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Results
27-Apr-23
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Analysis
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HDFC Life Insurance Company
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Strong growth in Q4FY2023 on pre-buying, VNB surges
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HDFC Life Insurance Company, on consolidated
basis, has posted 28% decline in net profit to Rs 361.97 crore in the quarter
ended March 2023 (Q4FY2023), while the net profit has remained flat on
sequential basis.
The company has maintained market leadership
position as a top three life insurer across individual and group businesses. It
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 sector respectively, clocking
expansion of 40 and 70 basis points respectively.
The company has continued to maintain a steady growth trajectory,
growing by 69% in terms of total APE to Rs 5162 crore in Q4FY23. New business
premium jumped 46% to Rs 10372 crore, while the renewal premium galloped 26% to
Rs 9254 crpre. The total premium income has increased 36% to Rs 19626 crore in
Q4FY2023. The value of new business surged 69% to Rs 1511 crore in Q4FY2023. The
growth has been boosted by strong buying of big ticket policies ahead of change
of taxation from 1 April 2023.
New business margin for FY2023 has further improved to 27.6% from 26.5%
for 9MFY2023 and 27.4% in FY2022. The company has achieved aspiration of
maintaining FY22-margin neutrality for the combined entity, having delivered steady
27.6% NBM, compared to 27.4% in FY22. The value of new business has surged 69% to
Rs 1511 crore for Q4FY2023.
The embedded value is Rs 39527 crore, with an operating return on
embedded value of 19.7% for FY23 up from 16.6% in FY2022.
AUM of the company increased to Rs 238782 crore end March 2023 from Rs 233839
crore end December 2022 crore and Rs 204170 crore end March 2022.
The consolidated Networth stood at Rs 12970 crore end March 2023, while
the solvency ratio of the company was at 206% end March 2023.
Embedded Value per share stood at Rs 183.9 per
share at end March 2023.
Financial Performance FY2023:
HDFC Life Insurance Company has posted 3% decline
in the net profit to Rs 1368.28 crore on consolidated basis in FY2023. Total
Premium increased 25% to Rs 57533 crore in FY2023, aided by new business premium
of Rs 29085 crore and renewal premium of Rs 28448 crore. Value of New Business surged
37% to Rs 3674 crore and new business margin improved to 27.6% in 9MFY2023.
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HDFC Life Insurance Company: Results Consolidated Policyholders
Account
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2303 (3)
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2203 (3)
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Var %
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2303 (12)
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2203 (12)
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Var %$
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Premium earned (net)
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19468.60
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15624.90
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25
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56878.78
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46800.95
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Income from Investments
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1191.50
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1688.56
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-29
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12604.39
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19511.78
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Other income
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267.79
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78.83
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240
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465.05
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192.33
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Contribution from the Shareholders` account
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542.61
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290.02
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87
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879.49
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554.44
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Total Income
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21470.50
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17682.31
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21
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70827.71
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67059.50
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Commission
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1113.51
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686.45
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62
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2890.59
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2007.75
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Op. expenses related to Insurance business
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2923.50
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2042.90
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43
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8449.48
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5852.98
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Others
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96.00
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102.57
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-6
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404.73
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117.58
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Benefits paid (Net)
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11226.12
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10305.23
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9
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38971.52
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32616.32
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Change in valuation of policy liabilities
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5285.98
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3722.04
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42
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18590.16
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25237.00
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Provision for taxation
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251.19
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154.86
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62
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159.11
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184.50
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Total Expense
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20896.30
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17014.05
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23
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69465.59
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66016.13
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PAT
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574.20
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668.26
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-14
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1362.12
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1043.37
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Transfer to Shareholders` account
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586.23
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628.62
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-7
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1472.18
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1105.72
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HDFC Life Insurance Company: Results Consolidated Shareholders
Account
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2303 (3)
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2203 (3)
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Var %
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2303 (12)
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2203 (12)
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Var %$
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Amounts transferred from Policyholders` account
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586.23
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628.62
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-7
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1472.18
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1105.72
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Income from investments
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197.11
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168.13
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17
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723.91
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813.10
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Others
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71.90
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5.56
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1193
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92.78
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19.01
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Total income
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855.24
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802.31
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7
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2288.87
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1937.83
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Expenses (apart from Insurance)
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40.01
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40.03
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0
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151.84
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113.96
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Contribution to policyholders account
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542.61
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290.02
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87
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879.49
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554.44
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Others
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-0.77
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-0.58
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33
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-24.67
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-33.32
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Total Expenses
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581.85
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329.47
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77
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1006.66
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635.08
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PBT
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273.39
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472.84
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-42
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1282.21
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1302.75
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Tax
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-88.58
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-33.35
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166
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-86.07
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-24.18
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PAT
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361.97
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506.19
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-28
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1368.28
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1326.93
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EPS (Rs)*
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6.7
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9.4
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6.4
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6.2
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EV (Rs)
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183.9
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169.8
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183.9
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156.0
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* on current equity of Rs 2149.40 crore of face value of Rs 10
each
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PL: Profit to Loss, LP: Loss to Profit
$ Figures for 2303 (12) includes figures for Exide Life
Insurance Company and are not comparable with earlier periods
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Figures in crore, Source: Capitaline Database
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