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Insurance
21-Oct-22
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HDFC Life Insurance net profit rose 19% to Rs 326.24 crore in Sept quarter
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Private sector insurer HDFC Life on Friday reported a 19 percent year-on-year (YoY) increase in its net profit to Rs 326.24 crore in the July-September quarter (Q2FY23).
The rise in profit was driven by growth in the back book, which in turn was a result of good persistence and growth in renewal premiums.
The insurer's value of new business (VNB) rose 10.3 percent to Rs 748 crore in Q2, as against Rs 678 crore in the year-ago period.
VNB is the present value of all future profits to shareholders measured at the time of writing the new business contract.
The company reported a VNB margin, a measure of profitability, at 28.3 per cent. It was driven by better product mix, expense ratio, lower claims, and healthy top line growth.
“Including Exide Life, we have done reasonably well on our margins. In H1FY23, our standalone margin is 27.6 per cent and with Exide Life it is 26.2 per cent. So, we will be completely on track one year from now with margins,” said Vibha Padalkar, managing director and chief executive officer of HDFC Life.
The company's new business premiums fell 7 percent in Q2 to Rs. 6,147 crore as against Rs.6,596 crore in the year-ago period. Its annualized premium equivalent rose 4 percent to Rs 2,645 crore.
APE is the sum of annualised first-year regular premiums plus single premiums and single premium top-ups weighted at 10 percent.
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