HDFC Life Q2 Results: Net profit grows 15% YoY to ₹378 crore
₹378 crore for the second quarter of FY24, registering a growth of 15% from ₹329 crore in the same quarter last fiscal. The company’s net premium income in Q2FY24 increased 13% to ₹14,797 crore from ₹13,138 crore in the year-ago period. The first-year premium registered a growth of 6% at ₹2,566 crore as compared to ₹2,423 crore, YoY.
Individual APE rose 9% YoY to ₹4,478 crore in the first half of FY24, while total APE also increased 9% to ₹5,373 crore. New business premium grew 15% YoY during H1 to ₹12,970 crore. The company said it recorded a healthy growth of 10% in individual WRP as against 8% for overall industry, for the half year ended September, 2023.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) “Our H1FY24 market share was 15.7% and 10.3% in the private and overall sector respectively. We continued to grow faster than the overall industry and be ranked amongst the top 3 life insurers across individual and group businesses," Vibha Padalkar, MD & CEO, HDFC Life Insurance Company said in a release. The total assets under management (AUM) at the end of September quarter was at ₹2.64 lakh crore, which is 18% higher than the same period of last year.
The Value of New Business (VoNB) in Q2FY24 rose 4% to ₹801 crore, while it increased 11% in H1FY24 to ₹1,411 crore. New Business Margins in H1FY24 was stable at 26.2%. “We saw an uptick of 10% in the number of individual policies sold, beating industry growth.
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