HDFC Life Insurance on April 26 reported consolidated net profit of Rs 361.97 crore for the March quarter of FY23, down 28.49 percent from Rs 506.19 in the year-ago period.
Net premium income of the insurer came in at Rs 19,468.60 crore, up 24.59 percent from Rs 15,624.90 crore in the year-ago quarter.
The company said its embedded value stood at Rs 39,527 crore as on March 31, 2023, with an operating return on embedded value of 19.7 percent for FY23.
Profit after tax for FY23 stood at Rs 1,360 crore, up 13 percent. The company said this is despite the increased new business strain arising from higher growth in Q4. The profit emergence continues to be aided by strong growth of 27 percent in back book surplus.
There has been an increase in protection share in total NBP from 24 percent in FY22 to 29 percent in FY23. Vibha Padalkar, MD & CEO, HDFC Life Insurance said the company’s overall protection APE grew by about 20 percent in FY23. “Retail protection trends remain encouraging with sequential growth being over 50 percent and YoY growth being over 40 percent in Q4,” she added.
“Our annuity business in FY23 grew by 18 percent on received premium basis compared to a 2 percent growth for the industry. APE growth is much higher at 59 percent due to a pickup in our regular premium annuity product - Systematic Retirement Plan during the year.”
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