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HDFC Life Insurance Company, on consolidated basis, has recorded 15% increase in net profit to Rs 478.97 crore in the quarter ended June 2024 (Q1FY2025). The total premium income has increased 10% to Rs 12,811 crore in Q1FY2025, driven by 10% jump in the renewal premium collection to Rs 6,411 crore, while new business premium increased 9%
to Rs 6,400 crore. APE moved up 23% to Rs 2,866 crore as individual APE
increased 31% to Rs 2,467 crore in Q1FY2025.
The company has exhibited an
improvement in the persistency level with 13th month persistency rising to 88%
in Q1FY2025 from 87% in Q1FY2024, while 61st month persistency also rose to 56%
from 53%.
The value of new business (VNB) galloped 18% to Rs 718 crore in Q1FY2025. New business margin for Q1FY2025 stood at 25.00% showing decline on sequential basis from 26.30% for FY2024 and over a year ago from 26.20% in Q1FY2024.
The embedded value surged 19% Rs 49611 crore end June 2024. An operating return on embedded value eased on sequential basis to 15.50% for Q1FY2025 up from 17.50% in FY2024.
AUM of the company increased 22% to Rs 310,244 crore end June 2024 from Rs 253,301 crore end June 2023 crore and also moved up from Rs 292,220 crore end March 2024.
The consolidated Networth stood at Rs 14,697 crore end June 2024, while the solvency ratio of the company was at 186% end June 2024.
Embedded Value per share stood at Rs 230.6 per share at end June 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.
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HDFC Life Insurance Company: Results Consolidated Policyholders
Account
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|
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2406 (3)
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2306 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
|
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Premium earned (net)
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12548.42
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11507.89
|
9
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62112.05
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56878.78
|
9
|
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Income from Investments
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14127.11
|
11630.70
|
21
|
38363.16
|
12604.39
|
204
|
|
Other income
|
66.94
|
86.42
|
-23
|
336.40
|
465.05
|
-28
|
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Contribution from the Shareholders` account
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7.59
|
17.87
|
-58
|
129.46
|
879.49
|
-85
|
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Total Income
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26750.06
|
23242.88
|
15
|
100941.07
|
70827.71
|
43
|
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Commission
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1471.83
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662.85
|
122
|
5262.09
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2890.59
|
82
|
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Op. expenses related to Insurance business
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1273.39
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1630.65
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-22
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6921.56
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8449.48
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-18
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Others
|
111.86
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54.54
|
105
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318.32
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404.73
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-21
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Benefits paid (Net)
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8853.14
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8095.01
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9
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39804.90
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38971.53
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2
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Change in valuation of policy liabilities
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14574.06
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12565.22
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16
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48443.67
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18590.16
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161
|
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Provision for taxation
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-98.39
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21.78
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LP
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-592.39
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159.11
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LP
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Total Expense
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26185.89
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23030.05
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14
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100158.15
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69465.60
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44
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PAT
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564.17
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212.83
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165
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782.92
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1362.11
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-43
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Transfer to Shareholders` account
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267.90
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232.69
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15
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806.87
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1472.18
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-45
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HDFC Life Insurance Company: Results Consolidated Shareholders
Account
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|
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2406 (3)
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2306 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Amounts transferred from Policyholders` account
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267.90
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232.69
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15
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806.87
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1472.18
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-45
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Income from investments
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258.32
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232.84
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11
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1006.59
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723.91
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39
|
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Others
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15.11
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9.54
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58
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58.95
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92.78
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-36
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Total income
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541.33
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475.07
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14
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1872.41
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2288.87
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-18
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Expenses (apart from Insurance)
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34.57
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45.66
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-24
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168.81
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151.84
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11
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Contribution to policyholders account
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7.59
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17.87
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-58
|
129.46
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879.49
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-85
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Others
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0.00
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-6.54
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-
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4.47
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-24.67
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PL
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Total Expenses
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42.16
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56.99
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-26
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302.74
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1006.66
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-70
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PBT
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499.17
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418.08
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19
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1569.67
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1282.21
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22
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Tax
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20.20
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1.37
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1374
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-4.41
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-86.07
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-95
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PAT
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478.97
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416.71
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15
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1574.08
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1368.28
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15
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EPS (Rs)*
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8.9
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7.7
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7.3
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6.4
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EV (Rs)
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230.6
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194.6
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220.7
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183.9
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* on current equity of Rs 2150.98 crore of face value of Rs 10
each
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PL: Profit to Loss, LP: Loss to Profit
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Figures in crore, Source: Capitaline Corporate Database
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