Highlights:

The company has registered a healthy growth of 22% based on individual WRP for 9MFY2025 outpacing private Industry growth of 19% and overall sector growth of 14%.

The market share in the overall sector expanded by 70 bps to 10.8% with the private sector market share at 15.3%.

The company has witnessed both ticket size and volume expansion. The number of policies sold has grown by 15% outperforming the private sector''s growth of 9% the average ticket size has also grown by 8% during 9MFY2025.

Over 70% of the customers acquired are new to HDFC life demonstrating progress towards objective to expand customer base.

The retail sum assured has grown by 22% yoy.

The company continue to clock secular growth across Tier 1, 2 and 3 cities with number of lives insured crossing 36 million during 9MFY2025.

The product mix on individual APE basis composed of ULIP at 37%, non-par savings 35%, participating 18%, term 6% and annuities 5% in 9MFY2025.

ULIP continues to remain range Bound so far in FY2025.

The non savings products sustain their strong growth growing by 55% yoy.

The retail protection continues to grow well with APE clocking a growth of 28%.

Credit protect growth has been impacted due to slower disbursements among specific partners and the MFI sector in particular. However, the company firmly hold position as market leader in this segment.

Annuity and protection together contributed 44% to overall new business premium.

On the surrender value regulations, the company has largely closed discussions with all distributors and rolled out a combination of measures including deferred commission payouts, clawback of commission and reduction of commission. The company has been able to equitably share the impact between the company and partners.

The value of new business increased 14% yoy to Rs 2586 crore in 9MFY25.

The net profit of the company has increased 15% to Rs 1326 crore in 9MFY25, with 18% increase in backbook profit emergence.

Assets Under Management of the company moved up 18% yoy to Rs 3.28 lakh crore end December 2024.

New Business Margin (NBM)eased to 25.1% in 9MFY25 from 26.5% in 9MFY24 due to a higher proportion of Unit-Linked Insurance Plans (ULIPs). Surrender value regulation changes had an impact of 10 bps on 9MFY25 margins and 30 bps for Q3FY2025 margins.

An embedded value grew by 18% end December 2024.

13th and 61st month persistency stood at 87% and 6 1% an increase of 110 and 780 bps.

All channels registered healthy double digit growth. the counter share at HDFC bank has remained stable at close to 65% in 9MFY2025.

The company is focused on building a profitable high quality agency franchise and protection business sourced by this channel grow more than 2x when compared to overall growth in protection of 28%.

The subsidiary, HDFC Pension continues to be one of the fastest growing pension fund management companies in the industry enjoying a market share of 43.2%. Its asset under management rose to Rs 1.06 lakh crore.

HDFC International has maintained an insurer Financial strength rating of BBB from S&P Global ratings and has received a b++ ratings from AM Best Ratings.

The company remains focused on achieving a full year outlook on APE growth of 18-20% and VNB growth of above 15%.

The company is committed to adapting the evolving market and regulatory landscape with agility and resilience. The company is focused on continued investment in distribution, technology and customer centric product innovations to deliver long-term value for stakeholders.

The company expects margins to stay within a similar range or slightly improve in Q4FY25 due to increased business scale.

With regards to speculation about potential bancassurance regulatory changes, the company has not received any official communication from regulators.

The bancassurance accounts for 35% of overall new business, of which HDFC Bank is contributing about 25%. The company is focused on diversification and aims to grow agency channels and partnerships with other banks.