HDFC Life Insurance posted a net profit of ₹682 crore for the six-month period ended September 30, an increase of 18 per cent year-on-year, led by strong growth of 35 per cent in existing business surplus.

For the reporting quarter, HDFC Life’s profit after tax was ₹326 crore, against ₹274 crore a year ago, but lower than ₹360 crore in the previous quarter.

“Our subsidiary Exide Life merged with HDFC Life on October 14, pursuant to the receipt of the final approval from IRDAI. The entire transaction – right from the announcement of the deal in September 2021, followed by the acquisition in January 2022 and the eventual merger – was completed in less than 14 months,” said MD and CEO Vibha Padalkar. 

“We have grown in line with the industry and faster than listed peers this quarter, which also led to market share improvement from 14.6 per cent in Q1 to 15.0 per cent in Q2 on a pre-merger basis,” she said, adding that the company has maintained its market leadership as a top three life insurer across individual and group businesses.

Also read

Karur Vysya Bank Q2 net profit up 51 per cent

Value of new business for the company grew 16 per cent on a pre-merger basis to ₹1,258 crore for H1 FY23. New business margin for H1FY23 was 28 per cent, up from 26 per cent a year ago.

On a pre-merger basis, the insurer’s annualised premium equivalent grew 11 per cent in H1 FY23 to ₹4,549 crore.

The company’s market share in terms of individual written premium, including Exide Life Insurance, was at 16.1 per cent among private players, and 10.2 per cent within overall industry.

HDFC Life said that both the company and Exide Life have seen margin expansion, and that the merged entity is on-track to maintaining FY22-margin neutrality.

The insurer today also announced the elevation of Executive Direction and Chief Distribution Officer Suresh Badami to the level of Deputy MD.

Related Topics
comment COMMENT NOW