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Results
22-Jan-22
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Analysis
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HDFC Life Insurance Company
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Strong premium collection growth, healthy margin improvement
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HDFC Life Insurance Company has recorded 3% rebound
in the net profit to Rs 273.65 crore in the quarter ended December 2021 (Q3FY2022),
while snapping decline for last two straight quarters. The company has continued
to maintain strong growth in the premium collection and exhibited improvement
in new business margin of 26.5% in 9MFY2022 on the back of a favourable product
mix and cost control measures.
The value of new business (VNB) jumped 22%
to Rs 694 crore in Q3FY2022 from Rs 570 crore in Q3FY2021. The company has
posted a 27% surge in total premium collection to Rs 12254.80 crore, driven by
a 33% jump in new business premium, while the renewal premium income also moved
up 21%.
The company ranked #1
in terms of Overall New Business Premium in private sector with market share at
21.7%; Private market share within group and individual new business segment of
28.3% and 15.2% respectively.
The company 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.
Diversified distribution mix is evidenced by
wide access to our customers with over 300 partners and 1 lakh+ agents as on
December 31, 2021, further supplemented by 372 branches spread across the
country.
The Assets under Management increased 18% to
Rs 194738 crore end December 2021 over Rs 165623 crore end December 2020. The
Debt:Equity mix was 64:36, while about 98% of debt investments were in G-Secs
and AAA bonds end December 2021
Networth increased by 12% to Rs 9054 crore
end December 2021, while the solvency ratio of the company was at 190% end December
2021.
Embedded Value (IEV methodology) increased 18%
to yoy Rs 29543 crore with Embedded Value per share rising to Rs 145.9 per
share at end December 2021.
The journey has been gaining momentum with first Rs 10,000 crore
achieved in 7 years, to the next Rs 10000 crore in 14 months and the last Rs
5,000 crore in just three months. The Company has a market share of 37% end December
2021, making it the number 1 private Pension Fund Manager (PFM) in terms of NPS
AUM. In addition, NPS is a significant feeder into annuity business, growing at
a rapid pace.
The subsidiary, HDFC Pension, crossed the milestone of Rs 25000 crore
AUM as on 5 January 2022. 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 December 2021.
Financial Performance 9MFY2022:
HDFC Life Insurance Company has posted 18% decline
in the net profit to Rs 850.17 crore in 9MFY2022, on the back of higher claims
reserving warranted by the second wave of the pandemic. Total Premium increased
23% to Rs 31542 crore in 9MFY2022, aided by new business growth of 26% and 19%
in renewal business.
New business margin (NBM) expanded by 90 bps with NBM at 26.5% for 9MFY22,
higher than 25.6% in 9MFY21. Value of New Business was Rs 1780 crore, recording
a robust growth of 26% over last year.
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HDFC Life Insurance Company: Results Standalone Policyholders
Account
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2112 (3)
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2012 (3)
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Var %
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2112 (9)
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2012 (9)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Premium earned (net)
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12124.36
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9487.01
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28
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31106.81
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25254.29
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23
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38122.30
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32223.60
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18
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Income from Investments
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1981.78
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11594.24
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-83
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17818.73
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26662.15
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-33
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32677.57
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-3310.87
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LP
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Other income
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46.71
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35.67
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31
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113.48
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116.78
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-3
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183.39
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243.95
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-25
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Contribution from the Shareholders` account
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69.37
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9.88
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602
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264.42
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17.28
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1430
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258.56
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104.75
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147
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Total Income
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14222.22
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21126.80
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-33
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49303.44
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52050.50
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-5
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71241.82
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29261.43
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143
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Commission
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507.38
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448.20
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13
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1319.55
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1112.89
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19
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1710.40
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1491.18
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15
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Op. expenses related to Insurance business
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1502.41
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1307.30
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15
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3803.52
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3075.87
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24
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4585.97
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4266.90
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7
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Others
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79.37
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45.45
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75
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15.01
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162.55
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-91
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168.21
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920.66
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-82
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Benefits paid (Net)
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8081.29
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6182.53
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31
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22220.29
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13737.21
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62
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22574.78
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19021.48
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19
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Change in valuation of policy liabilities
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3850.04
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12827.78
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-70
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21508.12
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33206.95
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-35
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40829.63
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2440.76
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1573
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Provision for taxation
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17.50
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41.34
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-58
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29.64
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90.58
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-67
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274.39
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149.03
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84
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Total Expense
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14037.99
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20852.60
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-33
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48896.13
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51386.05
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-5
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70143.38
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28290.01
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148
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PAT
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184.23
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274.20
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-33
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407.31
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664.45
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-39
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1098.44
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971.42
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13
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Transfer to Shareholders` account
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182.49
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139.76
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31
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509.32
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704.31
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-28
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990.90
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1191.39
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-17
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HDFC Life Insurance Company: Results Standalone Shareholders
Account
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2112 (3)
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2012 (3)
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Var %
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2112 (9)
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2012 (9)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Amounts transferred from Policyholders` account
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182.49
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139.76
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31
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509.32
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704.31
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-28
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990.90
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1191.39
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-17
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Income from investments
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179.11
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142.73
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25
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641.86
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376.27
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71
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647.57
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456.37
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42
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Total income
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361.60
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282.49
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28
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1151.18
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1080.58
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7
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1638.47
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1647.76
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-1
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Expenses (apart from Insurance)
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22.94
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18.40
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25
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60.92
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39.67
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54
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63.73
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33.42
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91
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Contribution to policyholders account
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69.37
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9.88
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602
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264.42
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17.28
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1430
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258.56
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104.75
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147
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Others
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-6.61
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-12.79
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-
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-32.75
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-20.79
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-
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-37.31
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197.85
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LP
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Total Expenses
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85.70
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15.49
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453
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292.59
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36.16
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709
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284.98
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336.02
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-15
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PBT
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275.90
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267.00
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3
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858.59
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1044.42
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-18
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1353.49
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1311.74
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3
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Tax
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2.25
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2.01
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12
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8.42
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2.24
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276
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-6.61
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16.47
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LP
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PAT
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273.65
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264.99
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3
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850.17
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1042.18
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-18
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1360.10
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1295.27
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5
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EPS (Rs)*
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5.2
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5.0
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5.4
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6.6
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6.4
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6.1
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* on current equity of Rs 2111.81 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 Corporate Database
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Previous News |
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Analyst Meet / AGM
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Conference Call
27-Apr-23
12:54
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Results
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(
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(
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Karur Vysya Bank enters into bancassurance arrangement with HDFC Life
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18-Dec-23
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10-Apr-24
11:00
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HDFC Life Insurance Company Ltd slips for fifth straight session
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