growth. This healthy volume growth is in line with our stated objective of broadening our customer base. We have insured more than 3 crore lives across our individual and group businesses, which represents a YoY growth of 16%.

Growth in protection was robust at 28% on new business premium basis. Retail protection registered YoY growth of 46% in H1 FY24. Sum assured recorded healthy growth, with retail and overall sum assured growing by 61% and 45% respectively. We continue to lead in terms of sum assured and our private market share based on overall sum assured stood at 18% for H1 FY24. Annuity APE grew by 17% and the segment contributed to 18% of new business premium. Annuity and protection put together contributed to about 55% of new business premium in H1 FY24.”

HDFC Life Insurance Company is a joint venture between HDFC, India's leading housing finance institution and Abrdn (Mauritius Holdings) 2006, a global investment company. HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity and health.

The scrip rose 0.06% to Rs 625 on the BSE.