HDFC Life Insurance Q3 results: Net profit rises 16% to Rs 365 crore

The solvency ratio of the insurer dropped to 190 percent from 209 percent on a YoY basis.

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26 Aug, 2025 12:21

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Private sector insurer HDFC Life Insurance on January 12 reported a net profit of Rs 365 crore for the October-December quarter of financial year (FY) 2023-24, up by 16 percent from Rs 315 crore recorded in the year-ago period.

The net premium income of the insurer came in at Rs 15,235 crore, up 6 percent from Rs 14,379 crore in the year-ago quarter.  The solvency ratio of the insurer dropped to 190 percent from 209 percent on a YoY basis.

The company reported annualised premium equivalent (APE), which is a measure of new business written by a life insurance company, of Rs 3,191 crore versus CNBC-TV18's poll of Rs 3,152 crore.

Value of new business (VNB) margin, which is the present value of future profits associated with new business written during the quarter, stood at Rs 856 crore versus CNBC-TV18's poll of Rs 851 crore.

During the quarter, the insurer announced new bancassurance partnerships with Karnataka Bank, Karur Vysya Bank and NKGSB Co-operative Bank.

Following the earnings, share price of HDFC Life closed for trading at Rs 638.15 apiece on BSE, 0.85 percent down.

Insurance sector expectations from budget

The insurance sector is hoping for tax reliefs from the Union budget 2024, that will enable insurers to give customers pricing advantages, besides a provision to introduce fresh schemes to offer customers more options to safeguard against escalating health costs in India.

The insurance sector is also hoping for forward-thinking steps towards inclusivity, making insurance accessible to people with no access to insurance and with a particular focus on supporting the LGBTQAI+ community.

Speaking to Moneycontrol after the results, Niraj Shah, Chief Financial Officer (CFO), HDFC Life Insurance, said that the insurance segment is not expecting anything major from budget 2024. "Nothing significant is expected for the insurance sector from the budget," Shah said.