 |
Results
23-Oct-21
|
|
|
|
|
|
|
|
Analysis
|
|
|
|
HDFC Life Insurance Company
|
|
Continues quality performance
|
|
|
|
|
|
HDFC Life Insurance Company has recorded 16%
decline in the net profit to Rs 247.16 crore in the quarter ended September
2021 (Q2FY2022). The company has maintained strong growth in the premium
collection and exhibited improvement in new business margin of 26.4% in H1FY2022
on the back of a favourable product mix and cost control measures.
The value of new business (VNB) jumped 24%
to Rs 678 crore in Q2FY2022 from Rs 547 crore in Q2FY2021. The company has
posted a 14% growth in total premium collection to Rs 11630.9 crore, driven by
a 12% rise in new business premium, while the renewal premium income also moved
up 17%.
The company ranked #1 in terms of Overall New Business Premium in
private sector with market share at 22.3%; Private market share within group
and individual new business segment of 28.1% and 16.2% respectively
The company continue to maintain a balanced product mix with share of
participating savings, non participating savings, ULIPs, protection and annuity
accounted for 30%, 32%, 26%, 7% and 5% of Individual APE respectively
Diversified distribution mix is evidenced by wide access to customers
with over 300 partners and 1 lakh+ agents end September 2021, further
supplemented by 372 branches spread across the country
The Assets under Management surged 27% to Rs
191212 crore end September 2021 over Rs 150622 crore end September 2020. The
Debt:Equity mix was 62:38, while about 98% of debt investments were in G-Secs
and AAA bonds end September 2021
Networth increased by 12% to Rs 8690 crore
end September 2021, while the solvency ratio of the company was at 190% end September
2021.
Embedded Value (IEV methodology) increased 23%
to yoy Rs 28703 crore with Embedded Value per share rising to Rs 141.9 per
share at end September 2021.
The subsidiary, HDFC Pension, crossed the milestone of Rs 20000 crore
AUM and registered 97% growth yoy. The pace of growth has accelerated
significantly - it took 7 years to achieve the first 10,000 crore mark and only
14 months for the next 10,000 crore. HDFC Pension continues to be the #1
private Pension Fund Manager (PFM) in terms of NPS AUM with a market share of
36% end September 2021.
Financial Performance H1FY2022:
HDFC Life Insurance Company has posted 26% decline
in the net profit to Rs 576.51 crore in H1FY2022, on the back of higher claims
reserving warranted by the second wave of the pandemic. Total Premium increased
20% to Rs 18982.44 crore in FY2021, aided by new business growth of 22% and 18%
in renewal business.
New business margin (NBM) expanded by 130 bps with NBM at 26.4% for H1
FY22, higher than 25.1% in H1FY21. Value of New Business was Rs 1,086 crore,
recording a robust growth of 30% over last year.
The product mix was balanced with non-par savings at 32%, participating
products at 30% and ULIPs at 26% on APE basis. Annuity business registered
healthy growth of 47% vis-à-vis H1 FY21, with annuities contributing about 24%
of new business premium.
Protection APE including group recorded yoy increase of 41% for H1 and
comprises 21% of new business premium. The company has a wide range of products
in portfolio, both on the retail and group side, to address varying customer
needs through multiple distribution channels.
The company settled around 2 lakh claims in H1FY22. Gross and net claims
amounted to Rs 3640 crore and Rs 2466 crore respectively. The overall
experience has been in line with projections of the company and it carry an
Excess Mortality Reserve (EMR) of Rs 204 crore into H2FY22.
|
HDFC Life Insurance Company: Results Standalone Policyholders
Account
|
|
|
2109 (3)
|
2009 (3)
|
Var %
|
2109 (6)
|
2009 (6)
|
Var %
|
2103 (12)
|
2003 (12)
|
Var %
|
|
Premium earned (net)
|
11443.96
|
10045.44
|
14
|
18982.44
|
15767.28
|
20
|
38122.30
|
32223.60
|
18
|
|
Income from Investments
|
8873.38
|
6318.81
|
40
|
15836.94
|
15067.91
|
5
|
32677.57
|
-3310.87
|
LP
|
|
Other income
|
45.02
|
43.11
|
4
|
66.77
|
81.11
|
-18
|
183.39
|
243.95
|
-25
|
|
Contribution from the Shareholders` account
|
114.53
|
7.40
|
1448
|
195.04
|
7.40
|
2536
|
258.56
|
104.75
|
147
|
|
Total Income
|
20476.89
|
16414.76
|
25
|
35081.19
|
30923.70
|
13
|
71241.82
|
29261.43
|
143
|
|
Commission
|
509.89
|
424.74
|
20
|
812.15
|
664.67
|
22
|
1710.40
|
1491.18
|
15
|
|
Op. expenses related to Insurance business
|
1349.89
|
1101.36
|
23
|
2301.12
|
1768.57
|
30
|
4585.97
|
4266.90
|
7
|
|
Others
|
51.85
|
91.78
|
-44
|
-64.37
|
117.13
|
LP
|
168.21
|
920.66
|
-82
|
|
Benefits paid (Net)
|
8337.56
|
4755.82
|
75
|
14138.99
|
7554.67
|
87
|
22574.78
|
19021.48
|
19
|
|
Change in valuation of policy liabilities
|
10049.88
|
9884.88
|
2
|
17658.08
|
20379.17
|
-13
|
40829.63
|
2440.76
|
1573
|
|
Provision for taxation
|
13.95
|
17.68
|
-21
|
12.14
|
49.24
|
-75
|
274.39
|
149.03
|
84
|
|
Total Expense
|
20313.02
|
16276.26
|
25
|
34858.11
|
30533.45
|
14
|
70143.38
|
28290.01
|
148
|
|
PAT
|
163.87
|
138.50
|
18
|
223.08
|
390.25
|
-43
|
1098.44
|
971.42
|
13
|
|
Transfer to Shareholders` account
|
201.94
|
217.66
|
-7
|
326.83
|
564.54
|
-42
|
990.90
|
1191.39
|
-17
|
|
HDFC Life Insurance Company: Results Standalone Shareholders
Account
|
|
|
2109 (3)
|
2009 (3)
|
Var %
|
2109 (6)
|
2009 (6)
|
Var %
|
2103 (12)
|
2003 (12)
|
Var %
|
|
Amounts transferred from Policyholders` account
|
201.94
|
217.66
|
-7
|
326.83
|
564.54
|
-42
|
990.90
|
1191.39
|
-17
|
|
Income from investments
|
203.42
|
137.09
|
48
|
462.75
|
233.54
|
98
|
647.57
|
456.37
|
42
|
|
Total income
|
405.36
|
354.75
|
14
|
789.58
|
798.08
|
-1
|
1638.47
|
1647.76
|
-1
|
|
Expenses (apart from Insurance)
|
23.50
|
14.44
|
63
|
37.98
|
21.26
|
79
|
63.73
|
33.42
|
91
|
|
Contribution to policyholders account
|
114.53
|
7.40
|
1448
|
195.04
|
7.40
|
2536
|
258.56
|
104.75
|
147
|
|
Others
|
-8.62
|
6.70
|
LP
|
-26.12
|
-7.99
|
-
|
-37.31
|
197.85
|
LP
|
|
Total Expenses
|
129.41
|
28.54
|
353
|
206.90
|
20.67
|
901
|
284.98
|
336.02
|
-15
|
|
PBT
|
275.95
|
326.21
|
-15
|
582.68
|
777.41
|
-25
|
1353.49
|
1311.74
|
3
|
|
Tax
|
1.79
|
0.12
|
1392
|
6.17
|
0.23
|
2583
|
-6.61
|
16.47
|
LP
|
|
PAT
|
274.16
|
326.09
|
-16
|
576.51
|
777.18
|
-26
|
1360.10
|
1295.27
|
5
|
|
EPS (Rs)*
|
5.4
|
6.4
|
|
5.7
|
7.7
|
|
6.7
|
6.4
|
|
|
* on current equity of Rs 2023.13 crore of face value of Rs 10
each
|
|
PL: Profit to Loss, LP: Loss to Profit
|
|
Figures in crore, Source: Capitaline Database
|
|
|
|
|
Previous News |
HDFC Life Insurance Company schedules board meeting
(
Corporate News
-
01-Jul-24
09:52
)
|
|
|
HDFC Life Insurance Company consolidated net profit rises 14.95% in the September 2023 quarter
(
Results
-
Announcements
13-Oct-23
16:13
)
|
|
|
HDFC Life Insurance Company consolidated net profit rises 16.34% in the December 2023 quarter
(
Results
-
Announcements
12-Jan-24
15:19
)
|
|
|
HDFC Life Insurance Company Ltd down for fifth straight session
(
Hot Pursuit
-
16-Apr-24
13:35
)
|
|
|
HDFC Life welcomes reforms outlined in the Master Circular on Life Insurance products
(
Corporate News
-
13-Jun-24
09:17
)
|
|
|
HDFC Life Q3 PAT climbs 16% YoY to Rs 365 cr
(
Hot Pursuit
-
12-Jan-24
15:46
)
|
|
|
HDFC Life Insurance Company Ltd eases for fifth straight session
(
Hot Pursuit
-
29-Jan-24
13:35
)
|
|
|
HDFC Life records PAT of Rs 359 cr in Q4
(
Hot Pursuit
-
26-Apr-23
16:19
)
|
|
|
HDFC Life Insurance Company to hold board meeting
(
Corporate News
-
30-Mar-24
09:15
)
|
|
|
Board of HDFC Life Insurance Company recommends final dividend
(
Corporate News
-
27-Apr-23
09:28
)
|
|
|
HDFC Bank update on scheme of amalgamation
(
Corporate News
-
24-Jun-23
08:26
)
|
|
|
|
|
|
Other Stories |
|
|
|
|
|
|
|
|
|
|
|
|
|