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Insurance News

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(15 Jul 2024, 15:30)

HDFC Life Insurance Q1 profit up 14.9% to Rs 478.97 crore, APE up 23%


HDFC Life Insurance Company on Monday reported a first quarter profit of Rs 478.97 crore, up 14.9% compared to Rs 416.71 crore in the same quarter last year. The insurer’s net premium income for the quarter stood at Rs 12,548.42 crore as against Rs 11,507.89 crore in the corresponding period last year.

HDFC Life's annualised premium equivalent (APE) grew 23% in the quarter to Rs 2,866 crore. It was Rs 2,328 crore in the first quarter of FY24.

The company reported Value of New Business (VNB) at Rs 718 crore for Q1, reflecting a growth of 18% both YoY and on a two-year CAGR basis.

HDFC Life achieve 46% growth in retail sum assured, helped by higher assured multiples for savings products and strong rider attachment and aided by 28% growth in retail protection.

HDFC Life Insurance said that it recorded a strong increase in the number of policies and witnessed expansion in ticket size as well.

In a regulatory filing HDFC Life said “Growth resurgence was experienced in Tier 1 markets whilst maintaining strong growth in Tier 2 and 3 geographies, which continue to account for a significant portion of the business.”

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