HDFC Life Q4 Results: Net profit rises 14.8% to ₹411 crore; ₹2 final dividend declared.
₹411 crore, a rise of 14.8% from ₹358 crore in the year-ago period. The insurer's net premium income increased to ₹20,488 crore from ₹19,426 crore in the same quarter last year, a 5.4% increase. In its exchange filing, the company said that it had surpassed its goal of double-digit growth for the whole year, with an 11% rise for FY24 on a normalised basis.
On an unadjusted basis, the private insurer achieved individual annualised premium equivalent (APE) increase of 1%. The company's profit after tax for the entire year was ₹1,569 crore, indicating a 15% year-over-year rise driven by an 18% increase in profit emergence from the back book. Solvency continued to be healthy at 187%.
“Our new business margins are 26.3%. Value of new business is Rs. 3,501 crore, implying a 2 year CAGR of 14%.
Embedded value stands at ₹47,468 crore, with an operating return on embedded value of 17.5%," said the company. A final dividend of ₹2 per share for the fiscal year 2023–2024 has also been recommended by the company's board, subject to shareholder approval at the next AGM. The final dividend is payable on or after July 20th, with June 21st serving as the record date to determine the shareholders' entitlement to it.
The company in its filing said that Deepak Parekh, a seasoned banker, had resigned as Chairman and Non-Executive Director. Additionally, the firm announced that Keki M. Mistry has been named Chairman of the Board.
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