HDFC Life Insurance Q2FY24 net profit grows 15% YoY to Rs 376 cr
Mumbai: HDFC Life Insurance, a private sector insurance company, Friday announced a net profit of Rs 376 crore in the September quarter of the financial year 2023-24.
This reflects a 15 percent increase compared to the same period last year.
The net premium income for the insurer reached Rs 14,755 crore, marking a 28 percent surge from Rs 11,479 crore in the corresponding quarter of the prior year.
The value of new business amounted to Rs 801 crore, up from Rs 770 crore on a year-on-year basis.
The VNB margin for the company was at 26.4 percent, a decrease from 27.1 percent compared to the previous year.
VNB margin stands for Value of New Business margin. It is a key metric used in the insurance industry to measure the profitability of the new business underwritten by an insurance company.
The company reported an annualised premium equivalent (APE), a metric for measuring new business generated by a life insurance firm, of Rs 3045 crore.
In the fiscal year 2023-24, HDFC Life observed a decline in sales through direct channels, brokers, and agency for the July-September quarter. Conversely, the bancassurance channels experienced an increase in total sales.
During the first half of FY24, the company sold 4.76 lakh policies, showing growth compared to the 4.34 lakh policies sold in the same period the previous year.
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