Results     14-Oct-23
Analysis
HDFC Life Insurance Company
Stable performance
HDFC Life Insurance Company, on consolidated basis, has posted 15% increase in net profit to Rs 378.20 crore in the quarter ended September 2023 (Q2FY2024). The company has maintained market leadership position as a top three life insurer across individual and group businesses. HDFC Life has recorded a growth of 10% in individual WRP, which is higher than 8% growth for overall industry for the half year ended September 2023. H1FY24 market share was 15.7% and 10.3% in the private and overall sector respectively. The company continued to grow faster than the overall industry and be ranked amongst the top 3 life insurers across individual and group businesses.

The company has continued to maintain a steady growth trajectory with new business premium growth at 11% to Rs 7101 crore and the renewal premium growth 13% to Rs 7839 crpre. The total premium income has increased 12% to Rs 14940 crore in Q2FY2024.

The value of new business rose 4% to Rs 801 crore in Q2FY2024. New business margin for H1FY2024 was steady at 26.2% compared with 26.2% for H1FY2023, while it was also steady from 26.2% in Q1FY2024.

The embedded value is Rs 42908 crore, with an operating return on embedded value of 16.4% for H1FY2024 up from 16.0% in Q1FY2024.

AUM of the company increased 18% to Rs 264870 crore end September 2023 from Rs 224901 crore end September 2022 crore and also moved up from Rs 253301 crore end June 2023.

The consolidated Networth stood at Rs 13390 crore end September 2023, while the solvency ratio of the company was at 194% end September 2023.

Embedded Value per share stood at Rs 199.6 per share at end September 2023.

Financial Performance H1FY2024:

HDFC Life Insurance Company has posted 15% increase in the net profit to Rs 794.90 crore on consolidated basis in H1FY2024. Total Premium increased 14% to Rs 26613 crore in H1FY2024, aided by new business premium income growth of 15% to Rs 12970 crore and renewal premium income growth of 14% to Rs 13643 crore. Value of New Business improved 10% to Rs 1411 crore and new business margin was steady at 26.2% in H1FY2024.

 

HDFC Life Insurance Company: Results Consolidated Policyholders Account

 

2309 (3)

2209 (3)

Var %

2309 (6)

2209 (6)

Var %

2303 (12)

2203 (12)

Var %

Premium earned (net)

14797.21

13137.89

13

26305.09

23007.96

14

56878.78

46800.95

22

Income from Investments

8106.54

9784.22

-17

19737.24

6483.10

204

12604.39

19511.78

-35

Other income

100.83

65.16

55

187.24

124.75

50

465.05

192.33

142

Contribution from the Shareholders` account

13.23

14.91

-11

31.10

23.15

34

879.49

554.44

59

Total Income

23017.81

23002.18

0

46260.67

29638.96

56

70827.71

67059.50

6

Commission

1188.45

682.96

74

1851.30

1083.62

71

2890.59

2007.75

44

Op. expenses related to Insurance business

1744.69

1842.20

-5

3375.34

3402.60

-1

8449.48

5852.98

44

Others

76.33

99.06

-23

130.87

209.83

-38

404.73

117.58

244

Benefits paid (Net)

9356.68

11756.76

-20

17451.67

19053.60

-8

38971.52

32616.32

19

Change in valuation of policy liabilities

11032.75

8348.36

32

23597.97

5391.86

338

18590.16

25237.00

-26

Provision for taxation

-611.46

24.37

LP

-589.68

39.21

LP

159.11

184.50

-14

Total Expense

22787.44

22753.71

0

45817.47

29180.72

57

69465.59

66016.13

5

PAT

230.37

248.47

-7

443.20

458.24

-3

1362.12

1043.37

31

Transfer to Shareholders` account

136.55

219.60

-38

369.23

470.19

-21

1472.18

1105.72

33

 

HDFC Life Insurance Company: Results Consolidated Shareholders Account

 

2309 (3)

2209 (3)

Var %

2309 (6)

2209 (6)

Var %

2303 (12)

2203 (12)

Var %

Amounts transferred from Policyholders` account

136.55

219.60

-38

369.23

470.19

-21

1472.18

1105.72

33

Income from investments

237.87

160.88

48

470.71

282.05

67

723.91

813.10

-11

Others

20.90

6.97

200

30.44

13.03

134

92.78

19.01

388

Total income

395.32

387.45

2

870.38

765.27

14

2288.87

1937.83

18

Expenses (apart from Insurance)

36.36

43.18

-16

82.02

72.46

13

151.84

113.96

33

Contribution to policyholders account

13.23

14.91

-11

31.10

23.15

34

879.49

554.44

59

Others

13.54

-1.18

PL

7.00

-23.90

PL

-24.67

-33.32

-26

Total Expenses

63.13

56.91

11

120.12

71.71

68

1006.66

635.08

59

PBT

332.19

330.54

0

750.26

693.56

8

1282.21

1302.75

-2

Tax

-46.01

1.52

LP

-44.64

3.14

LP

-86.07

-24.18

256

PAT

378.20

329.02

15

794.90

690.42

15

1368.28

1326.93

3

EPS (Rs)*

7.0

6.1

 

7.4

6.4

 

6.4

6.2

 

EV (Rs)

199.6

167.6

 

199.6

167.6

 

183.9

156.0

 

* on current equity of Rs 2150.06 crore of face value of Rs 10 each

PL: Profit to Loss, LP: Loss to Profit

Figures in crore, Source: Capitaline Database

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