Results     19-Apr-24
Analysis
HDFC Life Insurance Company
VNB and APE declines in Q4FY24 on high base, net profit up 14%
HDFC Life Insurance Company, on consolidated basis, has recorded 14% increase in net profit to Rs 411.64 crore in the quarter ended March 2024 (Q4FY2024). The total premium income has increased 7% to Rs 20937 crore in Q4FY2024, driven by 23% jump in the renewal premium collection to Rs 11406 crore. However, the new business premium declined 8% to Rs 9531 crore. APE dipped 8% to Rs 4727 crore as individual APE dipped 6% to Rs 4238 crore in Q4FY2024.

The value of new business (VNB) dipped 18% to Rs 1234 crore in Q4FY2024. New business margin for FY2024 stood at 26.3% showing decline on sequential basis from 26.5% for 9MFY2024 and over a year ago from 27.6% in FY2023.

The embedded value surged 20% Rs 47468 crore end March 2024. An operating return on embedded value rose on sequential basis to 17.5% for FY2024 up from 16.5% in 9MFY2024.

AUM of the company increased 22% to Rs 292220 crore end March 2024 from Rs 238782 crore end March 2023 crore and also moved up from Rs 279707 crore end December 2023.

The consolidated Networth stood at Rs 14216 crore end March 2024, while the solvency ratio of the company was at 187% end March 2024.

Embedded Value per share stood at Rs 220.7 per share at end March 2024.

Financial Performance FY2024:

HDFC Life Insurance Company has posted 15% increase in the net profit to Rs 1574.08 crore on consolidated basis in FY2024. Total Premium increased 10% to Rs 63076 crore in FY2024, aided by renewal premium income growth of 18% to Rs 33445 crore, while new business premium income grew 2% to Rs 29631 crore. Value of New Business declined 5% to Rs 3501 crore and new business margin declined to 26.3% in FY2024 from 27.6% in FY2023.

HDFC Life Insurance Company: Results Consolidated Policyholders Account

 

2403 (3)

2303 (3)

Var %

2403 (12)

2303 (12)

Var %

Premium earned (net)

20533.71

19468.60

5

62112.05

56878.78

9

Income from Investments

7253.87

1191.50

509

38363.16

12604.39

204

Other income

78.65

267.79

-71

336.40

465.05

-28

Contribution from the Shareholders` account

79.07

542.61

-85

129.46

879.49

-85

Total Income

27945.30

21470.50

30

100941.07

70827.71

43

Commission

2163.80

1113.51

94

5262.09

2890.59

82

Op. expenses related to Insurance business

1766.81

2923.50

-40

6921.56

8449.48

-18

Others

120.59

96.00

26

318.32

404.73

-21

Benefits paid (Net)

12458.47

11226.12

11

39804.90

38971.53

2

Change in valuation of policy liabilities

11159.58

5285.98

111

48443.67

18590.16

161

Provision for taxation

-0.29

251.19

LP

-592.39

159.11

LP

Total Expense

27668.96

20896.30

32

100158.15

69465.60

44

PAT

276.34

574.20

-52

782.92

1362.11

-43

Transfer to Shareholders` account

306.27

586.23

-48

806.87

1472.18

-45

 

HDFC Life Insurance Company: Results Consolidated Shareholders Account

 

2403 (3)

2303 (3)

Var %

2403 (12)

2303 (12)

Var %

Amounts transferred from Policyholders` account

306.27

586.23

-48

806.87

1472.18

-45

Income from investments

253.70

197.11

29

1006.59

723.91

39

Others

16.61

71.90

-77

58.95

92.78

-36

Total income

576.58

855.24

-33

1872.41

2288.87

-18

Expenses (apart from Insurance)

46.98

40.01

17

168.81

151.84

11

Contribution to policyholders account

79.07

542.61

-85

129.46

879.49

-85

Others

0.57

-0.77

PL

4.47

-24.67

PL

Total Expenses

126.62

581.85

-78

302.74

1006.66

-70

PBT

449.96

273.39

65

1569.67

1282.21

22

Tax

38.32

-88.58

PL

-4.41

-86.07

-

PAT

411.64

361.97

14

1574.08

1368.28

15

EPS (Rs)*

7.7

6.7

 

7.3

6.4

 

EV (Rs)

220.7

183.9

 

220.7

183.9

 

* on current equity of Rs 2150.94 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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