HDFC Life Insurance Company's consolidated net profit dropped 14.54% to Rs 311.65 crore in Q4 March 2020 as compared to Rs 364.68 crore in Q4 March 2019.
Consolidated net premium income rose 2.19% to Rs 10,475.95 crore in Q4 March 2020 from Rs 10,251.26 crore in Q4 March 2019. Profit before tax (PBT) slumped 17.78% to Rs 284.41 crore in Q4 March 2020 from Rs 345.95 in Q4 March 2019.
Consolidated net profit gained 1.52% to Rs 1,297.45 crore in the year ended March 2020 (FY20) as against Rs 1,277.93 crore in the year ended March 2019 (FY19). Net premium income climbed 11.45% to Rs 32,244.98 crore in FY20 from Rs 28,930.67 crore in FY19. PBT rose 1.77% to 1313.92 crore in FY20 over FY19. The result was declared after market hours today, 27 April 2020.
Total premium rose 12% to Rs 32,707 crore in FY20 over FY19. Individual Annualized Premium Equivalent (APE) grew 18% to Rs 6,145 crore in FY20 as against Rs 5,204 crore in FY19. Total APE jumped 18% to Rs 7,407 crore in FY20 as compared to Rs 6,260 crore in FY 19.
Asset Under Management (AUM) gained 1% to Rs 1,27,226 crore in FY20 as against Rs 1,25,552 crore in FY19. As on 31 March 2020, AUM stood at Rs 1.3 lakh crore (debt:equity mix - 71:29; more than 96% debt investments are in G-Secs and AAA bonds as on 31 March 2020. Net worth grew 24% to Rs 6,992 crore in FY20 as compared to Rs 5,659 crore in FY19.
Indian embedded value soared 13% to Rs 20,650 crore in FY20 from Rs 18,301 crore in FY19. Value of new business surged 25% to Rs 1,919 crore in FY20 over Rs 1,537 crore in FY19. The solvency ratio stood at 184% in FY20 as against 188% in FY19.
Individual weighted received premium (WRP) grew by 19% leading to expansion of market share by 170 bps to 14.2%. The company has maintained leadership position within the group segment, growing by 20%, resulting in a market share of 29%.
Commenting on the current situation, Vibha Padalkar, MD & CEO said "As a result of this pandemic, human lives have been disrupted and organizations around the world are witnessing challenging times. As a responsible corporate citizen, the safety and well-being of our employees, customers and partners and ensuring uninterrupted service to our customers are our foremost priorities. Our head-start as a digital insurer has helped facilitate this."
Commenting on the FY20 performance, Vibha Padalkar, MD & CEO said "We continue to deliver growth higher than industry and register steady performance across all key metrics. We believe that insurance remains a multi-decade opportunity with significant potential. The opportunities across mortality, morbidity and longevity remain large in our country. Customer-centricity, product innovation, a diversified distribution network, and technological capabilities are key pillars of our strategy and enablers to provide a sustainable value proposition to our customers, partners and shareholders."
HDFC Life Insurance Company provides various individual and group insurance solutions across India.
Shares of the insurance company rallied 6.84% to close at Rs 484.80 on BSE. The scrip hovered in the range of Rs 457.65 to Rs 491.55 during intraday trade on Monday, 27 April 2020.
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