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HDFC Life has reported a 15% rise in PAT in Q1 FY 2023-24. It booked Rs 415 crore as profits as against Rs 361 crore in the corresponding period last year.
Moreover, the insurer’s AUM also crossed the Rs 2.5 lakh crore mark and its new business went up by 18% owing to a 13% APE (Annualized Premium Equivalent) growth.
Here are the other key highlights of the quarterly performance -
- Rise in private market share to 16.4%
- 34% growth in the number of lives covered
- 73% rise in sum assured
- Increase in retail protection APE by 45%
- Indian embedded value at Rs 41,843 crore
Commenting on the overall performance, Vibha Padalkar, MD and CEO, HDFC Life, said, “We closed the quarter with a robust growth of 12% in individual WRP (Weighted Received Premium), which was 1.5x of private industry, despite coming off a strong March.”
She further said, “Over the last 4 years, despite facing open architecture and intense competition from unlisted insurers, our market share has steadily increased from 12.5% in FY19 to 16.5% in FY23 in the private sector and 7.2% to 10.8% at an overall industry level.”