India-based HDFC Life Insurance has posted profit after tax of Rs7.9bn ($95.1m) for the first half (H1) of FY24, a 15% growth from Rs6.8bn in the prior year.
The company covered more than 30 million lives for the period, indicating a 10% growth in the number of policies.
For the six months ending 30 September 2023, the company’s new business premium was Rs129.7bn. This marked an increase of 15% from Rs113.2bn in H1 FY23.
The total premium increased 14% to Rs266.1bn from Rs233.3bn.
Individual annualised premium equivalent (APE) during the period rose 9% to Rs44.7bn from Rs41.1bn a year ago.
The company further noted that its annuity APE soared 17% in H1 FY24.
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By GlobalDataThe value of new business, which assesses the projected profit from new premiums, grew 10% while new business margins remained flat at 26.2%.
Furthermore, HDFC Life’s solvency ratio was 194% in H1 FY24 compared with 210% a year earlier.
In an exchange filing, MD and CEO Vibha Padalkar said: “Despite the recent budget changes that were perceived to be unfavourable for the sector, the life insurance industry has demonstrated remarkable resilience.
“We recorded a healthy growth of 10% in individual WRP vs 8% for overall industry, for the half year ended September 30th, 2023.
“We continued to grow faster than the overall industry and be ranked amongst the top three life insurers across individual and group businesses.”
In the first quarter of FY24, the company registered a net profit of $50m, up 15% from $44m in the prior year.
