HDFC Life Q3 Results: Net profit rises 16% YoY to Rs 367 crore
HDFC Life on Friday posted a consolidated net profit of Rs 367 crore for the three months ended December 2023. The profit rose 16% from Rs 316 crore clocked in the corresponding period of last year.
Net premium income for the third quarter rose 6% year-on-year (YoY) to Rs 15,273 crore.
The same stood at Rs 14,402 crore in the year-ago period.
The first-year premium declined marginally by 2% to Rs 2,680 crore in the October-December period, compared with Rs 2,725 crore in the same period last year.
Income from investments saw a robust growth of 131% YoY to Rs 11,372 crore in the December quarter. It was Rs 4,930 crore a year ago period.
For the nine months of FY24, Individual APE grew 6% YoY to Rs 7,271 crore, while total APE rose 5% YoY to Rs 8,564 crore.
New business premium during the 9MFY24 jumped 7% YoY to Rs 20,100 crore against Rs 18,713 crore in the last year period.
The Value of New Business (VoNB) reported a growth of 5% YoY in the April-December 2023 period to Rs 2,267 crore.
The life insurer's assets under management (AUM) saw a growth of 20% YoY to Rs 2.79 lakh crore.
