Net income from investments climbed 21.46% to Rs 14,124.41 crore in Q1 FY25 as compared to Rs 11,628.68 in Q1 FY24.
Profit before tax stood at Rs 497.49 crore in Q1 FY25, registering a growth of 19.42% as against Rs 416.6 crore posted in the corresponding quarter previous year.
Assets under management (AUM) jumped 22% YoY to Rs 3,10,244 crore in first quarter of FY25 as compared to Rs 2,53,301 crore posted in Q1 FY24.
The value of new business (VNB) rose 18% to Rs 718 crore in Q1 FY25 from Rs 610 crore posted in same quarter last year.
The company's Indian embedded value (IEV) in Q1 FY25 was at Rs 49,611 crore, registering a growth of 19% YoY.
The life insurer's new business margin fell to 25% in Q1 FY25 as against 26.2% recorded in Q1 FY24. The solvency ratio slipped to 186% in Q1 FY25 from 200% recorded in Q1 FY24.
Vibha Padalkar, MD & CEO said, “We have started the year on a strong note, achieving 31% YoY growth in individual APE, which implies a two-year CAGR of 21%. This robust growth is driven by a comprehensive performance across all metrics.
We welcome the positive impact of IRDAI's progressive reforms that are expected to significantly strengthen the life insurance proposition in India, making it simpler, more transparent and ultimately more attractive to prospective customers”.
HDFC Life Insurance Company is a leading, listed, long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity, and health. The company has more than 80 products (including individual and group products) and optional riders in its portfolio, catering to a diverse range of customer needs.
The scrip rose 0.35% to close at Rs 637.85 on the BSE.