HDFC Life Insurance Q1 Results FY2023, PAT at Rs. 365 crores

Shreya_Anaokar Shreya Anaokar 10th December 2022 - 11:22 am
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On 19th July 2022, HDFC Life Insurance announced its quarterly results for the first quarter of FY2023


Q1FY23 Key Highlights:

- The Company reported Individual APE at Rs. 1548 crores for Q1FY23 with a growth of 18% YoY.

- Total APE was reported at Rs. 1904 crores seeing a growth of 22% YoY

- New Business Premium was at Rs. 4776 crores with a growth of 27% YoY.

- The assets under management for Q1FY23 was reported at Rs. 2,00,123 crores seeing a growth of 10% YoY.

- The net worth of the company for Q1FY23 was Rs. 15,427 crores with a growth of 76%.

- HDFC Life reported PAT at Rs. 365 crores with a growth of 21%


Other Highlights:

- HDFC Life is amongst the top 2 in terms of Overall new business and individual new business segment in the private sector with a market share of 19.0% and 14.6% respectively; Ranked #1 within group new business segment in the private sector with a market share of 22.2% 

- HDFC Life continued to maintain a balanced product mix with share of participating savings, non-participating savings, ULIPs, protection, and annuity accounting for 30%, 35%, 25%, 5% and 6% of individual APE respectively.

- The company has a diversified distribution mix is evidenced by wide access to customers through over 300 distribution partners and 1.2 lakh+ agents as on June 30, 2022, further supplemented by 383 branches across the country.


Commenting on the Q1 FY23 performance, Ms. Vibha Padalkar, MD & CEO said “We continue to maintain a consistent growth trajectory, growing by 22% in terms of APE in Q1 FY23. This has enabled us to maintain our market leadership as a ‘Top 3 life insurer’ across individual and group business. Our product mix remains balanced, with non-par savings at 35%, participating products at 30%, ULIPs at 25%, individual protection at 5% and annuity at 6%, based on individual APE. Our protection share based on APE improved from 15.7% last year to 16.9% during Q1 FY23. Our credit protect business has registered strong growth of 96%, on the back of rise in disbursements across most of our partners. We continue to look at overall protection growth across individual and group platforms in an agnostic manner.”


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Disclaimer: Investment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.

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