Mumbai: HDFC Life Insurance Thursday declared a net profit of Rs 411 crore for the January-March quarter of the fiscal year 2023-24, up 14.8 percent from the Rs 358 crore reported in the corresponding period last year.
The insurer's net premium income rose to Rs 20,488 crore, an increase of 5.4 percent compared to Rs 19,426 crore in the same quarter of the previous year.
With a solvency ratio of 187 percent, an increase from 203 percent a year ago, the company demonstrated financial strength.
However, the annualised premium equivalent (APE), a measure of new business written by the insurer, declined by 8 percent, reaching Rs 4727 crore for the quarter, contrary to market expectations of a 7 percent decrease. This is compared to Rs 5162 crore reported a year earlier.
Furthermore, the value of new business (VNB) margin, representing the present value of future profits from new business, experienced an 18.3 percent decrease, standing at Rs 1234 crore for the quarter, against market estimates of a 15 percent decline.
In addition, the company announced a dividend of Rs 2 per share.
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