HDFC Life Insurance reported a net profit of ₹411 Crore for the January-March quarter of FY 2023-24, marking a 14.8% increase from the year-ago period's ₹358 Crore, surpassing market expectations. Net premium income rose by 5.4% to ₹20,488 Crore, compared to ₹19,426 Crore in the same quarter last year.
The insurer's solvency ratio increased to 187% from 203% a year ago. Annualised premium equivalent (APE) declined by 8% to ₹4,727 Crore for the quarter, contrary to market expectations of a 7% decrease.
Value of new business (VNB) margin decreased by 18.3% to ₹1,234 Crore, below market estimates of a 15% decline. HDFC Life proposed a dividend of ₹2 per share.
At the time of writing, HDFC Life Insurance stocks were trading at ₹595.50 which is a 1.68% hike than the previous close.
Deepak Parekh resigned from the role of Chairman and Non-Executive Director, with Keki M Mistry appointed as the new Chairman of the Board. VK Viswanathan and Prasad Chandran will no longer serve as independent directors after completing their two consecutive terms of five years each on April 24, 2024. Venkatraman Srinivasan has been appointed as an Independent Director.
HDFC Life Insurance Company Limited, also known as HDFC Life, is a Mumbai-based provider of long-term life insurance services, catering to both individuals and groups. The company commenced operations on August 14, 2000.
HDFC Life operates as a joint venture between Housing Development Finance Corporation Ltd (HDFC), a prominent housing finance institution in India, and Abrdn, a global investment company.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2024, IIFL Securities Ltd. All Rights Reserved
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
