On Friday, HDFC Life Insurance Company reported a consolidated net profit of ₹378 crore for the second quarter of FY24, marking a 15% growth compared to ₹329 crore in the same quarter in the previous fiscal year.
The company’s net premium income in Q2FY24 also saw a 13% increase, reaching ₹14,797 crore from ₹13,138 crore in the corresponding year-ago period. Additionally, the first-year premium experienced a 6% growth, totaling ₹2,566 crore in contrast to ₹2,423 crore YoY.
Individual APE (Annualized Premium Equivalent) rose by 9% YoY to ₹4,478 crore during the first half of FY24, with the total APE also increasing by 9% to ₹5,373 crore. New business premium displayed a 15% YoY growth during H1, amounting to ₹12,970 crore.
The company noted a robust 10% growth in individual WRP (Weighted Received Premium) as opposed to 8% for the industry as a whole for the half-year ending in September 2023.
The total assets under management (AUM) at the close of the September quarter stood at ₹2.64 lakh crore, reflecting an 18% increase from the same period in the previous year.
The Value of New Business (VoNB) in Q2FY24 increased by 4% to ₹801 crore, with an 11% increase in H1FY24, reaching ₹1,411 crore.
Despite these favorable financial results, HDFC Life’s stock saw a marginal decrease on Friday, closing at ₹623.70, down by 0.15%.