HDFC Life Q3 results: Net profit rises 16% YoY to ₹365 crore
₹365 crore in the third quarter ended December. The private sector insurer's profit stood at ₹315 crore in the year-ago period, HDFC Life said in a regulatory filing. Total income increased to ₹26,694 crore in the latest December quarter from ₹19,693 crore in October-December 2022.
However, the company's solvency ratio declined to 190 per cent from 209 per cent as on December 31, 2022. The regulatory requirement is 150 per cent. For the nine months period ended December, the life insurer posted a profit of ₹1,157 crore as against ₹1,001 crore in the corresponding period a year ago.
Analysts said the demand for higher-ticket size policies has been subdued owing to taxation changes implemented on such policies earlier this year. Its value of new business, which measures expected profit from new premiums, grew 5% during the nine months to December, while new business margins remained unchanged at 26.5% from a year earlier. The insurer also reported a moderate 5% rise in its total annual premium equivalent (APE) sales for the April to December period.
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