Private sector life insurer HDFC Life reported Rs 358.6-crore net profit for the quarter ended March 31, 2023, marginally higher than the Rs 357.5 crore reported in the same period last year.
The first year premium during the first quarter was Rs 4,467 crore as compared to Rs 2,575 crore — an increase of 73.5 per cent.
Net premium during the quarter rose to Rs 19,426.57 crore from Rs 14,289.66 crore — an increase of 36 per cent.
For the full year FY23, net profit grew by 13 per cent to Rs 1,360 crore.
“We closed the year with a strong growth of 27 per cent in individual WRP [weighted received premium] with a market share of 16.5 per cent and 10.8 per cent in the private and overall sector, respectively, clocking expansion of 40 and 70 basis points,” said Vibha Padalkar, MD & CEO, HDFC Life.
She said there was an increase in the protection share in total new business premium to from 24 per cent in FY22 to 29 per cent in FY29.
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“Our overall protection APE [annualised premium equivalent] grew by about 20 per cent in FY23. Retail protection trends remain encouraging with sequential growth being over 50 per cent and YoY growth being over 40 per cent in Q4,” she said.
The new business margins for FY23 was 27.6 per cent, as compared to 27.4 per cent in FY22. Its solvency ratio improved to 203 per cent from 176 per cent.
HDFC Life also said it appointed Bhaskar Ghosh as independent director on the board and Niraj Shah as a whole-time director, designated as executive director and chief financial officer. Both appointments are subject to shareholders’ approval.