HDFC Life Insurance Ltd Q3 Results FY2024, Net profit at Rs.1157 Crores

Shreya Anaokar

Last Updated: 12th January 2024 - 05:31 pm

On 12th January 2024, HDFC Life Insurance Ltd announced its quarterly results.

Key Highlights:

- Individual APE up by 6% to Rs.7271 crores in 9MFY24.
- New Business Premium (NBP) (Individual and Group) has grew by 7% to Rs.20100 crores in 9MFY24
- Net Premium income stood at Rs. 15235.33 crores
- Profit after Tax (PAT) was at Rs.1157 crores for 9MFY24.
- VoNB increased by 5% to Rs.2267 crores for 9MFY24.

Business Highlights:

- Retail protection APE is up by 36% with a growth in sum assured of 38%
- Close to 5 crore new lives covered in 9M FY24
- VNB margins sustained at 26.5% for 9M FY24
Commenting on results for nine months ended December 31, 2023, Ms. Vibha Padalkar, MD & CEO said “We continued to be ranked amongst the top 3 life insurers across individual and group businesses. The number of policies clocked a healthy growth of 9%, outpacing private and overall industry. This aligns with our core objective of establishing a sustainable long-term business by broadening our customer reach. We have covered close to 5 crore lives across our individual and group businesses. Growth from Tier 2 and 3 markets remains strong, witnessing 14% growth year on year. Our retail protection grew by 36% based on individual APE and credit protect clocked 21% growth YoY.”