Private sector insurer HDFC Life Insurance on Thursday, April 18, reported a 14.8 per cent jump in its net profit to Rs 411 crore for the January-March 2024 quarter. It surpasses the market expectation of 6.1 per cent growth in profit to Rs 382.1 crore.
HDFC Life Insurance’s net profit had stood at Rs 358 crore in the corresponding period last year.
Its net premium income stood at Rs 20,488 crore, a 5.4 per cent increase as compared with Rs 19,426 crore a year ago.
The insurer’s solvency ratio stood at 187 per cent, up from 203 per cent a year ago.
The total annual premium equivalent (APE) was at Rs 4,727 crore against Rs 5,162 crore a year ago. Its value of new business (VNB) was at Rs 1,234 crore, down 18.3 per cent.
The board has recommended a final dividend of Rs 2 per equity share of the face value of Rs 10 each for the financial year 2023-24, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM). The embedded value rose to Rs 47,468 crore as on March 31, 2024 as against Rs 39,527 crore at the end of last fiscal.
Profit After Tax (PAT) for FY24 increased 15 per cent at Rs 1,569 crore as against Rs 1,360 crore in the previous fiscal.
Meanwhile, HDFC Life Insurance also informed that veteran banker Deepak Parekh has stepped down from the role of chairman and non-executive director. The company also said that they have appointed Keki M Mistry as the chairman of the board.
Additionally, the insurer said V K Viswanathan and Prasad Chandran shall cease to be independent directors after completing their two consecutive terms of five years each on April 24, 2024. And the company also appointed Venkatraman Srinivasan as an Independent Director.
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