On January 12, 2024, HDFC Life Insurance Company Limited (BSE, NSE: HDFCLIFE) announced its Q3 2023-24 financial results, reporting broad-based growth driven by a stronger presence across geographies and client segments while delivering healthy PAT growth.
Table of Content
Consolidated Result Takeaways
Here are the overall consolidated highlights in Q3 results (including results for 9 months of FY24):
- The company has witnessed quick-paced growth in Tier 1 and Tier 2 markets (2x that of the growth of the company)
- The Retail Protection APE was up by 36% and the growth in sum assured was up by 38%.
- The company witnessed the amount of policies increasing by an impressive 9%. This is higher than the growth displayed in the industry.
- The company witnessed nearly 5 crore fresh live coverages at the end of Q3.
- The company’s Profit After Tax (PAT) went up by 16%.
- VNB margins remained sustained at the end of Q3, staying at 26.5%.
- HDFC Life has earned the Golden Peacock Award for corporate governance excellence in Q3.
Additional Read: Q3 Results Dashboard
Key Highlights from the Management Commentary
The MD and CEO of the HDFC Life Insurance Company Limited had some key highlights of the results and these are shared below:
- The HDFC Life Insurance Company continues to be ranked among India’s leading three life insurance companies, across group businesses and individuals.
- The number of issued policies witnessed a robust growth of 9%. This has outpaced the overall life insurance industry, apart from the private life insurance industry.
- The growth from Tier 2 and Tier 3 cities is a strong 14% growth level YoY.
- Retail Protection has increased by 36% according to individual APE. Credit protection has been clocked at 21% growth YoY.
- Towards the end of Q3, the company has launched an industry-first initiative. This is the Click to Achieve plan, a one-of-a-kind DIY non-par savings offering.
- The Click to Achieve plan allows customers to establish a combination of life insurance plans aligned with their unique personal objectives.
- By the end of Q3, the HDFC Life Insurance Company has partnered with several banks like Karur Vysya Bank, Karnataka Bank, and NKGSB Co-operative Bank to offer their customers financial solutions.
Additional Read: HDFC Life Share Price
Financial Results
Note that HDFC Life Insurance Company has released financial results for Q3 FY24, as well as for the 9 months FY24. Here are the standalone financial results of Q3 in a nutshell (figures in ₹ Crore for 9-month results, except where indicated by %):
| Metrics and Ratios | 9M FY 2023-24 | 9M FY 2022-23 | YoY % |
| Individual APE | 7,271 | 6,874 | 6% |
| Total APE | 8,564 | 8,174 | 5% |
| New Business Premium (Individual and Group) | 20,100 | 18,713 | 7% |
| Renewal Premium | 22,039 | 19,194 | 15% |
| Total Premium | 42,139 | 37,907 | 11% |
| Assets Under Management | 2,79,707 | 2,33,839 | 20% |
| Profit After Tax | 1,157 | 1,001 | 16% |
| Indian Embedded Value | 45,173 | 37,702 | 20% |
| Value of New Business | 2,267 | 2,163 | 5% |
| Total Protection based on APE | 1,288 | 1,207 | 7% |
| New Business Margins | 26.5% | 26.5% | – |
Figures shown as ₹ Lakh
| Metrics | Q3 FY24 | Q3 FY24 |
| Policyholders’ A/C | – | – |
| Income | 2,669,477 | 1,969,327 |
| Net Commission | 124,567 | 69,283 |
| Shareholders’ A/C | – | – |
| Profit Before Tax | 36,683 | 31,424 |
| Profit After Tax and before Extraordinary Items | 36,506 | 31,522 |
Q3 and 9-Month FY24 Result Summary
As the gap in protection in India continues to broaden, the HDFC Life Insurance Company strives to maintain its focus on offering customers solutions to leverage such opportunities. The company aims to grow with the support of the market position of HDFC Bank and because of its partnerships and collaborations with new enterprises. With positive macroeconomic trends, the HDFC Life Insurance Company continues its stint as a long-term life insurance solutions provider to fulfil unique individual and group client requirements. The company offers such solutions in its plans in areas of Health, Pension, Investment, Annuity, Savings, and Protection.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only.
For Research Disclaimers Click Here: https://bit.ly/3Tcsfuc
Source: BSE-HDFC Life Insurance Company Limited Investor Presentation
