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Results
14-Oct-23
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Analysis
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HDFC Life Insurance Company
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Stable performance
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HDFC Life Insurance Company, on consolidated
basis, has posted 15% increase in net profit to Rs 378.20 crore in the quarter
ended September 2023 (Q2FY2024). The company has maintained market leadership
position as a top three life insurer across individual and group businesses. HDFC
Life has recorded a growth of 10% in individual WRP, which is higher than 8% growth
for overall industry for the half year ended September 2023. H1FY24 market
share was 15.7% and 10.3% in the private and overall sector respectively. The
company continued to grow faster than the overall industry and be ranked
amongst the top 3 life insurers across individual and group businesses.
The company has continued to maintain a
steady growth trajectory with new business premium growth at 11% to Rs 7101 crore
and the renewal premium growth 13% to Rs 7839 crpre. The total premium income
has increased 12% to Rs 14940 crore in Q2FY2024.
The value of new business rose 4% to Rs 801 crore
in Q2FY2024. New business margin for H1FY2024 was steady at 26.2% compared with
26.2% for H1FY2023, while it was also steady from 26.2% in Q1FY2024.
The embedded value is Rs 42908 crore, with
an operating return on embedded value of 16.4% for H1FY2024 up from 16.0% in Q1FY2024.
AUM of the company increased 18% to Rs 264870 crore end September 2023
from Rs 224901 crore end September 2022 crore and also moved up from Rs 253301 crore
end June 2023.
The consolidated Networth stood at Rs 13390 crore end September 2023,
while the solvency ratio of the company was at 194% end September 2023.
Embedded Value per share stood at Rs 199.6 per
share at end September 2023.
Financial Performance H1FY2024:
HDFC Life Insurance Company has posted 15% increase
in the net profit to Rs 794.90 crore on consolidated basis in H1FY2024. Total
Premium increased 14% to Rs 26613 crore in H1FY2024, aided by new business premium
income growth of 15% to Rs 12970 crore and renewal premium income growth of 14%
to Rs 13643 crore. Value of New Business improved 10% to Rs 1411 crore and new
business margin was steady at 26.2% in H1FY2024.
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HDFC Life Insurance Company: Results Consolidated Policyholders
Account
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2309 (3)
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2209 (3)
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Var %
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2309 (6)
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2209 (6)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Premium earned (net)
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14797.21
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13137.89
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13
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26305.09
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23007.96
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14
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56878.78
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46800.95
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22
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Income from Investments
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8106.54
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9784.22
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-17
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19737.24
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6483.10
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204
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12604.39
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19511.78
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-35
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Other income
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100.83
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65.16
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55
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187.24
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124.75
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50
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465.05
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192.33
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142
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Contribution from the Shareholders` account
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13.23
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14.91
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-11
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31.10
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23.15
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34
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879.49
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554.44
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59
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Total Income
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23017.81
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23002.18
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0
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46260.67
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29638.96
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56
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70827.71
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67059.50
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6
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Commission
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1188.45
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682.96
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74
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1851.30
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1083.62
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71
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2890.59
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2007.75
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44
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Op. expenses related to Insurance business
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1744.69
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1842.20
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-5
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3375.34
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3402.60
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-1
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8449.48
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5852.98
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44
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Others
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76.33
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99.06
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-23
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130.87
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209.83
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-38
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404.73
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117.58
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244
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Benefits paid (Net)
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9356.68
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11756.76
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-20
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17451.67
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19053.60
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-8
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38971.52
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32616.32
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19
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Change in valuation of policy liabilities
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11032.75
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8348.36
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32
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23597.97
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5391.86
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338
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18590.16
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25237.00
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-26
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Provision for taxation
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-611.46
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24.37
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LP
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-589.68
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39.21
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LP
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159.11
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184.50
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-14
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Total Expense
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22787.44
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22753.71
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0
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45817.47
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29180.72
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57
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69465.59
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66016.13
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5
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PAT
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230.37
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248.47
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-7
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443.20
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458.24
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-3
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1362.12
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1043.37
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31
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Transfer to Shareholders` account
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136.55
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219.60
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-38
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369.23
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470.19
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-21
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1472.18
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1105.72
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33
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HDFC Life Insurance Company: Results Consolidated Shareholders
Account
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2309 (3)
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2209 (3)
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Var %
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2309 (6)
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2209 (6)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Amounts transferred from Policyholders` account
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136.55
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219.60
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-38
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369.23
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470.19
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-21
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1472.18
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1105.72
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33
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Income from investments
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237.87
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160.88
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48
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470.71
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282.05
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67
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723.91
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813.10
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-11
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Others
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20.90
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6.97
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200
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30.44
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13.03
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134
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92.78
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19.01
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388
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Total income
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395.32
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387.45
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2
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870.38
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765.27
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14
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2288.87
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1937.83
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18
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Expenses (apart from Insurance)
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36.36
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43.18
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-16
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82.02
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72.46
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13
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151.84
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113.96
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33
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Contribution to policyholders account
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13.23
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14.91
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-11
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31.10
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23.15
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34
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879.49
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554.44
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59
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Others
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13.54
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-1.18
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PL
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7.00
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-23.90
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PL
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-24.67
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-33.32
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-26
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Total Expenses
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63.13
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56.91
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11
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120.12
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71.71
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68
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1006.66
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635.08
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59
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PBT
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332.19
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330.54
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0
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750.26
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693.56
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8
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1282.21
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1302.75
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-2
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Tax
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-46.01
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1.52
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LP
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-44.64
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3.14
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LP
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-86.07
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-24.18
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256
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PAT
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378.20
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329.02
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15
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794.90
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690.42
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15
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1368.28
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1326.93
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3
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EPS (Rs)*
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7.0
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6.1
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7.4
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6.4
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6.4
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6.2
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EV (Rs)
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199.6
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167.6
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199.6
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167.6
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183.9
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156.0
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* on current equity of Rs 2150.06 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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Previous News |
HDFC Life jumps on welcoming IRDAI's life insurance reforms
(
Hot Pursuit
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13-Jun-24
15:16
)
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IRDAI issues an exposure draft to increase the surrender value of non-linked products
(
Insurance
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14-Dec-23
19:56
)
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HDFC Life Insurance Company to announce Quarterly Result
(
Corporate News
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31-Dec-22
10:02
)
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HDFC Life Insurance Company consolidated net profit rises 16.34% in the December 2023 quarter
(
Results
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Announcements
12-Jan-24
15:19
)
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HDFC acquires further 1.69% stake in HDFC Life
(
Corporate News
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29-Jun-23
12:16
)
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HDFC Life Insurance Company allots 3.57 cr equity shares to HDFC
(
Corporate News
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09-Sep-22
12:06
)
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Board of HDFC Life Insurance Company approves preferential issue of 3.57 cr shares to HDFC
(
Corporate News
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29-Jul-22
16:01
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HDFC Life Insurance Company Ltd soars 1.05%, gains for fifth straight session
(
Hot Pursuit
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27-Aug-21
13:01
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HDFC Life Insurance Company standalone net profit rises 5.64% in the September 2020 quarter
(
Results
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Announcements
20-Oct-20
08:30
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HDFC Life Insurance Company Ltd stays supported
(
Hot Pursuit
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17-Feb-22
13:06
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HDFC Life to acquire 10% stake in proposed refinery at Nagapattinam, Tamil Nadu
(
Corporate News
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24-Nov-22
17:51
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