HDFC Life Insurance posted a net profit of ₹792 crore in the first half of FY24, an increase of 15 per cent y-o-y, led by a 14 per cent rise in total premium to ₹26,613 crore.
New business premium, including individual and group policies, was up 15 per cent at ₹12,970 crore, and renewal premium grew 14 per cent to ₹13,643 crore.
“We recorded a healthy growth of 10 per cent in individual WRP (weighted received premium) versus 8 per cent for overall industry, for the half year ended September 30, 2023,” said MD and CEO Vibha Padalkar, adding that the life insurance sector has shown great resilience despite the recent unfavourable budget changes.
“We continued to grow faster than the overall industry and be ranked among the top three life insurers across individual and group businesses. We saw an uptick of 10 per cent in the number of individual policies sold, beating industry growth. This healthy volume growth is in line with our stated objective of broadening our customer base,” said Padalkar.
Market share
HDFC Life insured over 3 crore people across the individual and group businesses during the six-month period, an increase of 16 per cent on year. Market share, on an individual WRP basis, fell to 15.7 per cent among private life insurers, from 16.1 per cent a year ago. However, on a new business premium basis, the share rose to 20.0 per cent from 19.8 per cent. Overall industry market share stood at 10.3 per cent.
Total annualised premium equivalent (APE) grew 9 per cent to ₹5,373 crore, of which, individual APE was ₹4,478 crore, up 9 per cent y-o-y. Annuity APE grew 17 per cent and the segment contributed to 18 per cent of new business premium.
Annuity and protection together contributed to about 55 per cent of new business premium in H1 FY24.
