HDFC Life Q1 net up 21% to Rs 365 cr on VNB surge, lower mortality reserves
VNB up 25% YoY to Rs 510 cr, annualised premium equivalent grew 22% to Rs 1,904 cr; Solvency ratio at 178%, slightly above the regulatory norm of 150%19-07-2022
19-07-2022
Q1FY23 Quarterly Result Announced for HDFC Life Insurance Company Ltd.
HDFC Life Insurance Company announced Q1FY23 results: 22% growth in total APE; Maintained top 3 ranking amongst life insurers 31% growth in Protection APE; 96% growth in group credit protect business New business margins increased to 26.8%; 25% growth in Value of New Business 21% growth in PAT to Rs. 365 crore Commenting on the Q1 FY23 performance, Ms. Vibha Padalkar, MD & CEO said “We continue to maintain a consistent growth trajectory, growing by 22% in terms of APE in Q1 FY23. This has enabled us to maintain our market leadership as a ‘Top 3 life insurer’ across individual and group business. Our product mix remains balanced, with non-par savings at 35%, participating products at 30%, ULIPs at 25%, individual protection at 5% and annuity at 6%, based on individual APE. Our protection share based on APE improved from 15.7% last year to 16.9% during Q1 FY23. Our credit protect business has registered strong growth of 96%, on the back of rise in disbursements across most of our partners. We continue to look at overall protection growth across individual and group platforms in an agnostic manner. On the retirement front, our annuity business has grown by 10% on received premium basis, compared to a 9% de-growth for the industry in the quarter. On APE basis, our annuity business has grown by 39%. The regular premium variant of our recently launched annuity product - Systematic Retirement Plan has been well received across channels. We have also launched a new product Systematic Pension Plan, which is a participating pension plan. This product adds to the existing suite of pension products being offered to customers. Renewal premiums have grown by 19%, supported by improving persistency. Our 13th and 61st month persistency for limited and regular pay policies, is at 88% and 54% vs 86% and 51% in first quarter of previous year. New business margin for Q1 was 26.8% up from 26.2% in Q1 of the previous year, on the back of profitable product mix and growth in protection business. The Profit after Tax for Q1 FY23 was Rs 365 crore, an increase of 21% over Q1 FY22. As highlighted in our last earnings call, we completed raising sub-debt worth Rs 350 crore during this quarter. Post the dividend payout of Rs. 1.70 per share, approved by our shareholders in the AGM, our solvency stands at 178%. In order to further strengthen solvency to fuel growth, we will continue to evaluate raising equity capital as needed. We are delighted to share that our pension subsidiary, HDFC Pension, crossed the 30,000 crore AUM mark and has almost doubled its AUM in just 15 months. As on June 30, 2022, HDFC Pension had a market share of 38%, maintaining its leadership position as private Pension Fund Manager (PFM) in terms of NPS AUM. HDFC International, our overseas subsidiary, has received an in-principle approval from International Financial Services Centres Authority - IFSCA to setup a “global in-house center” at GIFT City. This entity will pool and optimize all processing activities of our international business. This is an important step for us towards eventually setting up an IFSC Insurance Office (IIO) at GIFT city, which can cater to the overseas insurance needs of the Indian diaspora. Exide Life witnessed strong growth of 34% based on Individual WRP and continues to enjoy a healthy product mix and growth across channels. The integration of Exide Life is on track. We have received the initial NCLT approval for triggering the merger process, including intimations to various regulatory authorities and related NOCs. Subsequent to receipt of the NOCs from various regulatory authorities, we can expect to receive the final NCLT approval. We expect to receive the final nod from IRDAI and be able to merge the subsidiary in the second half of FY23. On the regulatory front, we have been in regular dialogue with IRDAI and working on charting a roadmap to deepen life insurance penetration in India and welcome the initiatives taken by the regulator in this direction.” Result PDF19-07-2022
HDFC Life Insurance Company Ltd - 540777 - Board Meeting Outcome for Board Meeting Outcome - July 19, 2022
Please find enclosed herewith outcome of the Board Meeting held on July 19, 2022.19-07-2022
HDFC Life Insurance Company Ltd - 540777 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
The Company will be hosting an earnings conference call with analysts and investors at 15:45 (IST) on Tuesday, July 19, 2022, to discuss the financial results of the Company for the quarter ended June 30, 2022. The details of the earnings call are enclosed.12-07-2022
HDFC Life Insurance Company Ltd - 540777 - Statement Of Investor Complaints For The Quarter Ended June 2022
No.of Investor complaints pending at the beginning of the quarter No.of Investor complaints received during the quarter No.of Investor complaints disposed of during the quarter No.of Investor complaints unresolved at the end of the quarter 0110 Name of the Signatory :- Narendra GanganDesignation :- Company Secretary and Compliance Officer12-07-2022
HDFC Life invests in 'Z3Partners Tech Fund' to aid digital entrepreneurs
Z3 Partners has already backed startups like Cyfirma, DealShare, Gramophone, Shipsy, and True-Fan11-07-2022
Sharekhan sees 35% upside in this insurance stock. Should you buy?
Sharekhan sees HDFC Life shares to hit 740 apiece levels in long term08-07-2022
HDFC Life Insurance Company Ltd - 540777 - Intimation In Terms Of Regulation 50(1) & 60(2) Of The SEBI Listing Regulations
In terms of Regulation 50(1) and 60(2) of SEBI Listing Regulations, the details pertaining to record date for interest payment for Unsecured, Rated, Listed, Redeemable, Fully Paid-up, Subordinated Nonconvertible Debentures ('NCDs') amounting to ? 600 crore are provided in the attached file.04-07-2022
HDFC Life Insurance Company Ltd - 540777 - Update On Scheme Of Amalgamation Between Exide Life Insurance Company Limited And HDFC Life Insurance Company Limited
With reference to the captioned subject and Observation Letters dated April 22, 2022 issued by National Stock Exchange of India Limited and BSE Limited and as directed by Hon'ble National Company Law Tribunal, Mumbai ('NCLT') vide their Order dated June 6, 2022, the Company has hosted on its website https://www.hdfclife.com/about-us/investor-relations an 'abridged prospectus' prepared in line with the format prescribed under 'Part E' of Schedule VI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, for information of the stakeholders.30-06-2022
HDFC Life Insurance Company Ltd - 540777 - Board Meeting Intimation for Approval Of Financial Results For The Quarter Ended June 30, 2022
HDFC Life Insurance Company Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 19/07/2022 ,inter alia, to consider and approve the audited standalone financial results and un-audited consolidated financial results for the quarter ended June 30, 2022.30-06-2022