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HDFC Life Insurance Company Q4 Results FY2023, Net profit at Rs. 358.66 crores
Last Updated: 26th April 2023 - 08:51 pm
On 26th April, HDFC Life Insurance Company announced its results for the last quarter of FY2023.
HDFC Life Insurance Company APE:
- Individual APE (Annualized Premium Equivalent) stood at Rs. 11,401 crores in FY2023 compared to Rs. 8168 crores in FY2022 and for Q4FY23
- Total APE was reported at Rs. 13,336 crores in FY2023 from Rs. 9,758 crores in FY2022.
HDFC Life Insurance Company Premium:
- New Business premium stood at Rs. 29,085 crores in FY2023 from Rs. 24,155 crores in FY2022.
- Renewable premium was reported at Rs. 28,448 crores in FY2023 from Rs. 24,155 crores in FY2022.
- Total premium stood at Rs. 57,533 crores in FY2023 from Rs. 45,963 crores in the previous year.
- Net premium income was reported at Rs. 19,426.57 crores for Q4FY23 and Rs. 56,764.01 crores for FY2023.
HDFC Life Insurance Company Business Highlights:
- HDFC Life’s asset under management was reported at Rs. 2,38,782 crores in FY2023.
- Indian Embedded Value was at Rs. 39,527 crores in FY2023 from Rs. 32,958 crores in FY2022.
- Value of new business was reported at Rs.3674 crores in FY2023
- HDFC Life Insurance Company reported a profit after tax of Rs 358.66 crore for Q4FY23 and Rs. 1360.13 crore for FY2023.
- The Board has also authorized the nomination of Niraj Shah as Additional Wholetime Director (designated as Executive Director and CFO) for a three-year term beginning 26 April 2023, subject to Shareholder approval
- The company recommended a final dividend of Rs 1.90 per equity share of face value Rs 10 each for the fiscal year 2022-23, subject to the approval of the Shareholders at the ensuing Annual General Meeting (AGM).
Commenting on the full-year performance for FY23, Ms. Vibha Padalkar, MD & CEO said “As you may be aware, the RBI has permitted HDFC Bank or HDFC Ltd to increase their shareholding in HDFC Life to more than 50% prior to the effective date, thus clearing any uncertainty around HDFC Bank’s eventual shareholding in us. We look forward to collaborating with our parents to be, towards creating value for all stakeholders. We closed the year with a strong growth of 27% in individual WRP with a market share of 16.5% and 10.8% in the private and overall sectors respectively, clocking expansion of 40 and 70 basis points respectively. We continue to grow faster than the private industry and be ranked amongst the top 3 life insurers across individual and group businesses. In terms of Individual WRP, we have outpaced the private industry over multiple timeframes including, in the past 3, 5 and 7 years, thereby consistently demonstrating growth leadership.”
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