HDFC Life Insurance Company and ICICI Lombard General Insurance Company, two listed insurers in different segments, have come up with their respective April-June quarter (Q1 of FY23) numbers. Both seem to have disappointed the Street, going by share price movements.
HDFC Life reported 23 per cent year-on-year (YoY) growth in net premium, with 27 per cent and 19 per cent growth in new business and renewal, respectively. Profit after tax (PAT) grew 21 per cent YoY to Rs 370 crore.
The persistency ratio improved in the 37th month cohort, but dipped in the 61st month. Value of new business (VNB) growth was at 25 per cent YoY. This was lower than expectation but VNB margin was up 60 basis