HDFC Life Q1 Net Profit Up 15% To Rs 415 Cr

On Friday, HDFC Life reported a 15 per cent increase in net profit for the first quarter of the current fiscal year, coming in at Rs 415 crore. Between April and June of 2022–2023, the corporation declared a profit of Rs 361 crore.

In comparison to the same quarter last year, the overall premium increased 16 per cent to Rs 11,673 crore, according to a statement from HDFC Life.

The first-year premium revenue increased by 19 per cent to Rs 5,869 crore during the most recent quarter from Rs 4,949 crore during the same period last year.

Vibha Padalkar, MD & CEO said “We closed the quarter with a robust growth of 12 per cent in individual WRP, which was 1.5x of private industry, despite coming off a strong March. Over the last four years, despite facing open architecture and intense competition from unlisted insurers, our market share has steadily increased from 12.5 per cent in FY19 to 16.5 per cent in FY23 in the private sector and 7.2 per cent to 10.8 per cent at an overall industry level".

The corporation is now 200 per cent solvent, up from 178 per cent in the same period last year.

Subject to shareholder approval, the board has recommended a dividend of Rs 1.90 per share, totaling Rs 408 crore.

By the end of June 2023, the company's Indian Embedded Value had increased by 29  to Rs 41,843 crore.