India-based HDFC Life Insurance has reported a net profit of $50m (Rs4.15bn) for the first quarter of FY24, marking a 15% increase compared with $44m (Rs3.61bn) in the prior year quarter.
Net premium income for the quarter was Rs114.79bn, a rise of 16.5% from Rs98.47bn in the year-ago quarter.
Go deeper with GlobalData
In the first quarter, the insurer recorded an annualised premium equivalent (APE) of Rs23.28bn, up 13% year-over-year (YoY).
The Indian embedded value of the company for the quarter was recorded at Rs418.43bn as against Rs324.71bn in the year-ago period, representing a surge of 28.9%.
The company reported a 19% rise in the assets under management (AUM) of life insurance.
The insurer also noted that its solvency ratio rose to 200% from 183% in the prior year’s quarter.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHDFC Life Insurance MD and CEO Vibha Padalkar said: “We closed the quarter with a robust growth of 12% in individual WRP, which was 1.5x of private industry, despite coming off a strong March.
“Over the last four years, despite facing open architecture and intense competition from unlisted insurers, our market share has steadily increased from 12.5% in FY19 to 16.5% in FY23 in the private sector and 7.2% to 10.8% at an overall industry level.”
Recently, Indian banking company HDFC acquired a 0.7% stake in HDFC Life Insurance in an Rs9.93bn deal.
