 "HDFC Life")
HDFC Life Insurance on Thursday reported a consolidated net profit of Rs 411 crore for the January-March quarter of Financial Year 2023-24 (Q4 FY24), up 14.8 per cent from Rs 358 crore recorded in the same period last year. HDFC Life beat market expectations which placed its growth at 6.1 per cent.
Net premium income was Rs 20,488 crore, up 5.4 per cent from Rs 19,426 crore last year.
Sequentially, profit increased nearly 12 per cent, compared to Rs 367 crore in Q3FY24. Net premium income went up 34.4 per cent from Rs 15,235 crore last quarter.
The solvency ratio, the metric used to measure a company's ability to meet its long-term debt obligations, of the private sector insurer stood at 187 per cent, improved from 203 per cent a year ago.
Annualised premium equivalent (APE), a measure of new business written by a life insurance company, dropped eight per cent. Market expected APE to fall by seven per cent. The company’s APE stood at Rs 4, 727 crore for Q4 FY24 compared to Rs 5,162 last year.
For FY24, HDFC Life reported a consolidated net profit of Rs 1,574 crore, up 15 per cent compared to last financial year at Rs 1,368 crore.
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The company's board recommended a final dividend of Rs 2 per share for the financial year 2023-24.
Commenting on results for full year ended March 31, 2024, Vibha Padalkar, managing director and CEO said, “Despite the budget changes impacting high ticket sized business this year, we delivered a healthy growth of 20 per cent for Q4 after adjusting for the one-off business of Rs. 1,000 crore in March 2023. Our stated aspiration of a double-digit growth for the full year was achieved with us clocking an 11 per cent growth for FY24, on a normalised basis. We achieved individual APE growth of one per cent on an unadjusted basis."
In a separate company filing, HDFC Life announced Deepak S Parekh would be stepping down as the chairman and non-executive director, effective from April 18.
The board also unanimously approved the appointment of Keki M Mistry as the chairman of the board with immediate effect subject to approval of Insurance Regulatory and Development Authority.
On Thursday, the shares of HDFC Life closed at Rs 607.95
