The life insurer's net premium income surged 22.99% YoY to Rs 9271.87 crore in Q1 FY23 compared with Rs 7538.48 crore posted in the same period a year ago.

Profit before tax in Q1 FY23 stood at Rs 366.31 crore, up 19.42% over Q1 FY22. The Value of New Business (VNB) increased by 25% to Rs 510 crore in Q1 FY23 as against Rs 408 crore in Q1 FY22. New business margin in Q1 FY23 was 26.8%, as against 26.2% in Q1 FY22, on the back of profitable product mix and growth in protection business.

Assets under Management (AuM) increased by 10% to Rs 2,00,123 crore in Q1 FY23 as compared to Rs 1,81,272 crore reported in Q1 FY22. The company's networth soared 76% to Rs 15,427 crore in Q1 FY23 from Rs 8,778 crore reported in Q1 FY22.

The company's Indian embedded value (IEV) in Q1 FY23 was at Rs 29,709 crore, registering a growth of 9% from Rs 27,331 crore in Q1 FY22. The life insurer's solvency ratio decreased to 178% in Q1 FY23 as compared to 203% in Q1 FY22.

Commenting on the Q1 FY23 performance, Vibha Padalkar, MD & CEO said, "We continue to maintain a consistent growth trajectory, growing by 22% in terms of APE in Q1 FY23. This has enabled us to maintain our market leadership as a 'Top 3 life insurer' across individual and group business.

Our product mix remains balanced, with non-par savings at 35%, participating products at 30%, unit linked insurance plan (ULIPs) at 25%, individual protection at 5% and annuity at 6%, based on individual annual premium equivalent (APE). Our protection share based on APE improved from 15.7% last year to 16.9% during Q1 FY23. Our credit protect business has registered strong growth of 96%, on the back of rise in disbursements across most of our partners. We continue to look at overall protection growth across individual and group platforms in an agnostic manner.

On the retirement front, our annuity business has grown by 10% on received premium basis, compared to a 9% de-growth for the industry in the quarter. On APE basis, our annuity business has grown by 39%. The regular premium variant of our recently launched annuity product - Systematic Retirement Plan has been well received across channels. We have also launched a new product Systematic Pension Plan, which is a participating pension plan. This product adds to the existing suite of pension products being offered to customers.

Renewal premiums have grown by 19%, supported by improving persistency. Our 13th and 61st month persistency for limited and regular pay policies, stood at 88% and 54% vs 86% and 51% in first quarter of previous year."

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. As on 30 June 2022, the company had 39 individual and 13 group products in its portfolio, along with 7 optional rider benefits, catering to a diverse range of customer needs.

Shares of HDFC Life Insurance Company were down 1.31% at Rs 536.15 on the BSE.